Growing your savings with a good-return-yielding financial instrument is the only way to build wealth. With the market instability, individuals are turning to safer avenues to park their funds. Good returns and low risk are the key factors to consider while investing in this current scenario. Fixed Deposits (FDs) offer stable growth of savings and the safety of returns. One such savings option that has stood the test of time is Bajaj Finance Fixed Deposits.
Bajaj Finance has a high safety rating of AAA(Stable)-ICRA and AAA/Stable ratings-CRISIL ensuring that your deposits are safe. Individuals can earn up to 8.20% p.a. on their FDs with Bajaj Finance. They also offer flexible interest payouts with monthly, quarterly, half-yearly and annual options.
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Here are a few ways in which you can maximise your returns with Bajaj Finance Fixed Deposits:
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Special Tenors
Bajaj Finance has special tenors that have attractive interest rates. By depositing in these special tenors, you will earn more returns when compared to the regular tenors. Listed below are some of the special tenors for senior citizens, along with their respective Bajaj Finance FD rates:
| Period | Cumulative At Maturity (% p.a.) | Non-Cumulative | |||
| Monthly (% p.a.) | Quarterly (% p.a.) | Half Yearly (% p.a.) | Annual (% p.a.) | ||
| 15 months | 7.70% | 7.44% | 7.49% | 7.56% | 7.70% |
| 18 months | 7.65% | 7.39% | 7.44% | 7.51% | 7.65% |
| 22 months Advertisement | 7.75% | 7.49% | 7.53% | 7.61% | 7.75% |
| 30 months | 7.70% | 7.44% | 7.49% | 7.56% | 7.70% |
| 33 months | 8.00% | 7.72% | 7.77% | 7.85% | 8.00% |
| 44 months | 8.20% | 7.91% | 7.96% | 8.04% | 8.20% |
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Longer Tenors
You get more returns when you lock-in for a longer period of time. Compounding does its magic in such cases. If you do not have any urgent liquidity requirements, saving with a cumulative fixed deposit for a longer tenor is advisable to get maximum returns upon maturity. The table given below gives you an idea of how interest accrues when ₹1 Lakh is deposited for a tenor of 5 years.
| Tenor | Interest Earned by Senior Citizens | Maturity Amount for Senior Citizens | Interest Earned by Non-Senior Citizens | Maturity Amount for Non-Senior Citizens |
| 12 months | ₹7,650 | ₹1,07,650 | ₹7,400 | ₹1,07,400 |
| 24 months | ₹8,558 | ₹1,16,208 | ₹8,270 | ₹1,15,670 |
| 36 months | ₹9,414 | ₹1,25,622 | ₹9,080 | ₹1,24,750 |
| 48 months | ₹ 9,924 | ₹ 1,35,546 | ₹9,544 | ₹ 1,34,294 |
| 60 months | ₹ 10,708 | ₹ 1,46,254 | ₹ 10,273 | ₹ 1,44,567 |
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Try Not to Liquidate Your FD prematurely
Breaking a fixed deposit midway results in interest loss and attracts penalty charges. That being said, having liquid cash for an emergency is also crucial. During such an instance, getting a loan against your fixed deposit is advisable instead of liquidating the FD. Bajaj Finance offers loans against fixed deposits for up to 75% of the fixed deposit.
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Ladder Your Fixed Deposits
Deciding the right time to get started with fixed deposits could be a hard task because of the constant fluctuations of interest rate. In such a circumstance, laddering the FDs is a great idea. It is a great strategy in which the individuals put their money in various fixed deposit instruments of different tenors. This technique basically divides the fund and opens separate fixed deposits, instead of just putting the entire corpus in one fixed deposit.
Upon maturity, you can consider utilising the interest fund in a new fixed deposit plan. This creates a loop that allows you to generate enough liquid funds to provide for financial emergencies.
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Open a Fixed Deposit Account In Your Parent’s Name
Bajaj Finance offers an extra interest of 0.25% on fixed deposits over the base rate for senior citizens. In order to reap this benefit, you can open an FD account in your grandparents or elderly parent’s name. Make sure to use the Bajaj Fixed Deposit calculator to get a rough idea about the returns that you will get.
If you are looking for a high-yielding and stable option, then Bajaj Finance fixed deposit is the answer. Bajaj Finance FD rates are very competitive and offer high returns. They have the highest credibility and safety rating, guaranteeing the safety of your savings. Aside from the regular interest rates, they have higher Bajaj Finance FD rates for special tenors.
