Investing your hard-earned money in a sound yet good return-yielding financial tool is the only way of growing your wealth, money sitting idle in a savings account won’t lead to any gains. Having understood this, choosing a suitable tool to invest your funds in becomes an important task. The fixed deposit is a stable financial tool that offers the security of capital as well as sizeable returns at maturity. Banks and Post offices offer fixed deposit facilities. However, the returns offered by these are not impressive. Company FDs offer more impressive returns.
The Bajaj Finance Fixed Deposit is an investment that holds the highest safety of funds along with attractive returns. Investors can earn up to 7.95% p.a. on their deposits with Bajaj Finance. Here are a few checklists one must take care of if one aims to maximize their returns with the Bajaj Finance FD.
1. Invest in longer tenures
Longer the tenure higher the returns. This is due to the magic of compounding. If you do not have immediate liquidity requirements then choose to invest in a cumulative FD for a longer tenure to get maximum returns at maturity. Here’s a table showing the difference in interest gains over various tenures.
Citizens aged below 60
1. Invest in special tenures
Bajaj Finance offers fixed deposits for special tenures that have higher FD rates. Simply being invested for these following months will end up yielding you more returns as compared to the regular tenures. Here are some of the special tenures along with their FD rates.
Here’s a look at the interest rate table for the special tenures for citizens aged below 60 years.
1. Ladder your FDs
Laddering your FD is a simple investment strategy, where investors park their funds in multiple FDs of different tenures instead of one big FD. It is dividing funds and investing them in separate FDs, instead of locking in the entire corpus in just one FD. For example, an investor wanting to invest Rs. 6,00,000 in a fixed deposit can divide it into 3 equal parts and invest the corpus in 3 separate FDs. Here, tenures for all FDs would be different starting with 1-year tenor to 3-year tenor.
2. Do not liquidate your FD midway, loan instead
Breaking an FD midway leads to penalty charges and interest loss. However, having liquid cash during emergencies is also important. During such situations choose to get a loan against your FD instead of liquidating it. Bajaj Finance offers loans against their FDs up to 75% of the FD amount.
3. Open an FD in the name of your parents
Bajaj Finance offers additional rate benefits to senior citizen investors up to 0.25% p.a. on their deposits over base rates. To enjoy the benefit of a higher interest rate you can make an FD investment in the name of your senior citizen parents, grandparents, etc. You can use the online FD calculator to estimate your returns at maturity even more investing.
Now choose from a tenure of 12 to 60 months and invest online with just a few clicks with an end-to-end online application process and earn lucrative returns. Existing clients need to just confirm their information, but new customers can save a lot of time using the online KYC procedure. Consequently, net banking or UPI can also be used to make payments.
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