The NBFC you choose can have a significant impact on your fixed deposit investment experience and the amount of returns you earn. While there are numerous FD providers in the market offering various perks, it is important to thoroughly research all your options before you make your decision. Here are the factors you should pay attention to when evaluating fixed deposit providers.
Check rate of returns offered
This is the primary factor you should look into when searching for a lender, since it impacts the overall profitability of your FD investment. So, make it a point to compare various lenders and their rates and choose one that offers you the highest rate of interest. Take the opportunity to multiply your FD earnings by investing in a Bajaj Finance Fixed Deposit.
Bajaj Finance offers one of the highest rates of interest, with higher interest for senior citizens. The minimum deposit amount is Rs.25,000, which gives you the freedom to invest as per your choice and requirement. You can also select any tenor between 12 and 60 months for added convenience.
Verify safety credentials
The safety credentials of an FD provider are important, as they indicate how good the institution is at giving you the amount that is due to you in a timely manner. The higher the rating, the more assured you can be about getting guaranteed returns on time.
It also eliminates the risks of losing money in an FD by assuring you that the lender is authentic and legitimate. Always go for a lender with an MAAA(stable) rating by ICRA or an FAAA/stable rating by CRISIL such as the Bajaj Finance Fixed Deposit.
Review terms regarding premature withdrawals
It’s important to check the terms of premature withdrawal before investing. This is because in the future, you might need to liquidate your FD in case of an emergency. In such cases, it is important to have an FD provider who offers flexible terms on premature withdrawals
Additional Reading: Short-term or long-term FD: Which FD is best for you?
If not, you could end up paying expensive penalties for breaking the FD before its term is over. So, always make sure you pick a financial institution with flexible premature withdrawal terms that don’t add to your financial burden when faced with an emergent situation.
Look for other conveniences
There are various other benefits that an NBFC can offer you, which will make your investment experience more enjoyable. These include features like online application and online account management, which are offered by the Bajaj Finance Fixed Deposit. By eliminating the need to travel to the branch and perform lengthy paperwork, the application process is made simple, quick and convenient. Also, features such as online access ensure that you can sign into a customer portal and track your FD whenever you wish to.
Making a checklist of all these features will help you to select the best NBFC for fixed deposits, both in terms of the interest rate offered and the quality of service and conveniences.
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