As your child grows older, you will require a greater amount for expenses related to food, clothing, healthcare, housing, transportation, entertainment and education.
On this Children’s Day, you may be thinking of ways to make the day special for your children. While you can consider options like an outing, or a sumptuous treat for your child, this year, you must also take a step towards securing your child’s future. The best way to do this is to build a strong financial foundation through an investment.
This is important because as your child grows older, you will require a greater amount to address a wide range of expenses related to food, clothing, healthcare, housing, transportation, entertainment and education. In fact, as per data from a popular news daily, you may need to save up as much as Rs. 67.4 lakh to assure your child of the very best from conception to college graduation. As this number is only going to increase, it’s best to be prepared.
Among the instruments that you can select for the purpose of building a corpus, the Bajaj Finance Fixed Deposit stands out as it offers generous yields and high level of safety. To know how you can secure your child’s future with this FD, read on.
Grow your finances at a fixed interest rate
Bajaj Finance offers some of the best FD interest rates available, which peak when you invest for 3 years and choose to receive payouts at maturity. Further, as an FD isn’t linked to the market, you can use the FD calculator to forecast the growth of your finances beforehand.
According to a report, you need around INR 6 lakh to 10 lakh every 4 years for all the expenses related to your child. Here’s how you can accumulate the amount as a regular or senior citizen by investing in a Bajaj Finance FD with payouts at maturity.
Utilise auto-renewal bonuses for better yields
To multiply your earnings and invest for a long-term goal like overseas education, Bajaj Finance allows you to opt for auto-renewal when you book the FD. This prolongs the life of your FD for another term and gives you an extra 0.10% interest.
Earmark finances effectively with a flexible tenor and the multi-deposit facility
To plan efficiently for various expenses pertaining to your child, you can choose an FD tenor ranging from 12 to 60 months. Further, you needn’t park all your finances in one deposit. You can invest in several deposits through one cheque with the multi-deposit facility. This way you can invest in different FDs for different goals, and enjoy timely liquidity. Moreover, should you need finance for a particular goal, such as your child’s college fees, you can simply dip into one FD and leave the others undisturbed.
Get timely interest payouts as per your needs
Some goals pertaining to your child may be long-term, such as saving for their wedding, while others might be short-term, such as paying their tuition fees. In such scenarios, you can opt for payouts at maturity for long-term goals to benefit from the power of compounding, and opt for periodic payouts for short-term goals.
Enjoy a safe investment environment
When you invest with Bajaj Finance, remember that you can bank on the NBFC providing you with timely returns. You enjoy this peace of mind as the FD carries ICRA’s and CRISIL’s highest stability ratings, MAAA and FAAA respectively. Further, Bajaj Finance has to its credit S&P Global’s BBB rating, and the trust of over 2.5 lakh customers who contribute to a book size of over Rs.16,000 crore.
Lastly, bear in mind that should an emergency crop up you can leverage the value of the deposit to access a convenient loan against FD of up to Rs.4 lakh. So, what are you waiting for? This Children’s Day, make a beginning towards creating a financially secure future for your child. To set up your deposit quickly, make use of the Bajaj Finance online FD form and request a call from an executive right away.
Disclaimer: This content is released by Bajaj Finserv. No HT journalist is involved in creation of the content.