Bajaj Finance Fixed Deposit gives a high interest rate of 8.60%. However, it has a higher minimum deposit of Rs.25,000 and the minimum tenure is 12 months.
Fixed deposit is a safe and secure way to park your money. Bank fixed deposits is one of the easiest and simplest ways to save money. But with the continuous fall in the interest rate, the bank FDs have become unattractive. As a result, other types of fixed deposits such as corporate FDs and FDs from non-banking finance corporations have become attractive. Bajaj Finance Fixed Deposit is one such fixed deposit that is offering a high-interest rate.
Bajaj Finance FD gives an attractive interest rate of up to 8.95%, thus it is an easy way to grow your money with no risk. Moreover, you can easily check the maturity amount with an FD calculator. To use an FD calculator, you just need to add the interest rates, duration and your principal amount. The calculator will show you how much your principal will grow if it is compounded(2) quarterly.
The FDs offer higher cumulative interest rates of 8.60%. Senior citizens can get a higher Bajaj Finance FD rate of 8.95%, which is 0.35% more than normal individuals. Hence, it is one of the best places to invest that will help you to grow your money.
While investing in an FD issued by a non-banking finance corporation, one of the main things that run in minds of every individual is the safety parameter. Bajaj Finance is one of the big non-banking finance corporations in the country. Also, the Bajaj Finance Fixed Deposit comes with the highest stability ratings.
The minimum investment and tenure of various FDs vary from one another. Similarly, the minimum investment of these FDs is Rs.25,000. As the amount is higher than the minimum investment amount of different banks, the principal will grow faster.
The minimum tenure for these fixed deposits is 12 months. FDs are available for tenures for 12 months to 60 months.
You can invest in these FDs in various ways. There is an online application process through which you can invest and save time on filing documents and waiting in queues. The facility to invest in FD through debit card is also available in select cities.
Once you opt for the autorenewal facility, the fixed deposits are renewed automatically. So you don’t keep a track of the maturity date.
Want to invest in multiple Bajaj Finance Fixed Deposits but worried about giving multiple cheques. With a single cheque, you can invest in various FD tenures.
The minimum FD investment amount starts at Rs.1,000 or Rs.5,000. The minimum investment amount of Bajaj Finance is FD is Rs.25,000. Hence, most individuals may not be willing to park this amount in one particular FD. Hence, it is not suitable for everyone. Investors will higher risk-taking capacity.
This is another area where it lags. The tenure of bank FDs starts from 7 days and ranges till 10 years. Some bank FDs are also available for 20 years. Hence, the bank gives many options to its customers.
Bank FDs of up to Rs.1 lakh are insured by Deposit Insurance and Credit Guarantee Corporation. This facility is also available for small finance banks as well. But the facility is not available for non-bank deposits.
Conclusion: The interest rate paid by Bajaj Finance is attractive than bank FDs. However, the risk carried by these FDs is also higher than bank FDs.
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