Savings are the product of good financial management and for you to have easy access to them while beating inflation, it's best to employ a reliable and rewarding vehicle such as a fixed deposit.
In fact, options such as the Bajaj Finance FD have features that greatly complement these goals, allowing you to address emergencies and financial responsibilities alike.
For instance, you earn interest at a rate of up to 8.10 per cent as a regular investor, and 8.35 per cent if you're a senior citizen, you can invest over a flexible tenor, and you can opt for frequent payouts should you desire regular monetary assistance from your savings.
For a better understanding on how you can leverage different features of the FD offered by Bajaj Finance Limited, the lending and investment arm of Bajaj Finserv Group to grow your savings, read on.
Augment your savings safely and at a rate of up to 8.35 per cent
To save successfully and steadily, it's best to utilise a low-risk avenue and with the Bajaj Finance FD you get just this. It carries the ICRA MAAA and CRISIL FAAA ratings. These are the highest in their respective categories and point to timely interest payouts.
Alongside safety, you get interest rates that run up to 8.10 per cent and 8.35 per cent for regular customers and senior citizens respectively. However, to truly leverage the rates here, invest for a tenor of at least 36 months and opt for interest payouts at maturity only.
Consider this table, generated with the FD calculator, to view how you can grow your savings steadily.
Save with monthly deposits starting Rs 5,000
As a young professional or someone wanting to allocate their savings to different vehicles, you can make the most of Bajaj Finance FD interest rates by making small monthly deposits of Rs 5,000 or more, through the Systematic Deposit Plan.
Each contribution creates a new FD that accrues interest at the rates prevailing on the date of deposit. Moreover, you can invest over a flexible 12 to 60-month tenor while automating contributions through a NACH mandate.
To forecast your earnings simply enter the contribution amount, tenor, and number of contributions, between six and 48, into the SDP calculator.
Ladder your FDs and work towards goals with the Multi-deposit facility
A smart way to invest here is to use the Multi-deposit feature to open several deposits, instead of just one, through a single cheque. You can set a different tenor for each FD and in doing so, earmark them for different goals. Similarly, in case of a financial crunch, you get the option of breaking just one or two deposits and keeping the rest intact when you choose this option.
Opt for FD Auto-renewal to grow your savings at an enhanced rate
Apart from addressing timely liquidity through the Multi-deposit feature, you can build a reliable emergency corpus through the Auto-renewal facility. Here, you can reinvest your proceeds without manual intervention through an instruction given at the time of opening the FD.
By renewing your FD, you enjoy a greater yield, thanks to compounding of interest and FD renewal bonuses. Currently, the renewal bonus is a 0.10 per cent interest rate hike.
Multiply your earnings in India through an NRI fixed deposit
Bajaj Finance helps a wide range of customer types grow their savings and if you are an NRI earning rental income, for instance, you can diversify your portfolio through an NRI Fixed Deposit.
You earn guaranteed returns, at attractive NRI FD rates of up to 8.35 per cent, and can claim tax benefits under the applicable Double Tax Avoidance Agreement (DTAA) as well. All you need is an NRO account to get started.
Apart from the fact that this FD offers a bouquet of features to build your savings, note that investing here is as easy as one-two-three: To book your Bajaj Finance online FD, fill out a form, correspond with an executive, and make the payment. What's more, at select locations you can invest your savings in an FD by simply using your debit card to transfer funds. This allows you to benefit from the FD's features in absolutely no time at all!
This story is provided by BusinessWire India. ANI will not be responsible in any way for the content of this article.
Disclaimer: No Business Standard Journalist was involved in creation of this content
