BackBajaj Finance Fixed Deposit offers FD rates of up to 8.20% p.a.
Remaining on par with the increase in repo rate to 6.50% (effective from February 2023), Bajaj Finance has raised the interest rate of its fixed deposit up to 8.20%. Interested individuals can book their fixed deposits by submitting an amount starting from only Rs. 15,000
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Fixed deposits are not any market-linked investment instrument, thereby letting individuals grow their money at a predetermined interest rate. The returns of fixed deposits stay independent of the volatility of the market sentiment.
Individuals willing to take advantage of this safe and secure investment option can go with Bajaj Finance. Remaining on par with the increase in repo rate to 6.50% (effective from February 2023), Bajaj Finance has raised the interest rate of its fixed deposit up to 8.20%. Interested individuals can book their fixed deposits by submitting an amount starting from only Rs. 15,000.
Ensure high and stable returns onfixed deposits with Bajaj Finance
At Bajaj Finance, individuals can book their fixed deposits (FDs) by depositing an amount between Rs.15,000 and Rs.5 crore for a tenure within the range of 12 to 60 months. The interest rate of Bajaj Finance Fixed Deposit, ranges between 7.40% to 8.20% (w.e.f March 4,2023).
In this regard, individuals need to keep in mind two aspects, maturity period and payout frequency.
Following are how these aspects influence the overall income on fixed deposits.
- Maturity period
The interest rate increases with the tenure. So, when individuals choose to stay invested for a longer period, they can secure a more attractive Fixed Deposit interest rate.
Here is the table illustrating how individuals over 60 years of age can grow their money at a high and stable interest rate by going with a longer tenure:
2. Payout frequency
At Bajaj Finance, individuals get the option to choose their interest payout frequency. It can be cumulative in which they will get their total accumulated interest upon the completion of maturity. Owing to the compounding effect, it can help them grow their fund faster.
On the other hand, if they choose a non-cumulative payout, they will get the interest generated on their deposits after a certain period, which can be monthly, quarterly, semi-annually or yearly. However, since the interest amount is paid out periodically, individuals are unable to leverage the compounding effect.
Here is the table that compares the interest-earning on cumulative and monthly payouts, considering the fixed deposit amount and tenor as respectively Rs.10 lakh and 48 months:
Although the non-cumulative payout option reduces the applicable FD rate, it can be a significant substitute for income since they will get a certain amount periodically.
Go with a special tenor to grow money at higherFD rates
Much to the delight of customers, Bajaj Finance offers a special tenor on which they can book their FDs at an increased interest rate. There are six special tenors for Bajaj Finance FD, which are 15, 18, 22, 30, 33, and 44 months.
Consider the following table to understand how for senior citizens, a special tenure can significantly increase the total interest earned on a deposit of Rs.10 lakh.
Note: The values as shown in this table have been collected using the Bajaj Finance Fixed deposit calculator
Bajaj Finance Systematic Deposit Plan
For the convenience of customers, Bajaj Finance also offers a systematic deposit plan (SDP) through which individuals can deposit their amounts in FDs every month in a disciplined way. With each monthly payment, they book a new FD. They can choose to get the maturity amount of all their deposits cumulatively after a certain date. Alternatively, they can opt for monthly payouts.
Bajaj Finance is a CRISIL AAA/STABLE and [ICRA]AAA(Stable) ratings accredited financial institution in India. All these high ratings ensure that Bajaj Finance maintains the highest safety standards for the interest of its customers and that thefixed deposit amount is completely secure. So, with the attractive interest rate by Bajaj Finance, individuals can stay assured of a stable and high return and proceed with investing in FDs.
Disclaimer: This article is a paid publication and does not have journalistic/editorial involvement of Hindustan Times. Hindustan Times does not endorse/subscribe to the content(s) of the article/advertisement and/or view(s) expressed herein. Hindustan Times shall not in any manner, be responsible and/or liable in any manner whatsoever for all that is stated in the article and/or also with regard to the view(s), opinion(s), announcement(s), declaration(s), affirmation(s) etc., stated/featured in the same. This information does not constitute a financial advice.
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