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Should You Renew Your FD

  • Highlights

  • Maximise your savings by investing in fixed deposit

  • Returns on your FD are unaffected by market fluctuations

  • Plan your financial priorities and goals in advance

  • Which factors to consider when renewing your FD?

A fixed deposit can help you maximise your savings and create wealth for your future. But, when you have an on-going FD and the maturity date is near, you may be considering whether to renew your FD or not. Before you renew your FDs, read along to know more about factors you need to consider.

What is the interest rate that you will get on renewal?

Most FD issuers offer a higher interest rate on renewing your FD. It is hence, better to check if you can get a better interest rate with your existing FD provider, before you consider renewing your FD. If you aren’t getting a good interest rate, you may want to let your FD mature and use the funds to invest in another FD, so you can grow your savings more.
You can get a high interest rate on your Bajaj Finance Fixed Deposit, and benefit from high safety and stability of your investment amount. In case you plan to renew your Bajaj Finance FD, you can also gain from an additional 0.25% interest rate on your investment.
A high interest rate will help you outrun the rate of inflation, while you can look for high safety of your investment. You can also use the fixed deposit calculator to determine your returns, before you start investing, so you can plan your investments better.

Factor in the current market trends

Market conditions change from time to time and these factors impact your FD interest rate and your investments in general. For example, in a situation when the economy is going through recession, it is best to renew your fixed deposit instead of withdrawing it post maturity.
This is because the market is likely to be extremely volatile, which increases the risk that your investment is exposed to. Therefore, in such a situation, continuing your fixed deposit will offer you the best returns.

A one-size-fits-all approach won’t work here, so study the condition of the market before deciding.
In case the market is volatile, you may want to consider investing in safe investment avenues, which help combat uncertainty in terms of returns.

Evaluate your investment portfolio

When your FD is nearing maturity, take some time to revisit your Investment portfolio. Examine your risk appetite and financial priorities. For example, if your goal is to benefit from higher gains offered by instruments traded on the market to grow your retirement corpus, renewing FDs might not be a priority for you now. However, if you are nearing retirement, you may want to choose low-risk investment options to plan for post-retirement life. Here, renewing your FD may be more beneficial.

How to invest in Bajaj Finance Fixed Deposit

Consider your immediate requirements

Another way to evaluate renewal is to consider your immediate needs for finance. For example, if you must pay for a wedding in the family or repay a debt, withdrawing your FD when it matures and using the funds towards this will serve as a wise move. However, if you have no pressing need for funds and have stable cash reserves to take care of any financial obligations that may crop up, you could renew your FD.

Carefully examine these factors and only then take the decision to renew your FD or not. If you are renewing your fixed deposit, choose a provider that offers flexibility and superior benefits such as Bajaj Finance. Bajaj Finance Fixed Deposit also offers the facility to auto-renew your deposits, when you visit their Fixed Deposit branches in Pune, to start investing.

Make a smart investment choice by investing in Bajaj Finance Fixed Deposit, and reap the benefits of attractive interest rates upon renewing your investment.

DISCLAIMER: The mentioned fixed deposit interest rates are indicative only, and may be subject to change periodically. Please check the interest rates on our website.

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