For knowing the latest interest rates applicable on fixed deposits, you can check the interest rates offered by various bank FDs, post office FDs, and fixed deposit plans offered by NBFCs and other financial entities. After going through the interest rates of various FD providers, you will come to know that the FD interest rates have gone down considerably. However, if you are lucky enough, you might come across some corporate FDs that are still offering a decent interest rate to investors.
One such FD scheme is Bajaj Finance FD as it offers lucrative interest rates of up to 6.75%. You don’t have to invest a huge amount to avail a higher interest rate as the FD minimum amount is just Rs. 25,000.
The bank FDs offer interest rates ranging from 3.5% to 6.5% depending upon the tenor chosen by you. Even post office FDs offer an FD rate of 6.7% only for the 5-year FD. The FD rates offered by Bajaj Finance FD to various customer categories based on the tenor range chosen by them are given below:
Tenor range (In months) | Non-seniors (Offline Investment) | Non-seniors (Online Investment) | Senior citizens (offline/online investment) |
12-23 | 5.98% - 6.15% | 6.08% - 6.25% | 6.22% - 6.40% |
24-35 | 6.41% - 6.60% | 6.50% - 6.70% | 6.64% - 6.85% |
36-60 | 6.79% - 7.00% | 6.88% - 7.10% | 7.02% - 7.25% |
Also, there is no need to compromise on the safety of your deposits as Bajaj Finance FD has received the highest credit ratings by CRISIL and ICRA which are the most reputed credit rating organizations of India. For growing your savings with Bajaj Finance FD, you can adopt the following means:
Invest online
Investing online is a wise decision because it not only saves your time but Bajaj Finance FD also provides an additional FD interest rate of 0.10% to online investors. This means that the FD returns will be slightly better if you invest in it through an online FD form.
Ladder deposits
For keeping your liquidity options on each time, you can invest in multiple FDs at the same time and pick a separate tenor for each FD. This will also enable you to invest at a higher interest rate if the FD rates increase in the future again.
Bajaj Finance FD lets you ladder your deposits smoothly by providing a provision called a multi-deposit facility. By availing of this feature, you can pick different tenor and FD types for your deposits and invest in all the FDs at once by using a single cheque.
Invest in cumulative FDs
Cumulative FDs provide higher returns as they do not distribute the interest earnings periodically. Therefore, the interest that you earn during each interest calculation cycle gets added to the principal during the next cycle. As a result, the interest gets compounded and you earn higher returns at maturity.
Reinvesting returns is also a better option to compound the interest income further. With Bajaj Finance FD, the chances of earning multiplying returns increase due to the high interest rates it provides. Also, with options like auto-renewal of FDs, you can ensure that your interest income grows without losing any time.
Bajaj Finance FD lets you apply for a loan up to 75% of your FD value. This means that you can keep your investment strategies on track even when you require funds immediately. Even NRIs can invest in this FD scheme now through their NRO account and they will get interest rates of up to 7% and an investment tenor that ranges from 12 to 36 months. Senior citizens can earn slightly more returns as they get a 0.25% extra interest rate than others. All these benefits and features make it one of the best investment options in 2021.
