Investments are all about getting returns.
People invest in different schemes like mutual funds, real estate or stocks and
bonds to get higher returns. However, high returns are not the only necessity
of investments. Investing in low-risk schemes is also necessary to get fixed
returns. Fixed Deposits are such low-risk investments that give guaranteed
returns.
FDs
used to be low returns investments for so long till now. However, different
banks and Non-Banking Finance Companies like Bajaj Finance have hiked their FD interest rates. Thus, now you can enjoy safe, guaranteed as
well as high returns through investments in Fixed Deposits. Below mentioned are
a few banks and NBFCs that offer fixed deposits at higher interest rates:
Bank FDs
Reputed banks such as State Bank of India (SBI), Punjab
National Bank, ICICI Bank, HDFC Bank, etc. offer FDs at an interest rate
between 6 to 7.50%. Out of all the bank FDs, SBI provides a highest interest
rate of 7.25%. Senior citizens enjoy even higher interest rate up to 50 basis
points. Hence, the senior citizen FD rates lie in the range of 7.25% - 7.35%.
You can open an FD account with any reputed bank through
an online or offline application.
Considerations for Bank FDs
●
Though bank FDs are safe
investments, the interest rate provided is lower than that provided by company
FD. You can only get high returns by investing for longer tenors.
●
Bank FDs have lower liquidity as
you cannot withdraw the amount before its maturity
●
In the case of emergency when you
opt for premature withdrawal, you are required to pay 1% penalty. Additionally,
you will have to bear the loss of interest earned to date.
●
Unlike other investments like
stocks and bonds Bank FDs are not easily transferable to from one account
holder to another account holder.
Company FDs
Investing in company fixed deposits give you returns at
higher interests compared to bank FDs. Although company FDs are unsecured,
investing in a certified company can give you guaranteed returns. Out of many
NBFCs that offer FD facilities, Bajaj Finance provides the highest
interest rate on FDs. With an FD interest rate that
can go up to 8.40%, Bajaj Finance FD is the best option for company FDs. The
senior citizen FD interest rate provided by Bajaj Finance is up to 8.75%.
Additionally, you can earn extra 0.25% interest rate by depositing principal
amount for 15 months. You can apply for a Bajaj Finance FD easily through an
online application. Moreover, you can get the below-mentioned benefits by
investing in a Bajaj Finance FD:
High-Interest Rate
Enjoy the highest company FD interest rates. With interest
rate that can reach up to 8.75%, you can grow and accumulate your wealth.
Senior Citizen Benefits
Along with higher interest rates senior citizens enjoy tax
benefits as well. For every individual, 10% tax is deducted on every Rs. 10,
000 earned as interest income. However, senior citizen FDs get an exemption from this
deduction.
Flexible Tenors
You can select an FD tenor in between 12 to 60 months
according to your convenience and financial plans.
FD Calculators
In order to select the best tenor for your principal
amount, you can use Bajaj Finance FD calculators. You can get the idea of
returns that you will get for a combination of different type of principal
amount and FD tenor combination.
Online Account Management
Along with the online application, you can also manage
your FD account online through Bajaj Finance portal.
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