Several low-risk instruments are available today. However, investing in fixed deposit plans can be considered to be a better investment option because of several reasons. Fixed deposits offer better liquidity than investment schemes like PPF and NPS. Also, the higher returns offered by them allow you to plan for your future with ease.
Though market-linked investments like stocks and mutual funds offer attractive returns, they are not risk-free. By investing in a fixed deposit plan, you ensure that your savings are immune from market risks. Also, corporate FD schemes offer a higher FD interest rate as well. Bajaj Finance FD tops the chart with a lucrative interest rate of up to 7.05%. The other impressive features of this FD scheme are given below:
Choice of Investment Tenor
With Bajaj Finance FD, you get to select an investment tenor as per your financial plans. You can select a tenor in between 12 and 60 months as per your investment needs. Also, you have the option of selecting multiple tenor options by investing in several FDs at once.
The multi-deposit feature of Bajaj Finance FD enables you to split your savings into multiple deposits. Each of your deposits can be locked in for a separate tenor and you can choose either cumulative or non-cumulative FD type for each of them.
A Higher interest rate for investors above 60
Investors above the age of 60 i.e. senior citizens get a higher FD rate of 0.25%. It helps them to earn higher returns. Also, if you are younger than 60, you can invest through its online FD form and earn a 0.10% higher interest rate.
FDs for NRIs
Even NRIs can invest in this FD scheme and choose a tenor between 12 to 36 months as per their convenience. An NRO account will be required as the amount needs to be deposited from this account. Overseas Indians and Person of Indian Origin i.e. PIO can also follow a similar process to invest in this FD scheme.
Streamlined online process
A simple and streamlined online investment process is offered by Bajaj Finance FD. Apart from the online application procedure, you also get to verify your documents online through the CKYC process. The payment can be done online via net banking or UPI. The alternative of investing via debit card is also provided in certain locations.
Better FD returns
Bajaj Finance FD provides a higher interest rate than regular bank FDs. You can also earn better returns than post office term deposit plans by choosing this fixed deposit scheme. Let’s verify this through an example.
Suppose that you invest Rs. 10,00,000 in a 3-year FD plan. The returns offered by all the three FD avenues discussed above are mentioned in the below table:
|FD Avenue||Amount||Rate of Interest||Tenor||Interest Gains||Maturity Amount|
|Bank FD||Rs. 10,00,000||5%||36 months||Rs. 1,60,755||Rs. 11,60,755|
|Post Office FD||Rs. 10,00,000||5.5%||36 months||Rs. 1,78,068||Rs. 11,78,068|
|Bajaj Finance FD||Rs. 10,00,000||7.05%||36 months||Rs. 2,16,476||Rs. 12,16,476|
Apart from a clear difference in the interest gains, Bajaj Finance FD also enables you to obtain a loan against FD during a financial emergency. It negates the need of breaking your investment. The option of premature disposal by following simple withdrawal norms will also be at your disposal.
The FD calculator that is provided on its site lets you explore the maturity amount for different combinations of tenor and investment amount. Also, it is a safe investment option and you can verify it by checking the higher credit ratings that it has received from the leading credit rating agencies such as CRISIL and ICRA.