The best way to build your wealth is by investing wisely. The habit of saving is not difficult to build. The best way to start saving is by setting up a fixed deposit for you or your family. Bajaj Finance Fixed Deposit offers an attractive interest rate, along with multiple benefits such as flexible tenor, assured returns with high safety ratings and easy online application.
Security and assured returns
Unlike investments in the stock market which are subject to market risks, fixed deposits are safe investments that guarantee returns. When you invest your money, you are aware of exactly how much you will earn at maturity. This is a great help when you set financial goals as you know how much your money will grow within a period. It also helps in financial planning as you can invest any amount of your choice, depending on your savings.
Easy access to credit
A fixed deposit can be used to obtain a loan when you need funds. The sanctioned amount is usually up to 70% of the fixed deposit amount and is offered at a competitive interest.
Most market investments are volatile and depend on the economic scenario. This is not the case with fixed deposits. You can be sure that your investment in a fixed deposit is secure. The amount of interest gained at the end of the lock-in period does not depend on the profit of the company. This makes fixed deposits a very safe choice for you.
Additional Read: How to maximise the returns on your fixed deposit?
Choice between cumulative and non-cumulative terms
Fixed deposits grant you the advantage of being able to choose between cumulative and non-cumulative interests. This means that you can decide when you want to receive the interest gains. If you are dependent on the interest income to pay off EMIs and bills, opting for monthly or quarterly payouts is a good choice.
Alternatively, you can keep your savings locked up until the end of the tenor. By opting for cumulative terms, you gain from compounded interest which gives you high returns.
Flexibility to withdraw funds
In cases of financial emergencies, you can withdraw your fixed deposit before maturity. A certain fee may be levied for the same, but the process is usually simple. This flexibility helps support you in times of financial crisis.
A fixed deposit is the most secure investment, in addition to being flexible and providing attractive returns. By opting for this form of investment, you can start planning your future by building your wealth.
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