How To Choose The Best FD Plan in 2018

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.

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.

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.

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 up to 9.10%*

*For senior citizens, on a cumulative scheme tenor of 36-60 months