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Every parent dreams to provide their offspring with the best of everything in life, just so their child can have a comfortable and secure future. However, despite setting aside a good amount of savings, most parents find their funds to be insufficient. Hence, saving alone, will not suffice. It is important to invest your money, and make it grow.
While there are different investment options like fixed deposits, mutual funds, savings schemes and more, it is important to start early. An early start can make all the difference, as you get a longer time-period to fulfil the financial goals you aim to meet – whether it is your child’s education, marriage, or for supporting them in the initial stages of their career.
The concern over funding the aspirations of a child leaves most parents worried about the future. Research and studies have shown how the costs of education are rising every year. As a case in point, the costs of educating your child from primary school to college can go up to Rs. 42 million in the next 22 years. Also, a four-year engineering course that costs Rs. 8 lakh today might end up costing Rs. 30 lakh by 2030.
Likewise, if annual educational costs in school level are Rs. 2 lakh (assuming the child is in class 5), educational expenses would amount to at least Rs. 8 lakh, over the next 10 years in school.
All this necessitates a smart investment plan that enables you to grow your savings, without risks. This is why investing in a fixed deposit seems to be the perfect option. If you’re looking to choose the best Fixed Deposit scheme, look no further than Bajaj Finance Fixed Deposit.
Read more about how Bajaj Finance FD can help secure a bright future for your child.
Secure Your Child’s Future With Bajaj Finance FD
A National Sample Survey Organisation report states that from 2008 to 2014, the annual expenditure on providing a single child with basic education grew from Rs. 3,878 to Rs. 6,788—a 175% increase. That roughly works out to a rising cost of 29% every year. It means that today, parents in India are spending anywhere from Rs. 12,000 to Rs. 13,000 annually to get their child educated. Besides college or institution fees, the expenditure list also includes costs like books, transport and coaching.
Sadly, the situation does not get better as you go higher. A two-year course in Indian Institute of Management (IIM) costs a whopping Rs.19.5 lakh. This is a 400% increase from what it was in 2007, which is Rs.4,87,500. By 2025, parents will be paying Rs.96 lakh for the same two-year IIM course. Those aspiring to go to an Indian Institute of Technology (IIT) are faced with the same predicament. Currently, their parents set aside nearly Rs. 90,000 every year. These figures cover only the tuition fee.
All this signifies that in eight years from now, getting a non-specialised graduate level education level for your child will cost roughly Rs. 28,000 a year. This will go up to nearly Rs.1 crore or more for a specialised graduate level course at an IIT or IIM.
The cost of getting an education in foreign universities is even more phenomenal than back home. Let us explore the figures for getting an undergraduate-level education in the United Kingdom and the United States. In the UK, it starts at Rs.8,40,112 per year, while in the US it hovers in the range of Rs.10,84,438
It is not only an education in foreign universities that takes a toll on parents. Regardless of where you study, the costs are escalating. This makes it imperative for you to invest as early as you can to ensure that your child has a secure future.
When investing in a Bajaj Finance FD, you can be sure of guaranteed returns, which are way above the returns you get, with other savings schemes. You can look for attractive interest rates, which go up to 7.25% for senior citizens.
Bajaj Finance also ranks high in terms of stability and safety, with the highest ratings of FAAA by CRISIL and MAAA by ICRA. These high ratings are indicative of this FD being one of the safest investment options, for you to secure your child’s future.
Additional Read: How To Maximize Your Returns With Bajaj Finance Fixed Deposits?
In addition to competitive interest rates, Bajaj Finance offers you with the convenience of choosing your tenors and the frequency of your payouts. If you’re looking to get interest at the time of maturity along with your principal, you can choose the cumulative FD option, but if you want to receive periodic interest payouts, you can choose to invest in non-cumulative FDs. You can also choose to receive interest monthly, quarterly, half-yearly, or annually. It is best for individuals who need to pay the school fees, and other educational costs.
The tenor for Bajaj Finance FDs range from 12- 60 months. You can choose a sum, and tenor that matches with your tuition fees and expenses related to extracurricular activities. To plan your investment better, you can start using FD Calculator to decide the best tenor and payout options.
Additionally, for parents who are unable to invest a large chunk of savings on the go, Bajaj Finance presents Systematic Deposit Plan – an industry-first monthly savings plan. Here, you can start investing with just Rs. 5000 per month and grow your savings in a disciplined manner.
Systematic Deposit Plan (or SDP) works best for parents who are unable to set aside a large investment amount, to start investing in fixed deposits. This industry-first monthly savings option lets you save small monthly deposits, wherein you can choose between 6 to 48 numbers of monthly deposits under SDP. Each deposit under Systematic Deposit Plan is treated as a separate fixed deposit.
Investing in a Bajaj Finance Fixed Deposit is now easier than you thought. What’s more – you can also choose to invest the way you want. For existing customers, Bajaj Finance offers an end-to-end paperless FD investment process, where you can transact without submission of any documents in real-time.
Additionally, new customers can choose to invest in Bajaj Finance online FD, so a Bajaj Finance representative can contact you. Once you’re contacted, you can choose to opt for doorstep document collection, so you can book your FD at the earliest.
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