For those who have just kick-started their careers, saving money can be a bit of a challenge. With financial freedom and the ability to spend, young working professionals usually are left with barely any savings at the end of the month.
Inculcating the habit of saving is important and should be followed with discipline. One should ideally start saving early in their career by investing a small portion of their salary rather than just keeping it idle in the account without any financial plan.
By investing small amounts monthly can help individuals in the event of any financial emergency. In the current bleak economic scenario, it is important to build a corpus of savings especially amidst increasing fears of job losses and pay-cuts.
While deciding on how to make the most of saved money, it is best to choose fixed-income instruments that offer assured returns. Companies like Bajaj Finance Limited, the lending and investment arm of Bajaj Finserv, are offering fixed deposit with interest rates of up to 7.35%.
Read on to know what makes Bajaj Finance FD one of the best investment instruments for those looking to grow their savings easily.
Highest safety of deposit
Those who have just started their careers are often reluctant when it comes to safety of their deposits. Now the investors can put their worry to dust as Bajaj Finance FD comes with the highest safety ratings of FAAA by CRISIL and MAAA by ICRA, and an impressive deposit book of more than 20,000 crores.
Ease of investment
In today’s fast-paced life nobody has time to visit branch physically and get soaked in heaps of paperwork that follows. However, with Bajaj Finance online FD, it’s a completely paperless process that takes a few minutes to lock into prevailing high interest rates. Additionally, investors can choose tenure between 12 to 60 months. This FD also offers the flexibility to choose the frequency of interest payouts, which can be received at maturity, or periodically, on a monthly, quarterly, half-yearly or annual basis.
Lucrative interest rates
Both new and existing customers looking to grow their savings can get high FD rates of up to 7.10%, with additional interest rate benefit of 0.10% on investing through Bajaj Finance online FD. This deposit works best for senior citizens who get a 0.25% rate boost with FD interest rates of up to 7.35%.
To understand how this FD yields one of the best returns, here’s a table with earnings forecasted for different customer types, investing Rs. 5,00,000 in a Bajaj Finance Fixed Deposit for 5 years.
|Customer Type||Tenure (years)||Investment amount (Rs.)||Interest rate||Interest payout (Rs.)||Maturity amount (Rs.)|
|Individuals below 60 years of age||5||5,00,000||7.10%||2,04,559||7,04,559|
|Individuals below 60 years of age (investing online)||5||5,00,000||7.20%||2,07,854||7,07,854|
|Senior citizens (offline/online)||5||5,00,000||7.35%||2,12,821||7,12,821|
From the above table, it can be seen that customers below 60 years of age, who choose to invest online can not only reap the convenience of an end-to-end online FD process, but also enjoy higher FD interest rates. In the above example, customers below 60 years of age investing through offline mediums, such as by visiting the branch, can earn up to Rs. 2,04,559 within 5 years. However, by investing online, the same customer can earn Rs. 3295 more, for the same investment tenure.
Fixed Deposit Calculator
Often young investors would like to plan their savings beforehand. Now this could be to save for their long-awaited vacation or a wedding or could be for higher education. To assess such calculation they may use the Bajaj Finance FD interest calculator. It will help them determine the maturity amount, interest payouts and maturity date before they invest.
Online Loan against Fixed Deposit
It has been observed various times that many investors hesitate to lock in their savings in investments options like FD where one cannot withdraw money before its maturity date. This keeps them in a state of uncertainty during any financial emergency. However, Bajaj Finance offers its investors the choice to withdraw prematurely from the fixed deposit amount invested post the initial lock-in period of 3 months.
Note – the amount of the Loan against FD cannot be more than 75% of the amount in a cumulative FD and 60% of the amount in a non-cumulative FD.
Systematic Deposit Plan
Bajaj Finserv, also offers options like Systematic Deposit Plan (SDP) for investors who are looking for a more stable and secure monthly investment option. Unlike FD, here investors need to deposit a small sum on a monthly basis, so every deposit is treated as a new FD, which earns interest as per the prevailing rate at the time of deposit.
Under SDP, investors can choose to save through any of the two variants –
Monthly Maturity Scheme – This plan allows investors to invest in 6 to 48 deposits and the tenure they choose gets applied to all the deposits they invest in. They can also choose tenures ranging from 12 to 60 months for each of their deposit, and the maturity proceeds can be received monthly, as per the chosen tenure.
Single Maturity Scheme – This plan works best for young investors who are looking to raise a lumpsum amount on a single day, this newly introduced variant works best for them. With Single Maturity Scheme, investors can start small deposits every month, but they can receive their maturity proceeds on a single day.
Hence, the investors can make a smart choice by depositing a portion of their salaries in Bajaj Finance online FD and invest within minutes, from the comfort of their home. With the promise of higher convenience and lucrative returns, Bajaj Finance FD is one of the top picks for individuals looking to grow their savings easily.
About Bajaj Finance Limited
Bajaj Finance Limited, the lending company of Bajaj Finserv group, is one of the most diversified NBFCs in the Indian market catering to more than 40 million customers across the country. Headquartered in Pune, the company’s product offering includes Consumer Durable Loans, Lifestyle Finance, Lifecare Finance, Digital Product Finance, Personal Loans, Loan against Property, Small Business Loans, Home loans, Credit Cards, Two-wheeler and Three-wheeler Loans, Commercial lending/SME Loans, Loan against Securities and Rural Finance which includes Gold Loans and Vehicle Refinancing Loans along with Fixed Deposits. Bajaj Finance Limited prides itself on holding the highest credit rating of FAAA/Stable for any NBFC in the country today.