A fixed deposit is an investment of your savings to earn a higher rate of return than a regular savings account. A bank Fixed Deposit is considered a safe investment option with the least amount of risk and highest form of liquidity. It is offered by banks and NBFCs (Non-Banking Financial Companies). A fixed deposit has the lowest risk in the portfolio of investment. Money is invested in a fixed deposit with a lock-in period and interest is given either at the end of the maturity date or as a regular payout. Investing in Fixed Deposit is a very smooth process and can be done at the tip of your fingers.
Parking your investment in the correct Fixed Deposit in 2021 will ensure high fixed deposit returns on maturity and also a choice of regular interest payouts throughout the chosen tenure. To ensure high returns you must look for a Fixed Deposit scheme with high-interest rate payouts before opening a new fixed deposit account or renewing an existing one.
You need to go through Fixed Deposit schemes of different banks and select the one as per your needs and requirements. Bajaj Finance Fixed Deposit is said to have one of the highest returns with an interest rate of up to 7.05%. Hence, Bajaj Finance Fixed Deposit is the best option with highest interest rates.
You can invest in Bajaj Finance Fixed Deposit for a tenure of 1 year to 5 year with just a minimum amount of Rs. 25,000 and earn interest rate ranging from 5.65% to 7.05%. The application process is also easy and hassle-free as it is paperless and online. It has online payment options like NetBanking and UPI.
In India the best FD rates are provided by Bajaj Finance of upto 6.5% and go as high as 7.05% for senior citizens. A fixed deposit is one of the ideal investment options for senior citizens as it offers higher returns with utmost safety and minimum risks. If you are a senior citizen, i.e. above 60 years of age, you can easily get an additional interest rate benefit of 0.25% over the regular interest rates with a Bajaj Finance FD. You can also opt for the periodic payout options to tend to your regular expenses.
Types of Fixed Deposit
The way you receive your amount completely depends on the type of Fixed Deposit you invest in. Both types of Fixed Deposit gives you different final amount
A cumulative Fixed Deposit scheme on the other hand is an option where interest is payable at the time of maturity along with the principal. The amount, in this case, is compounded annually. It is a perfect fit for someone who does not require periodic interest payouts.
A non-cumulative Fixed Deposit scheme is an option where the interest is payable on a monthly, quarterly, half-yearly, and yearly basis. This kind of option is designed to suit someone who needs an interest payout periodically.
Fixed Deposit for NRIs
Bajaj Finance FD also offers the option of NRI FD for Non-resident Indians (NRIs), Overseas Citizen of India (OCI) and Person of Indian Origin (PIO). The NRI/OCI/PIO with an NRO account can easily invest and earn income interest for a flexible tenor ranging from 12 months to 36 months. For new customers, the NRI FD rates are up to 6.50% while the senior citizens get an additional benefit of 0.25% and can get interest rates as high as 7.05%.
Systematic Deposit Plan
Bajaj Finance fixed deposit offers a monthly savings option called Systematic Deposit Plan (SDP). This plan lets investors make small monthly deposits. The interest rates prevailing on the date of each deposit gets applicable to that particular deposit. Bajaj Finance now offers schemes under the Systematic Deposit Plan that are Monthly Maturity Scheme and Single Maturity Scheme. These schemes can be availed by the investors as per their requirements. In the Monthly Maturity Scheme, you can get your maturity income on a monthly basis.
You can opt for a flexible tenor ranging from 1 year to 5 years and can choose to make 6-48 deposits. On the other hand, with the Single Maturity Scheme, you can get all of your maturity income amounts from all deposits on a single day. You can choose between a tenor of 19 months to 60 months and you can make 6-47 deposits.
Gaurav Khanna is an experienced financial advisor, digital marketer writer who is well known for his ability to predict market trends.
