Highest Interest Rate Fixed Deposit Schemes in India from Bajaj Finance FDby Aman Khanna Finance
Interest rates are intimately connected with inflation in an economy. It is one of the major components to be considered while you make a comprehensive plan for investments. To save themselves from the market fluctuations, investors can consider fixed deposits. Senior citizens are amongst the investors who prefer fixed deposits over any other investment tools. There are different types of deposit schemes available at an attractive rate of returns that you can choose as per your financial objectives and status. Today you will get to know about various deposit schemes from Bajaj Finance Limited such as Senior citizen FD, regular FD, NRI FD, SDP. Let us discuss them one by one.
Regular Fixed deposits
These are the FDs for investors of less than 60 years and offer higher interest rates than bank FDs. When banks are offering 4% - 5.5% interest rate on fixed deposits, Bajaj Finance FD offers up to 6.60 % on regular FDs with some additional benefits on interest rates. These additional benefits are extra interest rates for online FD accounts and on FD renewal. You can deposit in cumulative fixed deposits or non-cumulative fixed deposits depending on your requirements and financial goals. The tenor is also flexible from 12-60 months.
Long term fixed deposits will fetch higher returns with compound interest and a higher rate of returns. Remember the longer the tenor, the higher the rate of interest.
Senior Citizen FD
These are the special FDs designed to cater to the requirements of senior citizens above 60 years. Bajaj Finance offers higher interest rates for senior citizen fixed deposit. They are offering interest rates up to 6.85% on senior citizens which is 0.25% higher than regular depositors. Thus, depositors can earn guaranteed and higher interest with these special FDs and grow their savings more efficiently.
Senior citizens would love to get periodic payouts and can live a financially independent life post-retirement also. The periodic payout options that senior citizen deposit schemes offer are monthly, quarterly, half-yearly and annual.
It is a completely paperless and online process. You need not visit any branch with documents. After opening the FD account, your FD details will be sent to your registered address.
NRI Fixed Deposit
Many Non-Resident Indians (NRIs) investors want to diversify their investments in India. Bajaj Finance offers NRI fixed deposits also. Only a few financial institutions offer fixed deposits facility to NRIs. Overseas Citizen of India (OCI), Non-Resident Indians (NRIs) having NRO (Non-Resident Ordinary) account and Person of Indian Origin (PIO) can open an FD account with the Bajaj Finance. They need to make payment through NRO bank account. The permissible FD tenor for NRIs is 12 - 36 months. The taxability will be as per their tax slab and they are not eligible to fill Form 15 G/H and claim tax deduction.
Systematic Deposit Plan (SDP)
SDP is the first deposit of its kind in the industry. It is a monthly savings tool. There are many individuals who don’t have accumulated funds to invest in fixed deposits but they want to accumulate funds with a higher rate of interest on their savings. SDP is an opportunity for them. You can invest on monthly basis to earn guaranteed and higher interest rates just like a fixed deposit.
You can start investing with Rs.5,000 only. There will be a fixed date when you need to make a deposit on monthly basis. You can choose a date from 3rd, 7th, 12th. Once the date is fixed, it cannot be changed for the entire tenure you choose for your SDP.
You can choose tenor from 12-60 months.
You have the option to choose the number of deposits also. You can make an SDP with 6 to 48 deposits, as per your choice.
There are two options for maturity - Monthly Maturity Scheme and Single Maturity Scheme. If you want a single maturity date for all deposits, then deposit in single maturity scheme, otherwise go for monthly maturity scheme.
The first payment will be made through account payee cheque so that your banking details will be registered with Bajaj Finance. Further installments will be deducted from your registered account.
The interest rate prevailing on the date of the deposit will be applicable to each deposit.
You just need to determine your financial goals and choose a suitable type of Bajaj Finance fixed deposit with higher interest accordingly.
Created on Jan 29th 2021 04:18. Viewed 758 times.