PUNE, India, June 15, 2020 /PRNewswire/ -- In the past few months, the RBI has reduced repo rates several times, in order to promote higher liquidity. However, excess liquidity in the economy exerts downward pressure on deposit rates, thereby leading to reduced FD interest rates. Amid falling FD rates, instruments like Bajaj Finance Ltd., the lending and investment arm of Bajaj Finserv, offers Fixed Deposit at an attractive interest rate of up to 7.85%.
Bajaj Finance FD offers generous returns on maturity. In fact, new citizens can get returns up to 7.60%, which goes up to 7.70% for existing Bajaj Finance customers. This deposit works best for senior citizens, who get a 0.25% rate boost with FD rates of up to 7.85%. The effect of compounding makes savings grow more, when invested for a longer tenure.
These fixed deposit interest rates vary for customer types, and the tenures chosen by them. To demonstrate this better, here's a table with earnings forecasted for different tenures, if a customer deposits Rs. 10,00,000 in a Bajaj Finance Fixed Deposit - Returns for tenor of 24 months: Customers Type Initial Deposit Tenor Interest Rate Maturity Proceeds New Customers Rs. 10,00,000 24 months 7.45% Rs. 11,54,550 Existing BFL Customers Rs. 10,00,000 24 months 7.55% Rs. 11,56,700 Senior Citizen Rs. 10,00,000 24 months 7.70% Rs. 11,59,929 Returns for tenor of 36 months: Customers Type Initial Deposit Tenor Interest Rate Maturity Proceeds New Customers Rs. 10,00,000 36 months 7.50% Rs. 12,42,297 Existing BFL Customers Rs. 10,00,000 36 months 7.60% Rs. 12,45,767 Senior Citizen Rs. 10,00,000 36 months 7.75% Rs. 12,50,984 Returns for tenure of 60 months: Customers Type Initial Deposit Tenor Interest Rate Maturity Proceeds New Customers Rs. 10,00,000 60 months 7.60% Rs. 14,42,319 Existing BFL Customers Rs. 10,00,000 60 months 7.70% Rs. 14,49,034 Senior Citizen Rs. 10,00,000 60 months 7.85% Rs. 14,59,153 By picking the right tenor with the FD interest calculator, households can plan for their financial goals. FD interest rates with Bajaj Finance peak for tenures of 48 months or more and favour senior citizens. With a reduction in interest rates for savings schemes, senior citizens are one of the worst-hit, as they depend on periodic earnings to fund their regular needs. However, with Bajaj Finance FD, they can earn lucrative returns and continue to reap the benefits of periodic income.
Bajaj Finance promises investment safety as it has stability ratings of FAAA by CRISIL and MAAA by ICRA, which are the highest in their respective categories. Thus, investors can be assured of timely payments and default-free experience.
Additionally, Bajaj Finance offers convenient online FD facility for existing customers, who can enjoy an end-to-end paperless journey to invest from the comfort of their homes.
Keeping these benefits in mind, lock into a Bajaj Finance Fixed Deposit and watch savings grow. Moreover, this investment gives access to liquidity via premature withdrawals and also allows one to avail an easy online loan against Fixed Deposit. This makes it one of the best options to park contingency funds, which can be used over time to fund emergencies.
About Bajaj Finance Limited Bajaj Finance Limited, the lending company of Bajaj Finserv group, is one of the most diversified NBFCs in the Indian market catering to more than 40 million customers across the country. Headquartered in Pune, the company's product offering includes Consumer Durable Loans, Lifestyle Finance, Lifecare Finance, Digital Product Finance, Personal Loans, Loan against Property, Small Business Loans, Home loans, Credit Cards, Two-wheeler and Three-wheeler Loans, Commercial lending/SME Loans, Loan against Securities and Rural Finance which includes Gold Loans and Vehicle Refinancing Loans along with Fixed Deposits. Bajaj Finance Limited prides itself on holding the highest credit rating of FAAA/Stable for any NBFC in the country today. It is also the only NBFC in India with the international 'BBB' with stable outlook for long-term, by S&P Global Rating.
To know more, please visit: https://www.bajajfinserv.in PWR PWR