If you are seeking a risk-free environment to grow your hard-earned money in, then fixed deposits come as a viable solution. A constant battle for you as an investor though, is to find a balance between good interest rates and financial security while beating inflation. Thanks to the competitive interest rates they offer, NBFCs are an attractive avenue when starting an FD. Further, if you are a senior citizen you stand to benefit from an increased ROI, by way of higher FD interest rates.
One FD that comes with a superior degree of stability and also guarantees better earnings is the Bajaj Finance Fixed Deposit. With ICRA’s highest credit rating of MAAA and an FD interest rate of up to 9.10% when you hold a cumulative fixed deposit for 36 months as a senior citizen, Bajaj Finance FD is the hassle-free and rewarding investment you are looking for.
In order to get a clear picture of how much you will earn, here are a few examples that illustrate returns for various types of Bajaj Finance FD customers.
Let’s analyse the benefits you get when open a cumulative FD with an amount of Rs.50,000 for 24 months under the regular tenor scheme.
●New customer: A new customer will earn an interest of Rs.8,482 (at the rate of 8.15%) and a total of Rs.58,482 on maturity.
●Existing Bajaj Finance customer: An existing customer benefits from an increased interest rate of 0.25%, and thus will earn an interest of Rs.8,753. Total amount at maturity will be Rs.58,753.
●Senior citizen: Senior citizens enjoy a better benefit and earn up to a 0.35% higher interest rate, bringing the total interest to 8.5%. Given the example, the total interest earned will be Rs.8,861 and the amount at maturity will be Rs.58,861.
As opposed to cumulative FD where interest is compounded every quarter or year and paid only at maturity, in a non-cumulative FD, interest is paid to you on a monthly, quarterly or yearly basis, as per your choice. With the same example, that is Rs.50,000 invested for 24 months, and an annual payment frequency, here’s the returns each category of investor can earn.
●New customer: New customers earn an interest of Rs.8,150 after 24 months and therefore a total of Rs.58,150 at maturity when the interest rate is 8.15%.
●Existing Bajaj Finserv customer: The interest rate increases here as well, to 8.40%. After computation, the final interest earned is Rs.8,400 and the total maturity amount is Rs.58,400.
●Senior citizen: Senior citizen FD earns an interest of 8,500 at maturity and a total amount of Rs.58,500, owing to the highest interest rate out of the three categories, 8.5%.
To see the calculations for the amount you want to invest and a tenor of your choice, simply use the Bajaj Finance Fixed Deposit calculator before making your decision. It allows you to forecast your returns in advance, in seconds.
With all this information on your fingertips, apply for a Bajaj Finance FD right now. Apart from a high interest rate you can also enjoy benefits such as a minimum investment amount of Rs.25,000 and the option to apply through a convenient online application form.