Bajaj Finance Offering Higher FD Rates Up To 8.60%
According to a survey by Kuvera, among 1.6 million of its investors, around 12 per cent prefer to invest in fixed deposits. This is mainly due to this instrument's simplicity, familiarity, and protection against inflation.
Bajaj Finance is now offering FD rates of up to 8.60 per cent p.a. As per the company,, here are some of the features of Bajaj Finance FDs that claim to offer numerous benefits to investors:
- Flexibility of payout option: Investors have the flexibility to choose their preferred frequency of receiving the interest payout. They can go for monthly payout options if they are looking for just an extra source of income. Alternatively, they can opt for quarterly, half-yearly, or even yearly payouts in case they need a bulk amount.
- Higher rates for special tenures: To increase the returns of investors from FD, Bajaj Finance offers one of the best FD rates for special tenures. These special tenures are 15, 18, 22, 30, 33 and 44 months. Also, they offer a 0.25 per cent p.a. higher FD interest rate for senior citizens. Keeping in mind their increased need for money due to lack of a fixed monthly income.
- Availability of loan against FDs: Investors in urgent need of funds can go for a loan against their FDs. If they have a cumulative deposit account, Bajaj Finance allows a credit of 75 per cent of the deposited sum. However, depositors can get a credit of 60 per cent of the invested amount in case they have a non-cumulative deposit account.
How can investors increase their returns from FD investments?
There are several factors that investors can optimise to increase their returns from investments.
These include:
- Opting for a long-term investment: If an investor selects a tenure of 14 months, they can get returns of up to 7.40 per cent p.a. On the contrary, choosing an FD duration of 15 months will allow them to receive interest rates of up to 7.50 per cent p.a. To optimise the tenure for maximum returns you can use the FD calculator.
- Selecting special FD tenures: Choosing special tenures instead of the normal ones allows investors to receive a higher interest rate. For instance, the FD rate for 30 months, which is a special tenure, is 7.45 per cent. Whereas investors will have a lower interest rate of 7.35 per cent on choosing a 31-month duration.
- Choosing the right investor profile: Since Bajaj Finance offers higher interest rates to senior citizens, individuals can book an FD account in the name of their parents. This allows them to get access to increased returns.
- Going for cumulative payout option: Investors can go for the cumulative payout option to receive the interest at the end of the maturity period, instead of monthly, quarterly, or half-yearly payouts. This ensures that they earn more returns from FD investments. Individuals can use a Bajaj Finance FD Calculator to determine their returns and accordingly select the right payout mode.
