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Inflation is a silent killer of savings. The rate of interest on deposits in banks is insufficient to beat inflation and meet one’s financial goals for the short term as well as the long term. To make short and loan-term financial plans viable, an individual must look beyond bank fixed deposits to be able to meet the required corpus.
Though different banks offer various FD and saving account rates, one needs to look at instruments such as corporate or company FDs to beat inflation and avail of best interest rates.
The table below represents interest rates offered by various institutions providing FD facility.
Following chart shows the prevailing interest rates in India:
|FD type||Tenor||FD interest rates|
|Bank FDs||1 year- 5 years||2.5%-5.5%|
|NBFCs FDs||1 year-5 years||4% - 9%|
|Corporate FDs||1 year-5 years||7% - 9%|
Thus, choosing a high creditworthy NBFC can help you gain substantial returns in the long run.
Let us look at how you can earn high returns over a 12-60 month period.
Bajaj Finance offers higher interest rate for fixed deposits when compared to other NBFCs along with the assurance of long-standing creditworthiness. An investor can make financial plans by utilizing laddering or Systematic Deposit Plans with Bajaj Finance FD. Along with the power of compounding, high interest rates by Bajaj Finance FD can help create a corpus in a disciplined manner.
|Payout Frequency||FD Rates|
Additional Read : Short-term or Long-term FD: Which FD is best for you?
Know your maturity amount with Fixed Deposit Calculator
An investor can earn monthly returns by investing in fixed deposits with different tenors. You can tailor your investments as per your financial goals by using the Bajaj FD calculator available online. You can determine the monthly interest on your deposit using this instrument available on the Bajaj Finserv website. Following table shows the monthly interest with different investment plans for 5 years tenor:
|Investment amount||Monthly interest||Cumulative interest for 5 years|
|1 lakh||Rs. 526||Rs. 37,009|
|5 lakh||Rs.2,629||Rs. 185,043|
|15 lakh||Rs. 7,887||Rs.5,55,130|
|20 lakh||Rs. 10, 517||Rs. 7,40,173|
If you deposit Rs 1 lakh for 5 years, then you will get Rs. 526 on monthly basis for 60 months and you will get Rs. 37,009 if you do not withdraw the monthly interest on the amount deposited. Likewise, for an investment of Rs 20 Lakhs, you will get Rs. 10,517 as monthly interest. You can reinvest the returns in another FD to earn more from your investments.
Bajaj Finance FD offers senior citizens an additional 0.25% interest rate benefit. The FD rates range from 5.90% up to 7.60% for 1 year to 5 years. The investment made by them can provide high monthly interest for offline and online deposits. Following are the monthly interest payouts for 5-year tenor:
|Investment amount||Monthly interest for Senior Citizens||Commutative interest for 5 years|
|1 lakh||Rs. 546||Rs. 38,624|
|5 lakh||Rs.2,729||Rs. 1,931,122|
|15 lakh||Rs. 8,187||Rs.5.79,365|
|20 lakh||Rs. 10, 917||Rs. 7,72,486|
The monthly interest for 1 lakh fixed deposit is Rs. 546 for senior citizens. They can plan monthly expenditure and emergency funds with such returns and payouts.
You can choose the periodic withdrawals for the interest and you can also choose to keep the interest in the account till maturity. If you keep your money in the account for 5 years, the amount will get a high growth rate. The table below is showing the growth in the fixed deposit interest with an investment of 1 lakh for 5 years:
|Type of investor||Investment||Interest with investment||Growth%|
|Non-senior citizen(Offline)||1 lakh||Rs.137,009||37.009%|
|Non-senior citizen (online)||1 lakh||Rs. 138,653||38.65%|
|Senior citizen||1 lakh||Rs. 138,624||38.624%|
Fixed deposit interest rates in India varies from one financial institution to another. High interest rates on fixed deposits with the assurance of high credit rating is provided by Bajaj Finance with stable ICRA and CRISIL ratings. You can earn a high amount of monthly interest as well as the total interest value on the invested funds.