Financial stability and security are also important while accumulating wealth through various investment instruments. The market-linked instruments might not be favorable in present times because the economy is going through many ups and downs.
However, you can invest in instruments that provide high returns while subjecting minimum risks to your invested capital. FDs are low-risk instruments that yield better returns and help you to meet your financial goals.
Despite this, you need to be smart while choosing an FD plan as banks have lowered their FD interest rates owing to the recent repo rate cut announced by RBI. On the other hand, NBFCs like Bajaj Finance allow you to book an FD at an interest rate as high as 7.35%.
By investing in corporate fixed deposit plans like these, you can grow your deposits at a high rate and you can also avail the following benefits:
- Higher returns
Since the interest rates of corporate FDs are comparatively higher than bank FD rates, the returns are higher even post taxation.
Let us suppose you have accumulated a corpus of Rs. 10 lakhs and want to grow it by more than 40 percent. With bank FDs, you will get a maximum interest rate of 5.5% whereas you will get 7.35% with Bajaj Finance FD. With Bajaj Finance FD, you can grow your investment by up to 42.5% in 5 years as shown in the table below:
|FD type||Interest rate||Amount (in Rs.)||Tenor||Interest earnings (in Rs.)||Maturity Amount (in Rs.)|
|Bank FD||5.5%||10,00,000||5 years||3,14,066||13,14,066|
|Bajaj Finance FD||7.35%||10,00,000||5 years||4,25,641||14,25,641|
You can see here that you stand a better chance of reaching your financial goals with Bajaj Finance FD as it provides a growth rate of 42.5% after 5 years whereas bank FDs provide only a growth rate of 31.4%.
- Flexible tenors
The maturity amount also depends on the FD tenor that you have chosen. For selecting the right tenor that complements your investment goals and liquidity needs, you can use an FD calculator.
Bajaj Finance not only provides a fixed deposit interest rate calculator that enables you to pick the right plan and tenor but also provides the flexibility of choosing a tenor from 12 to 60 months.
- Ideal for senior citizens
The senior citizen fixed deposit interest rates of Bajaj Finance FD are 0.25% more than the interest rate offered to regular customers.
Moreover, the option of choosing a monthly interest payout by investing in a non-cumulative FD allows seniors to fund their expenses post-retirement.
Therefore, these FDs are ideal for senior citizens as well. You can also invest in multiple FDs of varying tenors and types through the multi-deposit facility that allows you to open multiple FD accounts with a single cheque.
An online FD form is provided so that you can start investing in an FD comfortably and a 0.10% additional interest rate is offered if you utilize this option. Apart from that, these FDs are secure as they have received high ratings on stability and safety by credit rating organizations like ICRA and CRISIL.
Financial security is important these days since the market is going through cycles of volatility very frequently. You can invest in a fixed deposit as it is not only safe but also multiplies your savings quickly. If you go through the company FD list, Bajaj Finance is offering 7.35% which is one of the highest FD rates in India. It also allows you to pick a tenor between 12 and 60 months as per your financial goals and obligations. A 0.25% higher interest rate for senior citizens, the option of opening multiple FDs with single cheque, online booking option, high ratings from CRISIL and ICRA, and more make it one of the better corporate FDs in the market.