How To Choose The Best FD Plan in 2018
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How To Choose The Best FD Plan in 2018

  • Highlights

  • Pick FDs with high interest and good safety ratings

  • Choose between cumulative and non-cumulative FDs

  • Greater convenience with online application

To attain your financial goals, it is important to align them with your financial plans. You can get closer to attaining your goals by investing in rewarding avenues like fixed deposits. These are secure investment instruments that offer guaranteed returns.

Here's how to choose the best FD plan in 2018, to maximize your returns:

1. Pick a lender who offers at least 7% rate of interest:

FD Attractive interest rates. Avoid opting for financiers offering a lower rate than this. Choose Bajaj Finance Fixed Deposit for their attractive interest rates along with stability and security. They also offer a flexible tenor, incredible stability and a lower minimum amount that makes it possible for you to invest with just Rs. 25,000.

2. Review the credibility of the lender:

Before finalising your lender or submitting your FD form, review your lender’s credibility. You can do this by examining the safety rating that the fixed deposit has. These ratings are usually awarded by agencies such as CRISIL or ICRA. So, when you select an FD, look for ICRA’s MAAA or CRISIL’s FAAA rating.

Role of CRISIL Rating in Fixed Deposit

Additional Read:6 reasons why Bajaj Finance Fixed Deposit is the solution to falling bank FD rates

3. Choose between cumulative and non-cumulative FDs:

Depending on whether you want periodic returns or interest at maturity, you can choose between cumulative and non-cumulative FDs. With non-cumulative FDs, get earnings on a monthly, quarterly, semi-annual or annual basis. Cumulative FDs compound your interest over the tenor and pay it back at the lapse or maturity of the tenor. Cumulative FDs offer you higher interest payouts, so choose them if you’re not looking for periodic interest payouts.

Difference Between Cumulative and Non-Cumulative FD

4. Go for a lender with a simple application procedure:

The application procedure varies from one lender to another. Some do not feature online application and require you to file your form by visiting the branch. When selecting a lender, ensure that the application procedure matches your preferences.

Fixed Deposit Senior Citizen Benefits

For example, if you are too busy to visit the branch, an online application procedure is a must. Also, ensure that the steps are minimal and you don’t have to submit many documents or forms.

Make the most of your investments by choosing the right financier in 2018, by considering the four factors discussed above. Make sure your plan is aligned with your goals, so you can meet them faster.

 

Bajaj Finance is now offering high rate of interest of up to 8.75%*

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