Investors who do not want to take unnecessary risks with their invested capital often choose a fixed deposit as it is a safe and reliable financial instrument. The tenor and interest rates of various bank FDs vary greatly but most bank FDs have lowered their interest rates this year due to the economic crisis and repo rate reduction done by RBI.
Therefore, you must search for an FD that is not only as stable as bank FDs but it should also provide a much higher FD rate than the banks are providing at present. The postal FD interest rates are slightly better than some bank FDs but their investment method and withdrawal policies are not as flexible.
Corporate FDs have always been lucrative when it comes to interest rates and they provide flexible withdrawal and tenor options as well. However, you must also ensure that the finance company you choose to open an FD account with is credible.
One such example is Bajaj Finance FD rates that are as high as 6.85%. Also, credit rating organizations like CRISIL and ICRA have accredited this FD with high ratings for the stability and security of your deposited amount.
Some of the other features and benefits of its FD plans are as follows:
Higher FD rate to senior citizens
As it is a safe FD instrument, senior citizens can invest in Bajaj Finance FD to receive a higher return than bank FDs. Also, a 0.25% extra FD interest rate is offered to senior citizens that will also add up to the interest earnings.
Moreover, senior citizens can also choose to receive interest payouts after every month, quarter, six-month, or year as per their financial needs. For that, they will have to invest in a non-cumulative FD.
Online investment & tracking
This FD scheme allows you to open an FD account online using an online FD form. Even the document verification can be done online via the cKYC process.
Also, Bajaj Finance enables its customers to track their investments online using its customer portal – Experia. This ensures that you invest and track FDs without any issues.
Predict returns accurately
An FD calculator is provided on its portal which you can utilize to calculate the FD returns accurately. For that, you will only need to enter the amount, tenor, and customer category and the calculator will display the returns for both cumulative and non-cumulative FD at once.
This helps you to analyze FD types as per your requirements and with the help of this online tool, you also get to plan your finances wisely.
Flexible tenor and multi-deposit facility
Bajaj Finance FD can be locked-in from 12 to 60 months depending upon your financial requirements. However, you need not invest all your money in a single FD as it also provides a multi-deposit facility using which you can split your corpus into FDs of varying tenors and types.
Choose the tenor and FD type wisely as they need to complement your needs and future goals. For example, you can invest a part of your corpus in a non-cumulative to get periodic returns. It will help you to pay your utility bills and can be used to cover an immediate expense such as a family trip, tuition fees of your child, etc.
The remaining amount can be invested in a cumulative fixed deposit to multiply your returns quickly. As the interest of a cumulative-FD is paid only at maturity, the interest earned by it in the previous quarter is added to the principal during the next interest calculation cycle. This compounds your returns and helps you reach your wealth creation goals steadily.