India has been the top receiver of remittances, with nearly 800 billion parked in NRO accounts, earning very low interest. Instead of stagnating their savings, NRIs could consider investing in the Indian market, to grow their wealth in a diversified manner. Additionally, the RBI has also made provisions in the form of special investment schemes to promote NRI investments.
However, as an NRI, your first priority should be to identify an investment vehicle that is both safe and high yielding. Bajaj Finance NRI Fixed Deposit is one such offering, which has been accredited with industry-leading stability ratings and interest rates.
Besides, it is also fairly easy to invest your money in this instrument. Considering the fact that you’ll likely manage your investments while overseas, you must ensure that your issuer has the required provisions in place to ease the process altogether. To learn more about the Bajaj Finance NRI FD and how to invest in it, read on.
What are the important conditions to note before applying?
Before applying for a Bajaj Finance FD, there are a few things that you should keep in mind. Take a look at these terms in detail, here.
· You can only invest your money through an NRO account. Funds from NRE accounts will not be accepted.
· You can only invest using a cheque. Alternatively, you can transfer money from your NRO account using RTGS or NEFT to start an investment. Any other form of payment, be it demand draft, IMPS, UPI or debit card will not be entertained.
· The TDS rate applicable on your deposit is based on annual interest earned. Following is a table to represent the actual figures.
How can you apply for a Bajaj Finance NRI Fixed Deposit?
Applying for a Bajaj Finance NRI FD is a straightforward process. Here are the steps that you will have to follow to start an investment.
· Log on to the official website.
· Request a call by filling the application form.
· Authorise a representative to get in touch with you.
· Furnish any required documents and invest using a cheque, RTGS or NEFT payment methods.
Now that you know all about the formalities, take a look at the lucrative features of the Bajaj Finserv NRI FD.
Enhanced FD interest rates, especially for senior citizens
As an NRI, when you invest in this FD, you enjoy the benefit of a lucrative interest rate, regardless of your age or profile. As a regular investor, you get up to 8.35% on a tenor of at least 36 months, with interest payable at maturity. However, as a senior citizen, the applicable rate is 8.70%, for a tenor of at least 36 months, allowing for even greater returns. To help you understand the potential of this investment, consider the following example.
Consider that you are investing Rs.10 lakh for 3 years as a new customer, existing customer, and senior citizen.
High credibility and stability ratings assuring returns
This offering has secured high stability and credibility ratings from renowned credit rating agencies. It has the ICRA ‘MAAA’ rating and the CRISIL ‘FAAA’ rating, both of which indicate that the issuer is trusted and is prompt with interest payouts. Further, it also testifies for the issuer’s ability to manage asset portfolios. The ‘FAAA’ rating from CRISIL means that this FD offers the highest safety, while the ‘MAAA” rating from ICRA indicates that it has the highest credit quality. Together these mean that you are assured of returns, regardless of market fluctuations and economic alterations.
Flexible tenor to suit your investment goals
When you invest in a Bajaj Finance NRI FD, you can opt for a flexible tenor and still enjoy a competitive interest rate. This comes in handy when you’re investing to meet a specific goal, so you don’t have to prematurely withdraw from your investment. Further, with thorough planning, you can invest for a longer tenor and stand to earn greater returns. The tenor for a Bajaj Finance NRI FD ranges from 12 to 36 months and remember that you should maintain a 15 days gap before successive deposits.
Investing in this FD is a great way to add a low-risk investment to your portfolio, which offers guaranteed returns. Further, considering the fact that India is a developing economy, you can earn significant profits, provided you employ intelligent strategies for investment. So, get started right away, all you have to do is request a call by filling the online application form.