In India fixed deposits (FDs) have long been a crucial element of financial planning. Now, Bajaj Finance, a leading financial institution in India, bridges time-tested strategies with innovation through its newly launched “Digital Fixed Deposit”. This enhanced online investment solution provides investors with greater convenience, transparency, and personalised options alongside the security and stability they expect from a fixed deposit.
Before we get into the technological transformation, let us understand the foundation. A fixed deposit is a financial instrument where you deposit a lump sum amount for a predetermined period at a fixed interest rate. Upon maturity, you receive the principal amount along with the accrued interest.
The traditional fixed deposit process
Before the rise of online banking, the process of opening and managing fixed deposits mainly involved doing things manually. Here is a breakdown of what investors usually went through:
Branch visits: To open an FD, you would need to physically visit the financial institution/bank branch.
Paperwork: The process involved filling out complex forms with account information, nomination details, investment amount, tenure, and more.
Waiting periods: It would take a few days for the documents to be processed and the FD account to be created.
Limited trackability: To check interest rates, view FD statements, or manage maturity instructions required additional visits or phone calls to the branch. Understanding Bajaj Finance Digital FD
Bajaj Finance introduces the ‘Digital FD' – a new fixed deposit option with a 42-month tenure. This FD can exclusively be booked online, through the Bajaj Finserv website or app. The Digital FD offers highly competitive interest rates of up to 8.85% p.a. for senior citizens and up to 8.60% p.a. for customers below the age of 60.
How Bajaj Finance revolutionises the FD experience
End-to-end online convenience: The entire FD journey – from opening the account to maturity management – happens digitally. Open and manage your FD anytime, anywhere through the Bajaj Finserv website or app.
User-friendly platform: Bajaj Finserv platform is designed with simplicity in mind. It seamlessly guides you through the investment process, with clear information at every step.
Flexible payout options: Choose the interest payout frequency that suits your needs. Receive payouts monthly, quarterly, half-yearly, or annually for a steady income stream, or opt for a cumulative payout on maturity to maximise your returns. Why should you consider Bajaj Finance FDs?
Unmatched security: The AAA ratings from CRISIL and ICRA highlight their exceptional safety and reliability. This indicates Bajaj Finance strong financial standing.
Proven track record: With over 5 lakh satisfied customers and deposits exceeding Rs. 50,000 crore, Bajaj Finance has earned a reputation for trustworthiness and dependability. The Bajaj Finance FD Calculator: A powerful tool
This free, easy-to-use tool allows users to:
Calculate potential returns: Get a clear idea of maturity amounts based on factors like type of customer, investment amount, chosen tenure, and interest payout methods.
Compare payout options: Whether you want monthly interest for regular income or cumulative returns at maturity, the FD calculator helps you assess various strategies.
By using Bajaj Finance FD Calculator, you can understand how, even small adjustments to your inputs can significantly impact your potential returns.
Conclusion
If you are an experienced investor or someone just starting out, consider exploring Bajaj Finance Digital Fixed Deposit. It combines traditional fixed deposit benefits with advanced technology, offering a convenient and flexible tool for securing your financial well-being.
Visit the Bajaj Finserv website today to learn more and open your Digital FD
Moneycontrol journalists were not involved in the creation of the article.
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