Tuesday, August 16, 2022
HomeInvestmentIs a Fixed Deposit Good for your Future?

Is a Fixed Deposit Good for your Future?

A fixed deposit helps to increase your wealth more quickly as compared to RDs and savings accounts. However, investing in an FD for longer tenors provides better returns at maturity as compared to shorter tenors. By earning enough money through a fixed deposit, you may be able to start a business or save enough for your after-retirement years. The reasons that make fixed deposits a good option for your future investment goals are listed below:

Grows funds quickly

Investing in FDs is a good decision as it provides assured returns that might not be possible with market-linked investment avenues. Also, with corporate FDs like Bajaj Finance FDs, you can earn higher fixed deposit interest rates of up to 6.75%. This FD interest rate is sufficiently high to multiply your funds quickly. 

Post-retirement earnings

Earn consistent monthly income post retirement by investing in non-cumulative FDs. The non-cumulative FDs offered by Bajaj Finance lets you pick between yearly, quarterly, six-monthly, and monthly interest payouts.

These payouts would prove to be a source of regular income to manage your expenses post-retirement. A higher FD rate of 0.25% applicable to investors above the age of 60 ensures that senior citizens earn better returns.

Loans against FD investment 

Fixed deposits can be liquidated easily during a crisis. Bajaj Finance FD allows you to obtain collateral-free loans against deposits. 

The collateral-free loans prove to be a good option for those who find it hard to match the eligibility criteria implemented by loan providers. Also, it helps you manage funds easily during a difficult situation. 

Managing multiple FDs 

Having multiple deposits instead of a single fixed deposit proves to be a smart decision. With higher liquidity points, you can manage a crunch situation easily. Also, some of the deposits can be deposited at a higher FD rate as they mature. 

The multi-deposit feature provided by Bajaj Finance FD enables you to open multiple FD accounts without breaking a sweat. Selecting a tenor and capital for each deposit is possible through this feature. This facility even allows you to invest in both FD types at once and a single cheque can be issued to make payments in all the deposits simultaneously. The tenor range varies from 12 to 60 months and allows you to select a lock-in period that assists your investment plans. 

Also, you can manage and keep track of all the deposits from your home via Experia i.e. the customer portal provided by Bajaj Finance. 

Online process 

These days, you would dread lurking outside to open an FD account. However, there is no need to do so as most financiers allow you to invest from your home itself. 

For instance, Bajaj Finance FD lets you invest through its online FD form. Get your documents verified through the CKYC process and make the payment online through UPI or net banking. You will qualify for 0.10% excess fixed deposit interest rates on choosing the online process. 

It is safe to invest in Bajaj Finance FD as it has received good ratings from CRISIL and ICRA for offering a stable investment option to customers.

Fixed deposits help you earn higher returns as compared to investments like RDs and savings accounts. However, to make the most of your FD investment, you should invest in Bajaj Finance FD. It not only offers a higher FD rate of up to 6.75% but also lets you invest in multiple FDs seamlessly. Senior citizens will enjoy a higher FD rate of 0.25% whereas online investors qualify for a 0.10% higher FD rate. Moreover, the online investment option and multiple interest payout options make it one of the better investment options in the country.

Also, read: What Factors Affect FD Interest Rates?

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