The fixed deposit is one of the most preferred investment options in the financial market. A financial report cites that more than 90% of Indian households have invested in a fixed deposit. The FD is such a preferred option that it is a stable tool where your initial deposit will remain safe, and you can accrue generous returns over your chosen tenor. This versatile tool is perfect for all kinds of investors.
Let’s look at how this tool can help investors across all age groups and risk appetites.
1. Young investors
Most fixed deposits have a small initial deposit amount making it more straightforward for younger investors who lack a sizeable corpus to enter the investment arena still. They help instil a habit of savings, and since this tool is not market movement linked, investors can be assured that their money is safe. Also, this is a perfect tool to offset risks and balance the investment portfolio. So young investors can set aside a safe fund with a fixed deposit with high FD rates.
2. Mid-aged investors
It is perfect for mid-aged investors looking to diversify their portfolios and mitigate risks from investing in market-linked instruments. This instrument is also beneficial for achieving financial goals seamlessly as the interest rate is fixed throughout the tenor. You can calculate the amount you would receive at maturity and easily adjust your tenor and initial deposit amount to align it with your financial goals. The corpus generated at maturity can be used for funding your child’s wedding, higher education and travels abroad. Apart from fulfilling goals, this can also be used as a contingency fund, offering a free cash flow when required.
3. Senior citizen investors
As one grows older, the risk appetite usually decreases because investors fear losing out on the hard-earned savings they accrued over the years. In this case, investing in a low-risk stable tool like a fixed deposit is the safest bet. Since the interest rates are fixed throughout the tenor, senior citizen investors can use the FD calculator to estimate their returns at maturity. Senior citizens can easily fund monthly expenses by choosing a plan with regular payouts.
The latter generally provide higher FD rates among bank FDs, post office FDs, and NBFCs. If you wish to enjoy both the safety of deposit and high FD rates, choose a tool like Bajaj Finance Fixed Deposit. Here’s why you can vouch for this tool to grow your savings.
1. Attractive FD rates
Bajaj Finance FD offers their investors interest rates up to 7.75% p.a. It enables them to grow their savings rapidly. Senior citizens get additional rate benefits up to 0.25% p.a. on their deposits. Some special tenors have higher FD rates. Here’s a table of the applicable FD rates for senior citizens.
Tenor in months
Cumulative
Non-Cumulative
At Maturity
(% p.a.)
Monthly
Quarterly
Half Yearly
Annual
(% p.a.)
(% p.a.)
(% p.a.)
(% p.a.)
12 – 23 months
6.45
6.27
6.30
6.35
6.45
24 – 35 months
7.20
6.97
7.01
7.08
7.20
36 – 60 months
7.65
7.39
7.44
7.51
7.65
FD rates for special tenor
Tenor in
months
Cumulative
Non-Cumulative
At Maturity
(% p.a.)
Monthly
Quarterly
Half
Yearly
Annual
(% p.a.)
(% p.a.)
(% p.a.)
(% p.a.)
15 months
6.65
6.46
6.49
6.54
6.65
18 months
6.75
6.55
6.59
6.64
6.75
22 months
6.90
6.69
6.73
6.79
6.90
30 months
7.30
7.07
7.11
7.17
7.30
33 months
7.40
7.16
7.20
7.27
7.40
44 months
7.75
7.49
7.53
7.61
7.75
2. Credible investment tool
Bajaj Finance has been accredited with the highest safety ratings by India’s leading credit rating agencies, CRISIL and ICRA. Investors can park their funds easily without worrying about defaults and untimely payments.
3. Loan against FD facility
With Bajaj Finance, you can easily get a loan against your FD with up to 75% of the FD value as collateral. This can give you the cash flow you need without having to liquidate your investment midway. This facility can be used to get a free flow of cash that is required during such emergency situations.
4. 100% paperless and online process
With the 100% end-to-end online process, investors can benefit from a contactless investment procedure and invest from the comfort of their homes. You can book an FD in under a few minutes by easily filling out the online FD form and providing minimal details.
With all the required details, anyone can now consider investing in an FD with Bajaj Finance to start their journey towards financial independence. These impressive benefits make the Bajaj Finance FD a top choice for investors looking to inject stability into their portfolios. One can access all the product details on my account’s customer portal. Moreover, investors can visit one of the 1,000+ Bajaj Finance branches across the country, or better, invest online to begin earning at a competitive FD rate right away!
Visit The Eastern Herald for more info.
source https://www.easternherald.com/2022/07/26/who-can-open-an-fd-account-and-its-benefits/
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