Fixed deposits (FDs) are one of the most popular investment options in India. They are low-risk and provide guaranteed returns. The investment is usually made in a bank or financial institution where an amount is deposited for a fixed term at a fixed interest rate. At the end of the term, the investor gets the principal amount along with the interest earned.
Interest rates are one of the most important factors to consider while investing in fixed deposits. These rates may vary depending on the tenure of the deposit, the macroeconomic scenario, RBI policies, inflation, and many other factors.
Recently, Bajaj Finserv announced enhanced interest rates on its fixed deposit schemes, up to 8.85% p.a., making them an attractive investment option for those looking to maximize returns. In addition, Bajaj Finserv also offers Digital FD that allow investors to enjoy higher interest rates than traditional fixed deposit schemes.
Bajaj Finserv Fixed Deposits Interest Rates
Bajaj Finserv’s fixed deposit interest rates vary from 5.15% p.a. to 8.85% p.a. These high-interest rates are limited to those who choose to invest in digital and online fixed deposits. Senior citizens above 60 years are eligible for higher interest rates on their investments.
Digital and Online FDs
Bajaj Finserv offers Digital FDs/Online FDs, which are available only through the company’s website and app. These digital fixed deposits allow investors to open fixed deposits online without any paperwork.
Digital FDs are the newest entrants to the world of fixed deposits. They are paperless and can be opened in less than five minutes using Bajaj Finserv’s app. The investment is completely online and requires only a few clicks, making it convenient for investors.
Criteria and Tenure Plans
Investors need to meet certain eligibility criteria to invest in Bajaj Finserv’s fixed deposit schemes. They need to be at least 18 years of age and should be residents of India. The minimum investment for both Digital and Online FD is Rs. 25,000.
The fixed deposit tenure plans offered by Bajaj Finserv range from 12 months to 60 months. The interest rates increase with longer tenure periods, making long-term investments more attractive.
Senior Citizen Interest Rates
Bajaj Finserv offers a separate interest rate for senior citizens on its fixed deposit schemes. Senior citizens, aged 60 and above, are eligible for an additional 0.25% interest rate over and above the regular interest rate.
Other Benefits of Bajaj Finserv Fixed Deposits
Bajaj Finserv Fixed Deposits offer several benefits to investors:
1. Tax benefits – Fixed deposits with Bajaj Finserv may provide tax benefits under certain sections of the Income Tax Act, making them a tax-efficient investment option.
- User-friendly online interface – Bajaj Finserv’s digital and online fixed deposit platforms offer a user-friendly interface, making it convenient for investors to monitor their investments, track interest accruals, and manage their accounts effortlessly.
- Diverse range of deposit amounts – Investors have the flexibility to choose from a wide range of deposit amounts, allowing them to tailor their investments according to their financial capacity and goals.
- Transparent terms and conditions – Bajaj Finserv ensures transparency in its fixed deposit offerings, providing investors with clear terms and conditions, and helping them make informed decisions.
- Credit rating – Bajaj Finserv’s reputation and high credit rating contribute to the reliability of its fixed deposit schemes, assuring investors of the safety and credibility of their investments.
- Online customer support – Bajaj Finserv offers robust online customer support services, providing investors with assistance and information regarding their fixed deposits, and enhancing overall customer satisfaction.
- Easy liquidity through premature withdrawal – While fixed deposits are known for their stability, Bajaj Finserv provides investors with the flexibility of premature withdrawal in case of urgent financial needs, ensuring easy liquidity.
- Regular interest rate updates – Investors receive timely updates on interest rates, allowing them to stay informed about potential changes and make strategic decisions regarding their fixed deposit investments.
- Security measures for online transactions – Bajaj Finserv employs state-of-the-art security measures for online transactions, safeguarding investors’ sensitive information and ensuring a secure digital banking experience.
- Customized investment solutions – Bajaj Finserv offers personalized investment solutions, allowing investors to tailor their fixed deposit plans based on their financial goals, risk tolerance, and liquidity preferences.
- Periodic statement issuance – Investors receive regular statements detailing the status of their fixed deposits, interest earned, and other relevant information, promoting transparency and enabling easy monitoring of their investment portfolios.
Bajaj Finserv’s fixed deposits are an excellent investment option, offering high-interest rates and security to investors. Digital and Online FDs offer investors flexibility, convenience, and high-interest rates, making them an attractive investment option.
Moreover, senior citizens are also offered special interest rates, making it an attractive investment option for them as well. With flexible tenure options, multiple interest payout options, and assured returns, Bajaj Finserv’s fixed deposit schemes are worth considering for those looking to maximize their returns.
How to open FD on the Bajaj Finserv App?
Applying for a fixed deposit on the Bajaj Finserv App is a simple and hassle-free process. Here is a step-by-step guide on how to apply:
Step 1: Download the Bajaj Finserv App and login to your account.
Step 2: On the app homepage, click on “Investments” and select “Fixed Deposits”.
Step 3: On the next page, select “Digital Fixed Deposit” and click on “Invest Now”.
Step 4: Enter the deposit amount and select the tenure of the deposit.
Step 5: Choose the interest payout frequency, either monthly or at maturity.
Step 6: Verify your details and click on “Proceed to Payment”.
Step 7: Make the payment through your preferred payment mode.
Step 8: Once the payment is successful, you will receive confirmation of the transaction and your Digital FD will be created.
It is important to note that only those who fulfil the eligibility criteria and have a savings account with Bajaj Finserv can apply for fixed deposits on the app. However, once the eligibility criteria are fulfilled, the process of investing in a digital fixed deposit on the app is quick and hassle-free.
In conclusion, Bajaj Finserv’s fixed deposit schemes offer an excellent opportunity for investors to maximize their returns. With attractive interest rates, flexible tenure options, and an easy online account opening process, these schemes are an excellent investment option for those looking for a safe and secure investment option. With the added benefit of higher interest rates for senior citizens, these schemes ensure that investors of all ages can benefit from this investment option