Bajaj Finance offers 0.10% more returns on online Fixed Deposit
Bajaj Finance offers 0.10% more returns on online Fixed Deposit
The Indian financial market has always been mucho-cosmic with its demand for 'park it and leave it' investment predilections, which is what makes fixed deposit a preferred avenue that remains unaffected by market volatilities. The fact that bank deposits went up by nearly 4.33 trillion in a span of less than 2 months, between March and May 2020, further proves deposits are a favourite in terms of risk-free, medium-yield investment avenues.
Managing a fixed deposit is also convenient, as it requires minimum monitoring and management. While FDs are immune from market risks, falling repo rates are a major concern as it results in a downward pressure on interest rates. Thus, several financiers end up reducing deposit rates, which results in very low returns on fixed deposit.
In the present scenario, investing in a Fixed Deposit can help you diversify risk and set aside a sum of savings for emergencies. For those looking for a balance of safety and returns, Bajaj Finance Fixed Deposit can be a great choice, especially with its online facilities.
Reasons to invest in a Bajaj Finance online FD
With benefits of online FD overriding not only the hassles of lengthy documentation but also the limitations in terms of interest generation capacity, Bajaj Finance online FD upholds its effectiveness as an investment instrument in the most demanding times.
Here's why this FD outranks other investment avenues in today's times.
• End-to-end paperless process for all customers
When investing in an online FD, all new and existing customers can be assured of enjoying paperless investment processes. Right from applying for the investment option to making the first deposit, the process remains completely contactless.
All you need to do is, go to the official website of Bajaj Finance and navigate to the 'Online FD' page to apply in just 4 simple steps. With paperless procedures and minimum documentation, you can simply upload a few documents. Make sure you keep all soft copies handy, to expedite your process and book your FD within a few minutes.
• Additional rate benefits offered by Bajaj Finance online FD
Bajaj Finance FD is known for offering one of the highest fixed deposit interest rates in India, which can go up to 7.10% for individuals below 60 years of age. However, investing online can not only be convenient, but also rewarding with an additional rate benefit of 0.10% on your deposit. This small difference can have a sizeable impact, when the entire corpus is considered.
To help you understand this better, let's assume an investment amount of Rs. 25,00,000 is investing in a Bajaj Finance FD for a tenure of 5 years. Here's a comparison of returns earned, when investing in this FD through regular offline procedures and online procedures, along with returns on regular bank FDs, assuming the prevalent average interest rate.
Investment Type | Total Amount Invested | Tenure for Maturity | Rate of Interest | Amount of Interest Earned | Amount Received on Maturity | Percentage of Growth in Savings |
Bajaj Finance Online FD | Rs. 25,00,000 | 5 years | 7.20% | Rs. 10,39,272 | Rs. 35,39,272 | 41.57% |
Bajaj Finance FD | Rs. 25,00,000 | 5 years | 7.10% | Rs. 10,22,795 | Rs. 35,22,795 | 40.91% |
Bank FD (Average Returns) | Rs. 25,00,000 | 5 years | 6.75% | Rs. 9,93,747 | Rs. 34,93,747 | 39.75% |
From the above table, you can see how the same investment amount invested over the same tenure can yield a difference of Rs. 16,477 when you choose to invest online.
Additionally, senior citizens can gain an additional rate benefit of 0.25%, regardless of the mode of investment. Here's a comparison table to help you know the returns for senior citizens, for the same investment amount, and tenure used in the above example.
Type of Investment | Total Amount Invested | Total Amount Invested | Rate of Interest | Amount of Interest Earned | Amount Received on Maturity | Percentage of Growth in Savings |
Bajaj Finance Senior Citizen FD | Rs. 25,00,000 | 5 years | 7.35% | Rs. 10,64,103 | Rs. 35,64,103 | 42.56% |
Thus, senior citizens can grow their savings by 42.56% by investing in a Bajaj Finance FD for 5 years.
• Plan investment easily with FD calculator
Another perk of investing in an online fixed deposit scheme is that you can utilise the FD calculator available online to assess the returns you can expect based on different investment options.
An FD calculator online helps you compute returns as per the following investor profiles –
- Non-senior citizens investing in FD offline
- Non-senior citizens investing in FD online
- Senior citizens investing in FD offline or online
Depending on the payout option selected, you can easily gauge the return on investment (ROI) for your preferred investment option.
When choosing an investment avenue, you not just weigh the returns generated, but also consider the reliability and safety in terms of capital growth. With Bajaj Finance FD, investors can remain confident of both the parameters as it has been accredited with the highest safety ratings of FAAA by CRISIL and MAAA by ICRA, which are the highest in their respective categories.
Thus, along with the assurance of risk-free growth of capital, you can book your online FD with Bajaj Finance from the comfort of your home. Reap the benefit of high interest rates while staying worry-free by investing in a Bajaj Finance FD online with a few simple clicks.