Fixed deposits are popular investment avenues that help in risk-free growth of your savings. By earning a high interest from FDs, you can easily attain your financial goals, grow your savings and ensure a comfortable retirement.
Here’s a look at some of the lesser known facts about FDs that can help you maximize your returns:
DID You Know? Bajaj Finance Fixed Deposit offers assured returns of up to 7.35%, along with multi-deposit, loan against FD, and auto-renewal facilities. Invest Online
Fact 1: Company FDs yield higher returns
Banks and NBFCs offer fixed deposits, but bank FDs offer a relatively low rate of interest. Company fixed deposits on the other hand give you the benefit of higher rates of interest. This means that you can multiply your investment corpus and get better results in the same span of time.
When you open a company Fixed Deposit with Bajaj Finance for example, not only do you enjoy high credibility and safety, you can also benefit from a high interest rate, flexible tenor and a minimal investment amount.
Fact 2: Senior citizens get a higher interest rate
If you qualify as a senior citizen, you can get a higher rate of return on your investment. Bajaj Finance offers one of the highest interest rates in the market, with additional interest for senior citizens. This makes financing your post-retirement life hassle-free and comfortable. You can further benefit by choosing a non-cumulative fixed deposit to get periodic returns that replace a salary.
Fact 3: You can get a loan against your fixed deposit
There can be numerous instances where you need additional finances that you can’t meet with just your savings. In this situation, you can turn to your fixed deposit for assistance. By using your fixed deposit as collateral, you can get a loan against it. In case of emergencies, you need not liquidate your investments and can opt for a low-interest loan.
Fact 5: First account holder must pay TDS in case of joint accounts
It is possible that you choose to open a bank FD jointly, with your spouse, sibling or parent. In such a case it is important to know that the first account holder will have to pay TDS (Tax Deducted at Source) over the returns. Similarly, the interest is also paid to the first holder’s account.
If you’re planning to modify your financial plan and determine your returns in advance, you can always use the Bajaj Finance Fixed Deposit Calculator. All you need to do is enter your investment amount and tenor, which will display the maturity amount and interest earned. Having a detailed understanding about fixed deposits will help you make a profitable investment in fixed deposits.
DISCLAIMER: The mentioned fixed deposit interest rates are indicative only, and may be subject to change periodically. Please check the interest rates on our website.
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