Bajaj Finance is a name that resonates with trust and reliability.
Bajaj Finance Fixed Deposit
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It is a renowned financial institution that offers Fixed Deposit (FD), one of the safest and most profitable investment options for individuals looking to secure their future. Bajaj Finance offers high FD rates for senior citizens, making it a perfect investment choice for them.
One of the core USPs of Bajaj Finance is its high FD rates for senior citizens. The FD rates for senior citizens are significantly higher than the rates offered to non-senior citizens, making it a lucrative investment option for them. Senior citizens get up to 0.25% p.a. additional interest rate on their deposit.
Let us look at why Bajaj Finance Fixed Deposits is one of the most prominent investment options for senior citizens:
Easy Application Process: Bajaj Finance offers a convenient online FD booking facility that allows senior citizens to invest from the comfort of their homes. The online FD booking facility is easy-to-use and allows investors to select investment tenure, calculate the interest rates using the FD calculator, and make payments securely. The FDR (Fixed Deposit Receipt) is also available online.
Higher Interest Rates: Senior citizen FD interest rates offered by Bajaj Finance are amongst the best in the industry. The interest rates are revised regularly, depending on market conditions, and are fixed for the entire investment tenure. This ensures that senior citizens get the maximum returns on their investments without being affected by market fluctuations. The highest rate offered to a senior citizen is 8.60% p.a. for a special tenure of 44 months.
Flexible Tenure Options: Apart from the high FD rates and ease of online booking, Bajaj Finance offers a host of other benefits to senior citizens. One of them is flexibility in investment tenure. Senior citizens can choose to invest for as little as 12 months to as long as 60 months. This flexibility ensures that they can invest according to their financial needs.
Bajaj Finance also has special tenures of 15, 18, 22, 30, 33, and 44 months in which higher interest rates are offered to investors.
To understand how you can get higher returns by altering your tenure for a few months and making the most out of your investment, look at the table below. The table portrays two of each regular and special tenures with their interest rates.
|
Tenures (Special tenure is marked with '*') |
FD rates for senior citizens at maturity |
FD rates for non-senior citizens at maturity |
|
30* |
7.70% p.a. |
7.45% p.a. |
|
31 |
7.60% p.a. |
7.35% p.a. |
|
40 |
8.30% p.a. |
8.05% p.a. |
|
44* |
8.60% p.a. |
8.35% p.a. |
Supporting Tools (The Bajaj Finance FD calculator): To calculate the interest earned on an FD investment, Bajaj Finance offers a Fixed Deposit calculator on its website. The calculator considers the investment amount, tenure, and interest rate, and provides an estimate of the interest earned. It helps senior citizens plan their investments better and make informed decisions.
Regular Income: Many senior citizens rely on fixed income sources during their retirement years. Bajaj Finance FDs (Fixed Deposit) with periodic interest payouts, such as monthly, quarterly, half-yearly, or yearly offer a regular income stream to support their living expenses. This feature ensures that senior citizens can maintain their financial independence without worrying about market volatility affecting their income.
Loan against FD: Generally, it becomes challenging for senior citizens to get a loan, but it will not be difficult to borrow if they have an FD with Bajaj Finance. Individuals facing credit shortages can borrow up to 75% of the deposited amount if they choose the cumulative payout option. For non-cumulative FDs, the loan-to-value ratio is 60%.
Stability and Security: Another benefit is the safety of the investment. Bajaj Finance is one of the most trusted names in the Indian financial market and has one of the highest CRISIL and ICRA ratings, making the Bajaj Finance FD one of the safest investments in the market.
Nomination Facility: Bajaj Finance FDs allow for the nomination of a beneficiary who will receive the deposit amount in the event of the depositor's demise. This feature provides senior citizens with the comfort of knowing that their loved ones will be financially protected in case of unforeseen circumstances.
In conclusion, Bajaj Finance offers high FD rates for senior citizens, making it a lucrative investment option for them. The online FD booking facility, senior citizen FD interest rates, flexibility in investment tenure, and the option of regular income, are some of the key benefits that make it a top choice for investors. Senior citizens can also use the FD calculator to plan their investments and make informed decisions. With Bajaj Finance, they can rest assured of the safety and reliability of their investment.
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