Lock in to attractive FD interest rates to protect your savings
As per a recent study by Centre for Monitoring Indian Economy (CMIE), 84% households have suffered a decline in monthly income. This comes in the backdrop of a struggling economy, job layoffs and pay cuts. The government has been announcing various relief measures to reduce financial distress and increase liquidity in the hands of the common man, during these times. The reduction of tax deducted at source (TDS) and tax collected at source (TCS) by 25% is one such measure, aimed at boosting cash flows.
Where should you invest to grow your savings?
These measures may help increase cash flows, and investors may want to use the market slowdown as a good time to invest in bluechip stocks, to own for the longer haul. However, even as you choose to remain invested in market-linked instruments, it is better to diversify and invest a portion of your savings in a safe instrument like fixed deposit, PPF or fixed income instruments like government savings schemes.
However, the recent RBI measures to announce long-term repo operations have resulted in a decline in savings account and fixed deposit rates. Also, the interest rates on government savings schemes has also been reduced for this quarter, which has had a major impact on investors, looking to grow their savings.
Fortunately, financiers like Bajaj Finance Limited are still offering lucrative returns up to 7.85% on their fixed deposit. Read along to know why you must invest in a Bajaj Finance Fixed Deposit to protect your savings, during these times.
Assured returns with safety of capital
During these times of uncertainty, Bajaj Finance Fixed Deposit offers assurance of guaranteed and timely returns. With ratings of FAAA by CRISIL and MAAA by ICRA, Bajaj Finance Fixed Deposit has the highest safety ratings, which indicate highest safety of capital.
You can simply lock-in your investment for a tenure of your choice, and choose to get your interest at maturity, or at regular intervals, as per your convenience.
With one of the best FD rates of up to 7.85%, Bajaj Finance enables investors to grow their savings by more than 40%, within a span of 5 years. You can use the Bajaj Finance online FD Calculator to see how your investment grows over a span of 5 years. Additionally, FD interest rates calculator can also come handy, if you’re looking to plan your investments, before investing.
To understand better, assume that you invest Rs.20 lakh in a 60-month FD. Based on your customer profile the interest rate on your investment will vary as follows. Bajaj Finance offers the highest fixed deposit interest rates of up to 7.60% for new customers, up to 7.70% for existing customers and up to 7.85% for senior citizens.
Check the tables below to see how your wealth grows, as per your customer category
The above values have been computed using the Bajaj Finance FD Calculator, wherein you can toggle the values you feed into the calculator, until you arrive at a desired result.
Invest from the comfort of your home
In the current scenario, the convenience of an online investment can help you evade the hassle of having to step out of home. Bajaj Finance offers the convenience of an easy, paperless online FD procedure to existing customers, who can invest within a few minutes.
For new customers, there is a facility for doorstep document collection, and contactless deposits. Thus, investing in a Bajaj Finance Fixed Deposit is easier than you thought.
Auto-renew your deposits
If you’re hesitant about renewing your FD, to avoid multiple trips to the branch or filling out paperwork, Bajaj Finance offers you to opt for an auto-renewal facility, right at the time of investment. This can help you grow your wealth rapidly, and you can get 0.10% higher FD interest on your deposit.
Monthly savings with Systematic Deposit Plan
With increasing volatilities in the market, opting for a SIP may be fraught with risks of loss of capital. But, what if you could get the convenience of investing monthly with assured returns? With Systematic Deposit Plan by Bajaj Finance, you can start making 6-48 deposits with just Rs. 5000 per month. Each of your deposits can be locked in for a tenure of 12 to 60 months, as per your convenience. With this industry-first savings plan, Bajaj Finance is all set to revolutionize the lives of savers, who can now save flexibly.
Keeping these beneficial features in mind, lock into a Bajaj Finance Fixed Deposit and watch your savings grow. Moreover, this investment gives you access to liquidity via premature withdrawals and also allows you to avail an easy online Loan against Fixed Deposit. This makes it one of the best options to park your contingency funds, which can be used over time to fund emergencies.
Disclaimer: This content is distributed by Bajaj Finserv. No HT Group journalist was involved in the creation of this content.