How to get interest rate of above 8.50% on fixed deposits?
Fixed deposits are a risk-free investment avenue that offer you assured and fixed returns. The rate of interest for a fixed deposit varies due to the fluctuation of RBI’s lending rates and on the discretion of the issuers. With the RBI monetary policy announcement in the middle of the last year, FD rates have changed.
Most banks like SBI and HDFC are offered FDs on higher interest rates and NBFCs have hiked their FD interest rates too. So, if you are looking for an FD interest rate above 8.50%, the Bajaj Finance Fixed Deposit is the right choice. Interest rates offered by Bajaj Finance are higher as compared to other FD issuers.
By investing in this FD, you can get interest up to 8.75% on starting a cumulative FD for a minimum of 36 months and earn up to 9.10% if you are a senior citizen starting the same type of FD. You can also choose between a cumulative fixed deposit and non-cumulative fixed deposit here. When you want to earn regular interest income, you can deposit in a non-cumulative FD and if you want to build a huge corpus, you can invest in a cumulative FD.
Here are some additional benefits that you can enjoy by investing in Bajaj Finance Fixed Deposits.
● They offer higher rates of interest to senior citizens
Bajaj Finance offers lucrative FD interest rates as compared the other market players. Apart from this, they offer an even higher rate of interest to senior citizens to maximise their hard-earned savings. So, if you are a senior citizen, you can earn more with additional interest of up to 0.35%, going up to 9.10%. This helps you manage your post-retirement lifestyle with ease. For example, if you invest Rs.5 lakh for 36 months, you can earn Rs.1,49,298 as interest income.
● They require a lower minimum deposit
You can start a Bajaj Finance FD with an amount as low as Rs.25,000 to secure your future financially. As the minimum deposit amount is low, you can also easily start investing at an early age. Once you have started to invest at the right age, you can accumulate a huge corpus over time to fulfil all your long-term goals. Also, you can start multiple FDs with this small deposit and ladder your investments to earn better returns and save more on taxes.
● They are highly credible
While selecting an FD issuer, ensure that safety rating play a very important role in your decision. This is because a high credit rating assures you that the issuer has a reliable repayment capacity. On the other hand, if the credit rating is low, there are chances of default and risk involved. You don’t have to worry about stability and credibility while investing in an FD with Bajaj Finance. These FDs have highest CRISIL rating of FAAA and also ICRA’s highest MAAA rating that ensures its stability and safety.
● They can be availed for a flexible tenor
You can invest in a Bajaj Finance FD for a tenor ranging from 12 months to 60 months. So, you can choose to invest in these FDs for up to 5 years to suit your financial needs and beat inflation. Remember that once you have deposited the money in an FD, it is locked in for a specific period of time.
However, with Bajaj Finance, you can make premature withdrawals quickly and by paying minimal penalty. Additionally, you can also avail a loan against FD to meet a financial crunch. Another important fact you should keep in mind is that Bajaj Finance also offers you a special tenor FD of 15 months that offers 0.25% more interest than a FD for 12 months.
● They can be managed online
You can save your time and effort by investing in a FD with an easy online application process with Bajaj Finance. This saves you from standing in queues for long hours and from lengthy documentation procedures. Once you start an FD, you can manage and keep track of your FD account with the online management system. Whether you want to check the amount of interest earned or you want to check the remaining tenor, you can do everything easily online.
Now that you know how to maximise the returns on your fixed deposit, you can start investing in a Bajaj Finance FD. Check the maturity amount using the online FD calculator to know how much you can earn by starting this FD and plan your investment with ease.
by Sahil Arora