Fixed deposits (FDs) have invariably been a popular instrument for investors to diversify their portfolios. It is a low-risk investment option as the FD rates remain immune to market fluctuations till the deposit matures.
With the surge in, the repo rate (a cumulative increase of 225 bps since August 2018), Bajaj Finance has also adjusted its fixed deposit (FD) interest rates once again by up to 40 bps. Risk-averse investors can now secure a maximum interest rate of 8.10% p.a. on their deposits, and thereby diversify their investment portfolio and earn a higher return simultaneously.
A comparison of old and new interest rates for cumulative FD for is given below:
|Customers below 60 years of age||Senior citizens|
|Period (months)||Old Interest Rates||Revised Interest Rates||Old Interest Rates||Revised Interest Rates|
|12 - 23 months||7.05% p.a.||7.15% p.a.||7.30% p.a.||7.40% p.a.|
|15 months||7.20% p.a.||7.30% p.a.||7.45% p.a.||7.55% p.a.|
|22 months||7.35% p.a.||7.45% p.a.||7.60% p.a.||7.70% p.a.|
|33 months||7.30% p.a.||7.70% p.a.||7.55% p.a.||7.95% p.a.|
|44 months||7.70% p.a.||7.85% p.a.||7.95% p.a.||8.10% p.a.|
Secure a higher interest rate on FD with Bajaj Finance
With Bajaj Finance, individual investors can now book their FD for a maturity period between 12 and 60 months. They can do this by depositing an amount within the range of Rs.15,000 to Rs.5 crore. There are, however, various factors that individuals need to know before putting their investable surplus in FD, particularly if their goal is to enjoy higher returns on their deposits.
Bajaj Finance offers two types of interest pay-out options: cumulative and non-cumulative. The applicable FD interest rate is higher in the cumulative pay-out option and customers get their aggregated fund value after the end of the predetermined tenure. However, if they want to enjoy monthly, quarterly, half-yearly, or annual pay-out to address regular expenses, they need to go with non-cumulative FD. Customers can leverage this flexibility according to their financial goals and interests.
Here is a brief glance at how the pay-out option influences interest rate on an investment of Rs. 4,00,000:
|Tenure (in months)||FD interest rate||Maturity amount|
|Tenure (months)||Cumulative FD interest rate||Maturity amount on Rs. 4 lakh|
● Rs.4,48,510 on monthly pay-out
● Rs.4,48,790 on quarterly pay-out
● Rs.4,68,343 on monthly pay-out
● Rs.4,68,730 on quarterly pay-out
● Rs.5,11,173 on monthly pay-out
● Rs.5,11,907 on quarterly pay-out
From the table above, it is apparent that besides the type of pay-out options, the interest rate depends on the tenure as well. With increased tenure, individuals can secure a higher FD rate and return.
Enjoy special interest rate on selected tenure
Customers can book Bajaj Finance FDs at increased interest rates for some special tenures of 15, 18, 22, 30, 33, 39, and 44 months. In this regard, you need to know that the maximum interest rate comes at a tenure of 44 months. At this tenure, senior citizen and non-senior citizen customers can book FDs at 8.10% p.a and 7.85% p.a. interest rates respectively.
Whatsoever, if individual customers need to figure out how much they will earn on their deposits after booking an FD, they can leverage Bajaj Finance FD Calculator. Simply by putting in values like investment amount, tenure, and pay-out option, they can get required results within seconds.
Invest a small amount regularly with Bajaj Finance SDP
Keeping in mind the challenges of new investors to deposit a lump sum at their initial period of earning, Bajaj Finance has come up with the Systematic Deposit Plan (SDP). It will allow investors to invest a fixed amount of money after every month. At the end of the maturity period, they can withdraw all their accumulated money together.
Now that Bajaj Finance is offering the most lucrative FD rates, customers can generate higher returns on their deposits in a risk-free manner. In this regard, individuals should also know that Bajaj Finance has been accredited CRISIL AAA/STABLE and [ICRA]AAA(Stable) ratings for maintaining the highest security standards to safeguard the interests of their customers. So, potential investors can put aside their worries and open their FDs online with Bajaj Finance today!