Interest rates have always been the key variable whether in macroeconomics, finance or personal investments. Besides being institutionalised and having negligible risks, Fixed Deposits (FDs) provide better than average returns.
FDs are offered by post offices, banks and even non-banking financial companies (NBFCs), in India
The answer to the firm with the highest FD rate is simple but best explained as follows:
- THE AVERAGE FD RATE IN INDIA IS a maximum of 5.5%.
- As of July 2021, the average fixed deposit interest rates offered for tenures ranging from 7 days to 10 years, for deposits below Rs. 2 crores of major financial institutions, like YES Bank, is 6%.
- Among the reputed bank fixed deposits, the average rate of return range is from 4.5-5.75%.
- Post Office FDs offer more lucrative rates than banks but they don’t exceed 6%.
- FDs for shorter time periods like less than 6 months have rates calculated on Simple Interest basis taking into account number of days.
- A Corporate FD does a lot better than all of these. Bajaj Finance Fixed Deposit (FD) is a great example, for the same, because it provides a general rate of 6.50% subject to further raises with certain specific conditions.
There is a lot more to know about this firm, that makes it best provider of FD schemes and other investment options.
The reasons for this can further be understood by examining the features as well as benefits of a Bajaj FD.
- Tenor: Minimum tenor is 1 year and maximum is 5 years for an FD at Bajaj
- Interest Rates: Range from 5.65% to 6.75%
- Deposit: A minimum deposit of Rs 25,000 only is required
- Online Payment Options: Both, Unique Payment Interface (UPI) and Net-banking options are available
- Unique Selling Point: The entire process from end to end is paperless, thus it can be done from the safety of your home
High Interest Rates: At Bajaj Finance, you receive a very lucrative interest rate of 6.50% which increases to 6.75% if you are a Senior Citizen (60 years of age or more). This allows you to grow your wealth steadily as well as safely.
Special offers to Senior Citizens: Bajaj FDs value and understand their senior citizen account holders. Thus, along with a higher interest rate they can also avail periodic pay-outs to fund general expenses that arise at their age.
Benefits to Pravasi Bhartiyas (NRIs): For Non-Residential Indians (NRIs), with an NRO account, a wide range to choose between tenors of 12 and 36 months is available. The interest rates are the same for them including the additional benefits given to Senior Citizens.
Systematic Plan for Depositors: The Systematic Deposit Plans (SDPs) launched by Bajaj allow people to make deposits on regular intervals, keeping in mind the inconsistent availability of funds. In this, the tenor still remains between 12 and 60 months. Depositors have to choose between 6 to 48, for the number of deposits they’d make in a month under their SDPs at Bajaj FD.
High Credibility and Stability: Bajaj Finance is a safe option for FDs and any other investment instruments, irrespective of the risk involved, that you look at. It has been accredited with the highest ratings of CRISIL’s FAAA and ICRA’s MAAA, ensuring your money and funds are safe.
Flexible Time Frames: By having a wide range of tenors between 12 and 60 months, you can plan your finances and generate higher liquidity according to your requirements.
Smaller Minimum Deposit: With a cap of only Rs 25,000 you can start investing in FDs, at an early stage without being forced to accumulate a larger set of funds. This way, even with a small investment you can start your journey of saving to secure your future.
Digitalized Application Process: At Bajaj, the application process allows you to browse the best rates from the safety of your homes while completing the entire process digitally. Adding to this the CKYC efficiency, both time and effort are saved.
Online Loan against FD: Depositors are allowed to take a loan against the FD (post the initial lock-in period of 3 months) when they need to make emergency withdrawals. The only condition is that the loan value cannot exceed 75% of the FD value.
Auto-renewal: You can opt for an auto-renewal to save you the time and effort of manually filling the renewal forms repeatedly. It is completely voluntary and you’re still in control. The only thing that is eliminated is a waste of time and effort on your end.
Hence, besides being the firm with the Highest FD rates Bajaj Finance has a variety of benefits that make it a go-to option for other products as well.