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Reasons to invest in an online Fixed Deposit


Reasons to invest in an online Fixed Deposit
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Owing to the advancements in the fintech sphere, today you can manage your personal finances completely online. This is true even of investments like the fixed deposit, with Bajaj Finance offering you a convenient way to book an FD online, through a quick digital form. The benefits of investing in a Bajaj Finance Fixed Deposit are many. In a nutshell, the online route offers you greater returns, while being faster, less cumbersome, and prioritising contactless processing.

Here are 5 reasons why you’re making a smart choice when you invest in a Bajaj Finance online FD.

 You get a 0.10% higher interest rate

Bajaj Finance offers leading FD interest rates on its fixed deposit and online investors get a further benefit in the form of a 0.10% rate hike over and above the base rate. That is, non-senior citizens investing offline get an interest rate of up to 6.50%, while non-senior citizens investing online get an interest rate of up to 6.60%. In the long run, this extra 0.10% can fetch you huge added gains. Take a look at this table, generated with the help of the online FD calculator to compare the maturity payouts of online and offline investors.

 

Investor Profile 

Deposit

Tenor

Interest Rate

Maturity

Non-senior citizen (offline)

Rs.20,00,000

60 months

6.50%

Rs.27,40,173

Non-senior citizen (online)

Rs.20,00,000

60 months

6.60%

Rs.27,53,062

 

As you can see, the marginal change of 0.10% translates to a payout difference of around Rs.13,000.

Senior citizens get interest rates of up to 6.75% regardless of whether they invest online or offline.

 

You save on time and effort

Making an investment the traditional way requires you to visit a brick-and-mortar office, fill an application, and make a payment. This process is cumbersome and consumes time, which you could use for other activities. The online mode is a superior alternative to this form of investing, and it entails a paperless process that can be completed within minutes.

With Bajaj Finance’s online FD form, for instance, you go through just few quick steps before you start earning interest:

  1. Mobile verification
  2. KYC completion
  3. Personal information
  4. Investment details
  5. Payment

If for some reason you must abandon your application midway, there is no need to worry as Bajaj Finance offers you the option of resuming your application later too.

You secure the current FD interest rates

FD interest rates often change when the RBI changes its policy rates. When the repo rate goes up, FD rates tend to rise; when the repo rate is cut, FD rates tend to dip. If you foresee an impending FD interest rate cut and want to lock in at the current rates, the fastest way to do so is to invest online. Thanks to the digital protocols involved, your application isn’t hindered at any step of the way, and you can go from filling the form to booking your FD with an online payment in no time at all.

You can opt to invest through monthly contributions

When investing online, you can choose to start saving with the Systematic Deposit Plan (SDP). As opposed to a lump sum investment, here, you can make small monthly contributions starting with Rs. 5,000. Each of these goes towards a new FD and you receive payouts as per the variant you choose, Single Maturity Scheme or Monthly Maturity Scheme. Coupled with the convenience of the online mode of investing, the SDP facility can help you start your investment journey without any delay.

Make a smart choice with Bajaj Finance online FD and grow your savings in a safe and secure instrument that enjoys the highest credit ratings from ICRA and CRISIL.

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