Fixed deposit rates have been plunging for the past few years. However, recently, the Reserve Bank of India released its latest monetary policy, according to which the repo and reverse repo rates will remain the same for the future. This should be good news for fixed deposit investors, as it may indicate steady FD rates in India without further decline.
Bajaj Finance is one of the rare companies that have managed to offer a balanced interest rate to clients without any fluctuation. If you are planning to invest your money into fixed deposits and generate sufficient returns, Bajaj Finance is the best option.
What is the rate of interest offered by Bajaj Finance FDs?
While other financial institutions offer limited gains to FD investors, Bajaj Finance guarantees up to 8.10% returns on your fixed deposit amount.
With one of the best FD rates in India, senior citizens investing in these fixed deposits can benefit greatly. People below 60 years, can earn up to 8.10% in interest from these schemes, while senior citizens and retired individuals stand to gain an additional 0.25% interest on their deposited sum.
The different rates offered on fixed deposits based on deposit tenor for customers below the age of 60 are discussed below –
- For a tenor ranging from 12 months to 23 months, the non-cumulative interest rates for monthly, quarterly, half-yearly, and annual disbursals are 7.35%, 7.39%, 7.46%, and 7.6% respectively. The cumulative interest rate for the same tenor is 7.6%.
- For a tenor ranging from 24 – 35 months, cumulative interest rate is 7.9%. Non-cumulative interest rates for monthly, quarterly, half-yearly, and annual disbursals are 7.63%, 7.68%, 7.75%, and 7.9% respectively.
- For a deposit tenor spanning from 36 – 60 months, non-cumulative interest rates for monthly, quarterly, half-yearly, and annual disbursals are 7.81%, 7.87%, 7.94%, and 8.1% respectively. Cumulative interest rate for such period is 8.1%.
Senior citizens shall enjoy an additional interest rate of 0.25% on all of these tenors mentioned above.
Features of Bajaj Finance fixed deposits
Bajaj Finance Fixed Deposit plans are ideal for both new and old investors. Besides, the sizable return guaranteed by investment in these schemes, listed below are additional features you must understand.
Start with just Rs.25000
Not everyone wants to invest huge sums for their fixed deposits. Bajaj Finance allows you to start your FD investment journey with a mere Rs. 25,000. There is no upper limit. Therefore, this fixed deposit scheme is suitable for everyone, regardless of his or her financial background and strength.
Some people want to maximise gains by locking in their investments for the longest possible period. However, others can only afford to keep their money stagnant for a limited time. This is why when weighing the pros and cons of fixed deposits, the FD tenor is a crucial factor to consider. Bajaj Finance offers flexibility in this regard as well. You can choose any time between 12 months and 60 months as your FD tenor.
If you operate an NRO account, you can pick between 12 and 36 months as the tenor for your Bajaj Finance FDs.
Multiple deposits through one cheque
Due to the limited FD rates in India, it is common for people to maintain several fixed deposit accounts at once. If you intend to do the same, Bajaj Finance allows convenient single cheque payment into each account. In the event of emergencies, you can withdraw the FD investment from one account, without affecting the other accounts.
Fixed deposit investors can often miss renewal dates for the investment, especially when they have to remember the dates for multiple FD accounts. With Bajaj Finance’s automatic renewal process, you no longer need to keep fixed deposit expiry dates in mind.
Fixed deposit investments are generally the preferred form of investment for people in India for a plethora of reasons. Furthermore, it is also an alternative for savings accounts. Many people choose fixed deposits over conventional savings accounts owing to the attractive FD rates in India.
When compared to other investment schemes, FDs in India are almost risk-free. You can choose between 1 and 5 years as the tenor for Bajaj Finance Fixed Deposits.