Fixed Deposits (FDs) have always been preferred because they offer the lowest probability of risk among other investments. FDs in India are offered by commercial banks, post offices and Non-Banking Financial Companies (NBFCs). With the advent of technology as a tool in the financial world, it is quite easy to browse the best interest rates online.
THE AVERAGE FD RATE IN INDIA IS 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 corporate fixed deposits, the average rate of return range is from 4.5-5.75%. Post Office FDs offer better rates than banks.
In fact, FDs for shorter time periods like less than 6 months have rates calculated on a Simple Interest basis taking into account the number of days.
However, 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 rises with certain specific conditions. To understand why Bajaj is the best option, here are the features and benefits offered by the company for their corporate fixed deposits:
- Tenor: The minimum tenor is 1 year and maximum is 5 years
- Interest Rates: Ranging from 5.65% to 6.75%
- Deposit: A minimum amount 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 an attractive interest rate of 6.50% which increases to 6.75% if you are a Senior Citizen (60 years of age or more). This is what makes Bajaj FD, the best among the best FD schemes.
Special offers to Senior Citizens: Bajaj FDs understand that their senior citizen account holders need an upgraded and more assisted experience. Thus, along with a higher interest rate they are also permitted the option of periodic pay-outs to provide for their general expenses that arise during old age. This eliminates the saying that corporate FDs as an investment option are most suitable for the youth.
Benefits to Pravasi Bhartiyas (NRIs): Non-Residential Indians (NRIs), and others like them with an NRO account, can choose between tenors of 12 and 36 months. 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 at regular intervals, keeping in mind the erratic 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. When it comes to maturity, they have an option to choose a single date or a monthly maturity scheme.
High Credibility and Stability: Bajaj Finance is a safe option and 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 thereby generating higher cash inflows according to your requirements.
Fixed Deposit Interest Rate Calculator: It is this tool that will allow you to better assess the efficacy of different interest rates as per the tenors of the investment options. It does so by giving in detail the future of the option after the maturity of the investment.
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.
Digitalized Application Process: At Bajaj, the application prevents you the hassle of page-long documents and even longer queues. It allows you to browse the best rates from the safety of your homes while completing the entire process digitally. With CKYC, repeated needs to fill the same standard information across different companies is eliminated.
Online Loan against FD: The main concern of a depositor when it comes to an FD is, what if he/she has to break it. Therefore, at Bajaj 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: While having automatic and unconsented renewals calls for suspicion and fear, Bajaj gives you the option to opt for an auto-renewal to save you the time and effort of manually filling the renewal forms repeatedly.
Therefore, while browsing FD interest rates online is the way to go about your investments; the fact remains that of the best FD schemes Bajaj stands out as a wholesome alternative.