With the ever-increasing inflation, it is essential to grow your money. Investing in the share market and Mutual Funds is the best way to grow your money, but it comes with risks. Then what is your safest bet? Well, it’s undoubtedly Fixed Deposits (FDs). But conventional banks give you a very low return on FDs. And this is where Bajaj Finance steps in. Bajaj Finance is a trusted name in the financial sector that offers you a haven for your hard-earned money while ensuring you an attractive return. You must take advantage of Bajaj Finance FD rates.
Understanding Bajaj Finance FD rates
Bajaj Finance is a non-banking financial institution that offers FDs with different tenures ranging from 1 year to 5 years. Its lucrative interest rates attract investors to maximize their returns. Their competitive interest rates surpass that of traditional baking institutions. Different factors, such as the tenure of the FD, new or existing customers, etc., influence the interest rates. You also have the option to choose from non-cumulative or cumulative FDs as per your personal preferences.
Different FD Interest Rates
So before you opt for Bajaj Finance for its FD interest rates, you should know its interest rates first. Check below to know more about it.
-
Senior Citizens
You should get an 8.85% annual return if you fall under senior citizens. This rate is more than any other FD rates provided by banks or similar institutions. This return ensures for senior citizens while growing their money simultaneously.
-
Non-Senior Citizens
For non-senior investors, the FD interest rates given by Bajaj Finance stands at 8.6%. You need to keep your money for at least 12 months to get this interest rate.
-
Other Features
Bajaj Finance offers a few unique features of FD interest rates. You need to know about these features before going for these FDs.
-
Minimum Investment
The minimum investment you must make in Bajaj Finance is Rs. 15,000. If you can invest this minimum amount, you are welcome to start with the FD journey.
-
Flexible Tenures
You can put your money in Bajaj Finance FDs in different tenures. You are supposed to select a tenure suitable for your goals. The tenure can range from 12 months to 60 months or more.
-
High Safety Returns
You can be sure that your money will be in safe hands. Bajaj Finances ensures the highest returns on your FDs. CRISIL AAA/STABLE has highly rated these highest safety returns.
-
Convenience
Putting your money on Bajaj Finance FDs is very easy and convenient as it requires no paperwork or physical visits to their office. You can do everything online through their app or website. It can be done in a jiffy.
Some Nuances to Consider
Despite the lucrative FD interest rates, some vital points deserve your attention. Some of these points are mentioned below.
-
Interest Payout
You are given the option to decide how you want to get the return. It can be given monthly, quarterly, or directly at its maturity. You should control your cash flow needs and get the return based on your preferences and needs.
-
Tax Implications
Your earned interest on FDs is taxable if the amount exceeds Rs. 40,000 per annum. So, there are tax implications that you must be aware of.
-
Penalties on Premature Withdrawal
After putting your money on FDs, you have to pay fines or penalties if you decide to take it out before its tenure ends. These premature withdrawal penalties vary depending on a few factors.
Conclusion
If you want a safe and secure FD option where you will get attractive interests, then Bajaj Finance FDs are undoubtedly the best option for you. Bajaj Finance FD rates come with other perks and benefits you will not get anywhere else. Bajaj Finance has got high credit ratings from several leading credit rating agencies. On top of that, you get to choose interest payout frequencies and flexible tenures according to your needs and preferences. But you need to prioritize your financial goals before investing here. You should do detailed research on this before investing your hard-earned money.
Read More: The Pros and Cons of Different Down Payment Sizes for Home Loans
