Term Deposit is also known as Fixed Deposit and is one of the safest investment options in India. It is the only Investment tool that guarantees high returns despite zero risks. Earning money requires a lot of hard work and investment is when you make your money earn money for you. Fixed deposits or term deposits are made by depositing a certain amount of money in a bank or non-banking finance company for a fixed period of time at a pre-determined interest rate. The interest rate of the deposit does not depend on the market fluctuations but it depends on the tenor of your deposit and the customer category you fall into- senior citizen, existing customer, etc. The interest rate is fixed until the maturity period of your plan.
The deposit amount required for Bajaj Finance Fixed Deposit scheme is Rs. 25,000 (and Rs. 500 for an SDP) and the tenor can start from 12 months and go as far as 60 months. The interest rate offered by Bajaj Finance FD goes up to 7.35% which is one of the highest interest rates in India. Now that we have established investing in Bajaj Finance Fixed Deposit can help you earn high-interest rates, let us see the best term deposit schemes Bajaj Finance is offering to its 2.35 Lakhs plus customers.
- Long-term Fixed Deposits: If you want to start investing and saving for your child’s education, marriage or even travel, the Bajaj Finance long term deposits are the best option that has its maturity period between 36 months to 60 months. In this scheme, you are more likely to get the highest return on your investment of about 7.35%.
- Senior Citizen Term Deposit: In this particular scheme of term deposits, if your age is above 60 years, you can earn an additional interest of 0.25% with Bajaj Finance FD. If you are procuring 7.10% on your investment, with Senior citizen deposit you can procure 7.10%+0.25%, i.e. 7.35% of interest returns. That’s right, this is the safest option to invest your life savings in and you also have various other benefits like using the investment for periodic payouts without any penalty. Senior Citizens Fixed Deposit scheme from Bajaj Finance enables sufficient liquidity of funds for meeting your regular monthly expenses.
- Term Deposit for NRIs:
Bajaj Finance also has a special scheme for Non Residents of India or for someone who does not have a permanent Indian address and lives overseas. Such customers can apply for an NRI FD with Bajaj Finance from an NRO account to avail special benefits. The tenor age of NRO account can be anywhere between 12 months to 36 months. The Term deposit interest rate returns for NRI can go as high as 7.35%.
- Systematic Deposit Plan:
What do you do when you don’t want to deposit the whole investment amount at once but prefer monthly deposits for your investments? You apply for Bajaj Finance Systematic Deposit Plan or the SDP. This is a monthly investment option that allows making deposits every month until the end of your tenor. The number of deposits can range between 6 to 48 for a tenor of 1-5 years. Each of these deposits will be considered as a separate fixed deposit and the interest rate will be the prevailing interest rate on the date of the deposit.
- Multi deposit scheme:
It is exactly as it sounds. With the multi-deposit scheme from Bajaj Finance, you can choose to invest in not one, not two but multiple fixed deposits through a single payment. In the multi deposit scheme, you can choose different permutations of tenor and principal amount to invest in a number of deposits. You won’t have to break all the FDs if you need urgent liquid cash, as you can simply withdraw money from a single deposit. You can divide a lump sum investment amount into small deposits to earn tax benefits as returns from multiple deposits will be staggered.
Term deposit schemes from Bajaj Finance are much more lucrative as compared to post office FD plans with an interest rate up to 7.35%. Whereas post office FD plans currently offer the highest interest rate up to 6.7%. Moreover, these deposits are highly rated by CRISIL and ICRA, which means your investment is in safe hands.
Bajaj Finance FD offers some of the most lucrative term deposit schemes in India, such as the Senior Citizen FD scheme, NRI FD scheme, Systematic Deposit Plan, and multi-deposit scheme. With the term deposit schemes at Bajaj Finance, you can not only get higher returns on your investment up to 7.35% but also can pre-calculate the maturity amount you will receive at the end of the tenor and compare it across various schemes. This pre-calculation of your option with various combinations of tenor, principal amount, and fixed interest can be done via an FD calculator; monthly interest, as well as maturity amount, can also be calculated using the online FD calculator.