Enjoy attractive FD interest rates with a Bajaj Finance FD to grow your savings

You may have several financial goals to work towards at every point in life. For some, it may be to buy a new car or make a downpayment for a new home or pay for your child’s education. In any case, all of these goals take significant funding and often require prior planning. While saving money diligently is one option, it is the slowest and least efficient. On the other hand, investing is a great option that ensures that your money works as hard as you to fulfil your goals. Moreover, it can also safeguard your savings against inflation. Here, reliable options like fixed deposits work well because they have high FD rates and are stable.

Look at the following pointers for insight into how this instrument helps you grow your savings efficiently.

Start investing early

Whatever your goal, it is always better to start early if you choose to invest toward it. And it holds more significant value, especially when you decide to invest in an FD because of the power of compounding interest. So, even if your goal is five years away, putting money aside right away works in your favour because you will get higher interest earnings than if you started one or two years later. However, the minimum deposit is a considerable roadblock faced when investing in an FD. Some issuers require you to put down a hefty sum, which can be hard to put aside or may take months of saving.

Naturally, this isn’t ideal as your money doesn’t accrue any interest during that time. Moreover, other expenses may deter you from actually saving for investment purposes. With a Bajaj Finance Fixed Deposit, you don’t have to worry about such obstacles because it has an affordable minimum deposit amount of just Rs.25,000. As such, you don’t have to save for months on end, and you can start investing early to enjoy significant returns.

Make monthly contributions through the Systematic Deposit Plan facility

For young professionals or those that haven’t saved money diligently in the past, committing to a large deposit can be challenging. One way to address this is to make regular contributions, and you can do just that with the Bajaj Finance Systematic Deposit Plan. This provision works much like a SIP, except your contributions are put toward a new FD each time. There’s minimal risk involved this way, and every new FD gets booked at the prevailing FD interest rates on the day. You can make minimum contributions of Rs. 5,000 per month and choose a flexible tenor as per your goals.

Via this facility, you can have all your deposits mature on a specific date so that you get a lump sum. This is the Single Maturity Scheme, and the tenor for each deposit from the first will gradually decrease to align with the final maturity date. On the other hand, you can also get your interest earnings monthly rather than a lump sum. Here, each new FD will have the same tenor so that the maturity dates will differ. This is called a Monthly Maturity Scheme.

Choose the maximum investment tenor possible

Bajaj Finance offers high FD rates for all investor profiles, making it a smart choice for anyone. As an investor under the age of 60, you can get FD interest rates up to 6.80%, whereas senior citizens get up to 7.05%. However, booking an FD for at least 36 months is recommended to get the maximum rates.

While this allows you to invest at the highest rates, you also earn significantly more if you opt to stay invested for longer. Bajaj Finance enables you to choose a tenor that ranges between 12 and 60 months. So, with proper planning, you can invest in future goals well in advance.

To give you an idea of how much you stand to gain with a longer tenor, take a look at the following table.

1. Citizen aged below 60

When the goal is to increase your savings and do it safely and steadily, you can’t go wrong with this FD. This is a safe investment instrument with both FAAA and MAAA ratings from CRISIL and ICRA. There’s virtually no risk involved, and you don’t have to worry about negative returns, even in volatile market conditions.

So, whether you have short-term or long-term goals to meet, this Bajaj Finance Fixed Deposit can help you get there efficiently. You can also invest online from the comfort of your homes and bolster your savings with ease.

Published on: Tuesday, January 04, 2022, 11:55 AM IST