Every fixed deposit plan might not provide the kind of returns that you expect as it depends on the interest rate that applies to it. If you are not able to decide which FD scheme to invest in then you can compare the FD rates, investment options, and other facilities provided by different financiers in India.
At present, Bajaj Finance FD interest rate of 6.85% is high enough to provide sufficient returns especially in today’s context where the bank FD rates are hardly over 5%. Also, you can benefit from the below-mentioned features of its fixed deposit plans:
Online investment method
You can invest in Bajaj Finance FD online with the help of an online FD form and online cKYC procedure that is mandatory for document verification. A 0.10% additional FD rate is offered to those who choose to start an FD online. Therefore, it gives you the option of investing in an FD online along with the additional benefit of a higher interest rate.
Modern and useful online tools
Experia portal from Bajaj Finance lets you track your investments online. You also get a fixed deposit interest rate calculator to calculate the returns as per the amount, tenor, and FD type you choose.
The interest rate of Bajaj Finance FD is high enough to generate sufficient returns post maturity. You can also earn interest at a 0.25% higher FD rate if you are a senior citizen.
Let’s say you decide to invest Rs. 500000 for 4 years in a fixed deposit plan. If you invest this amount in a bank FD then you can earn at a maximum interest rate of 5.4%. The returns of bank FD and Bajaj Finance FD with the same amount and tenor are given in the below table for easy comparison:
|FD Scheme||Principal Amount||Interest rate||Tenor||Interest gains||Maturity Amount|
|Bank FD||Rs. 500000||5.4%||4 years||Rs. 136499||Rs. 636499|
|Bajaj Finance FD||Rs. 500000||6.85%||4 years||Rs. 151731||Rs. 651731|
Therefore, you can see that the returns generated by Bajaj Finance FD are much better than the returns offered by bank FDs.
If investing a bulk amount at once in an FD is not convenient for you then you can think of investing in SDP i.e. Systematic Deposit Plan of Bajaj Finance. This deposit plan requires you to invest a monthly deposit starting from Rs. 5000 for a tenor that suits your financial plans.
The number of deposits can vary between 6 and 48. You can either choose a tenor ranging from 12 to 60 for each of your deposits or you can select a single maturity date for all your deposits. Moreover, each monthly deposit will gather interest at a rate that prevails on the deposit date. These deposits have the same level of stability and safety as other fixed deposit plans of Bajaj Finance have as they have been rated highly by credit rating organizations like CRISIL and ICRA.
Considering the ongoing economic instability prevalent in the market, it is hard to find an FD scheme that proves to be the best option on all accounts. One such FD scheme is offered by Bajaj Finance as it grows your investment at a higher interest rate and also provides easy investment procedures. Also, modern investment tools like an FD calculator will help you to find the FD plan that suits your requirements. Also, if you don’t want to invest all your capital at once then you can think of investing in its Systematic Deposit Plan.
Gaurav Khanna is an experienced financial advisor, digital marketer, and writer who is well known for his ability to predict market trends. Check out his blog at Highlight Story.