After a hard fall of 4.2% in 2020, the world GDP shimmers like a ray of hope in 2021. It is expected to grow by 4.6% in the next fiscal year. Hence, at the turn of the new year comes the hope of a fresh start, with investors hoping for an uptick in markets. 2020 taught us that creating a contingency fund has never been more important.
A solid investment in financial tools like fixed deposit can aid in securing your future while meeting both your short and long-term goals. While there are many options available in today’s market, a wise option worth considering is the Bajaj Finance online FD. Here are a few ways in which you can grow your savings in 2021 by choosing to invest in a Bajaj Finance FD.
Attractive returns on deposit
In comparison to other banks and financiers, FD interest rates offered by Bajaj Finance are quite attractive, especially following the repo rate cuts in 2020, which led to reduction in interest rates on deposits, across all banks and financial institutions.
As an individual below 60 years of age, when you invest in a Bajaj Finance FD, via offline mode, you can reap the benefits of interest rates up to 6.60%. However, Bajaj Finance online FD offers the perk of an additional 0.10% rate boost to non-senior citizens investing online. Thus, you can grow your savings with assured returns up to 6.70%.
As an illustrative example, let us assume you, as an individual below 60 years of age, invest in a Bajaj Finance online FD for a period of five years. In comparison to other banks, here is how your savings would grow with the online fixed deposit offered by the institution.
Fixed deposit type | Investment amount (Rs.) | Interest rate (%) | Interest (Rs.) | Maturity Amount (Rs.) |
Bajaj Finance online FD | 20,00,000 | 6.70 | 7,65,999 | 27,65,999 |
Other NBFCs | 20,00,000 | 6 | 6,93,710 | 26,93,710 |
Traditional banks | 20,00,000 | 4.9 | 5,51,442 | 25,51,442 |
Note: ROI in the above calculator may vary upto 4 bps with the actual rates offered
What’s more – Bajaj Finance also offers a rate benefit of 0.25% for senior citizens looking to grow their savings in a safe environment.
Periodic payout options
Bajaj Finance Limited also allows their customers to receive payouts on a periodic basis. During times of distress, you have a regular revenue stream to fall back on as a post-retirement income option. At a fixed tenure, you can invest a lump sum amount and pick the frequency at which you would prefer to receive your interest payouts.
This can range from a monthly, quarterly, bi-annual, or annual basis. Once the FD reaches maturity, the proceeds from maturity will directly be deposited into your bank account, ensuring a default-free experience. In fact, if you’d like to know the payout amount, as per the frequency you choose, consider using the Bajaj Finance FD Calculator. This is a great tool that can help you determine your returns in advance.
Highest safety of deposit
A common concern in 2020 has been the security of one’s investments, and this worry is likely going to carry forward in the new year. In 2021, with the right investments, you can kick back and relax for a change. Bajaj Finance Limited assures their investors of utmost safety, with its fixed deposit carrying the highest stability ratings of MAAA by ICRA and FAAA by CRISIL. In addition to these stability ratings, Bajaj Finance Limited also boasts of zero unclaimed deposits, ranking them among the safest investment instruments for investors.
Save as per your convenience
Typically, fixed deposits are known for being rigid and inflexible with their lock-in periods and deposit amounts. You have all the benefits of customization with the Bajaj Finance FD. You can choose to invest through the Systematic Deposit Plan (SDP) every month, with a minimum amount of Rs. 5,000, or opt for a lump sum investment that goes as low as Rs. 25,000. In addition to this, you can opt for monthly returns on your deposits (depending on your chosen tenure) when you opt for the Monthly Maturity Scheme while investing through SDP. You can alternatively customize to receive your payouts all at once through the Single Maturity Scheme. Hence, one gets security as well as great convenience, alongside guaranteed returns with the Bajaj Finance FD.