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Why it is the right time to book a fixed deposit with Bajaj Finance

Bajaj Finance has recently revised its FD rates by up to 40 bps with effect from 20 January 2023.Premium
Bajaj Finance has recently revised its FD rates by up to 40 bps with effect from 20 January 2023.

The FD rate does not reflect the constant market fluctuation and remains unaffected throughout the maturity period. This is why individuals should not ideally miss the chance to book their fixed deposit at a time when the interest rate remains higher

Fixed deposit is one of the most preferred investment instruments for individuals since it lets them grow their money at a pre-determined and relatively higher interest rate. The FD rate does not reflect the constant market fluctuation and remains unaffected throughout the maturity period. This is why individuals should not ideally miss the chance to book their fixed deposit at a time when the interest rate remains higher.

Bajaj Finance has recently revised its FD rates by up to 40 bps with effect from 20 January 2023. On an investment amount ranging from Rs. 15,000 to Rs. 5 crore, customers below 60 years of age can now earn returns up to 7.85% p.a. and senior citizens can earn up to 8.10% p.a. for a tenure of 44 months.

A comparison of old and new interest rates for cumulative FD for is given below:

A comparison of old and new interest rates for cumulative FD
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A comparison of old and new interest rates for cumulative FD

Reasons to invest in Bajaj Finance FD now

There are several reasons why one might consider booking a fixed deposit with Bajaj Finance. Some of these reasons include:

a. High-Interest rates: Bajaj Finance offers competitive interest rates on its fixed deposits, which can help investors earn a higher return on their investment. You can invest for a tenure of 12 to 60 months and earn highest returns for a tenure of 44 months.

b. Safety and security: Bajaj Finance is accredited with CRISIL AAA/STABLE and [ICRA]AAA(Stable) safety ratings, which ensure that the company is financially strong and stable, providing an added layer of safety and security to the customers.

c. Flexibility: Bajaj Finance offers a range of fixed deposit options, including short-term and long-term deposits, to meet the various needs and preferences of its customers. You can either choose to get returns at maturity or get regular interest in monthly, quarterly, half-yearly or yearly basis.

d. Convenience: Booking a fixed deposit with Bajaj Finance is simple and convenient, as customers can apply for a fixed deposit online or at any of the company's branches.

e. Investment planning: Individuals can make these calculations themselves by using the FD calculators of Bajaj Finance. They simply will have to access this tool from the official website of the financial institution and enter the required inputs like investment amount, tenure, and payout mode.

Book a Bajaj Finance FD at attractive interest rates

Customers can book their Bajaj Finance FDs at an interest rate between 7.05% p.a. and 8.10% p.a. by depositing an amount within the range of Rs.15,000 and Rs.5 crore.

Besides the convenience of choosing a maturity period between 12 months and 60 months, Bajaj Finance also entitles customers to determine the frequency of payout. Considering financial requirements, they can either choose to withdraw their fund and the cumulative interest rate at the end of maturity, or select monthly, quarterly, half-yearly, or annual pay-out.

The interest rate will depend on factors like the investor profile, maturity period, and interest payout. Here are how these aspects influence the Bajaj Finance Fixed Deposit interest rate:

  • Investment profile: Senior citizen get one of the highest FD interest rate compared to non-senior citizen customers.
  • Maturity period: Individuals can secure a higher interest rate on their fixed deposits with a longer time horizon for investment.
  • Interest pay-out: Compared to the on-maturity interest pay-out, customers get lower FD rates in non-cumulative payouts.

Apart from these factors, Bajaj Finance also offers special tenures of 15, 18, 22, 30, 33, 39 and 44 months. Customers can secure higher FD rates by booking their FDs for these exact tenures.

Following table reflects how these special tenures (marked with ‘*’) can benefit customers:

How these special tenures can benefit customers
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How these special tenures can benefit customers

Note: Results have been collected using the Bajaj Finance Fixed Deposit Calculator.

Senior citizens receive additional interest rate up to 0.25% p.a. If you book an FD at present at a higher interest rate, it will remain unchanged till the maturity period, even if the repo and FD rates plummet later.

Now that Bajaj Finance FD rates are substantially higher, individuals can proceed to ‘OPEN FD’ online. It will help them secure a fixed earning after maturity. They can also invest in a special manner by depositing a fixed smaller amount regularly through Bajaj Finance Systematic Deposit Plans (SDP).

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.

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