In a world where even individual finances can be dominated by global economics, saving and investing have become a very important part of money management. The Indian finance world has seen great developments. From earthen piggy banks to chit funds to bank accounts and now, investing in specific options, it has been a process of evolution all along.
Today, one of the best instruments is a Fixed Deposit (FD). Not only is it institutionalised but also provides security, longevity and good returns. Fixed Deposit (FD) plans are a low risk and highly favoured instrument of investment; famous especially in India. They allow depositors to grow their invested money at a fixed rate of interest which is usually higher than that given by savings accounts.
The best part about FD is that you can easily plan your short as well as long term financial goals, being rest assured that your money is parked away safely. You can make an FD with Post office saving banks, commercial banks and non-banking financial institutions (NBFCs).
While there are several NBFCs in the market, here are some exclusive benefits that Bajaj Finance provides. Here are some key details before the innumerable benefits provided to FD holders at Bajaj:
- Tenor: The minimum tenor is 1 year and maximum is 5 years for an FD at Bajaj
- Interest Rates: They range from 5.65% to 6.75%
- Deposit: A minimum deposit of Rs 25,000 only is required
- Online Payment Options: Both, Unique Payment Interface (UPI) and Net-banking options are available
- Unique Selling Point: The entire process from end to end is paperless, thus it can be done from the safety of your home
High Interest Rates
At Bajaj Finance, you receive a very lucrative interest rate of 6.50% which increases to 6.75% if you are a Senior Citizen (60 years of age or more). This allows you to grow your wealth at a pretty good rate while assuring safety of your money.
Special offers to Senior Citizens
Bajaj FDs value and understand their senior citizen account holders. Thus, along with a higher interest rate they can also avail periodic pay-outs to fund general expenses that arise at their age.
Benefits to Pravasi Bhartiyas (NRIs)
For Non-Residential Indians (NRIs), Overseas Citizens of India (OCIs) and Persons of Indian Origin (POIs); the FDs at Bajaj Finance are a great investment opportunity and alternative. With an NRO account, they can make a choice between tenors of 12 and 36 months. The interest rates are the same for them including the additional benefits given to Senior Citizens.
Systematic Plan for Depositors
The Systematic Deposit Plans (SDPs) launched by Bajaj allow people to make deposits on regular intervals, keeping in mind the erratic availability of funds. In this, the tenor still remains between 12 and 60 months. Depositors have to choose between 6 to 48, for the number of deposits they’d make in a month under their SDPs at Bajaj FD. When it comes to the maturity, they have an option to choose a single date or a monthly maturity scheme. This way they can ascertain long term and distinguish them from short term goals while making a decision.
High Credibility and Stability
Bajaj Finance is a safe option for FDs and any other investment instruments, irrespective of the risk involved, that you look at. It has been accredited with the highest ratings of CRISIL’s FAAA and ICRA’s MAAA, ensuring your money and funds are safe.
Flexible Time Frames
By having a wide range of tenors between 12 and 60 months, you can plan your liquidity and generate higher cash inflows as per your requirements. Bajaj FDs allow you to suit your investments as per your individual financial status quo.
Fixed Deposit Interest Rate Calculator
Imagine if you could actually see the future, sounds great right? With this tool offered by Bajaj Finance, you can know the exact returns even before investing.
Smaller Minimum Deposit
With a cap of only Rs 25,000 you can start investing in FDs, at an early stage without being forced to accumulate a larger set of funds. This way, even with a small investment you can secure your future.
Digitalized Application Process
At Bajaj, the policy has always been to stay up to date with the need of the hour and to provide the most convenient service to customers. Their application prevents you the hassle of page long documents and even longer queues. It allows you to browse the best rates from the safety of your homes while completing the entire process digitally.
Online Loan against FD
The main concern of a depositor when it comes to an FD is, what if he/she has to break it. Therefore, at Bajaj depositors are allowed to take a loan against the FD (post the initial lock-in period of 3 months) when they need to make emergency withdrawals. The only condition is that the loan value cannot exceed 75% of the FD value.
While having automatic and unconsented renewals is scary, Bajaj gives you the option to opt for an auto-renewal to save you the time and effort of manually filling the renewal forms repeatedly.
Therefore, to ensure that you don’t end up having a wealth that is a multiple of your current salary; invest in FDs. Yet again, due to the points above, we highly recommend Bajaj Finance.