Back in the day when the cost of education for children was manageable, school fee was nominal and a degree could easily land you a job. However, times have changed now and education costs are increasing every year at an enormous rate. Building a secure future for your child today, requires much more than a college degree, which may encompass professional education, private schooling, after-school coaching and extra-curricular activities.
Educating your child today, is hence, a lifetime investment that necessitates a smart investment plan involving high returns and low risk, so you can grow your savings easily. Fixed deposits are hence, preferred investment avenues to ensure a secured future for your little ones. When you invest in a fixed deposit, you can get guaranteed returns and build on your savings over a fixed period.
How does a fixed deposit work?
When you invest in a fixed deposit, you can set aside a chunk of your savings that grows at a predefined rate of interest. The amount you’ve set aside grows over time, and can be easily withdrawn upon maturity. A fixed deposit carries lower risk, and offers lucrative interest rates that enable you to grow your savings easily.
Suppose you deposit an amount of Rs. 2 lakh for 60 months at 7.6%. At the time of maturity, you’ll get an amount of Rs. 2,91,831. You either can take the money out or renew the scheme for an extended period. Several financiers offer higher interest rate on renewing your fixed deposit. Fixed deposit is offered by both – banks and NBFCs, but you can get a higher interest rate by investing in a fixed deposit offered by NBFCs. One of the best choices for investors seeking higher growth of their savings is a Bajaj Finance Fixed Deposit where you can look for higher interest rates of up to 8.35%. You can also benefit from an additional 0.10% interest on renewing your fixed deposit.
Why to Invest in a Bajaj Finance Fixed Deposit?
You receive just 4% interest rate on your savings account, whereas Bajaj Finance Fixed Deposit helps you earn higher interests. Investing in fixed deposit can hence, be more profitable and help you ensure a safe future for your child.
When you invest in a Bajaj Finance Fixed Deposit for up to 5 years, you can make returns, which are more than 50% of the amount you’ve invested.
For example, if you invest Rs. 5,00,000 with a Bajaj Finance FD for 5 years, you can make returns of up to Rs. 2,58,783 with an interest rate of up to 8.35%. Similarly, if you invest an amount of Rs. 25,000 in a Bajaj Finance FD for 5 years, you can make returns of up to Rs. 12,939.
Using the Bajaj Finance Fixed Deposit Calculator, you can compute the returns you earn, by entering basic details. This can help you plan your finances in a better way, so you can grow your savings easily.
Features of Bajaj Finance Fixed Deposit:
Here’s a look at the different interest rates offered by Bajaj Finserv
Annual rate of interest valid for deposits up to Rs.5 crore (w.e.f 04 Jul 2020)
|Tenor in Months||Minimum deposit (in Rs.)||Cumulative||Non-Cumulative|
|12 – 23||25,000||6.90%||6.69%||6.73%||6.79%||6.90%|
|24 – 35||7.00%||6.79%||6.82%||6.88%||7.00%|
|36 - 60||7.10%||6.88%||6.92%||6.98%||7.10%|
+ 0.25% for senior citizens
+ 0.10% for online customer
+0.10% over and above the rate of interest at which the deposit is booked
In addition to the special tenor scheme, existing customers or Bajaj Finserv employees can benefit from 0.10% higher interest rates, and senior citizens can get 0.25% higher interest rates on their fixed deposit.
You can also utilize the FD Calculator to compute the total returns you can get on your fixed deposits. The easy-to-use FD calculator can be utilized with the following steps:
Bajaj Finance FDs are undoubtedly one of the best and safest investment avenues you have in the market to secure your child’s future. While choosing an FD, it’s important that you get a highest fd rates, as else, the very purpose of the investment fails.
Being a company FD, Bajaj Finance FDs ensure higher returns. Start investing today for your child’s future, so you can grow your savings easily and ensure a secured future for your child.