A fixed deposit, one of the most dependable investment options, ensures the protection of your money while generating a consistent income. This finally aids in achieving all your financial goals. When planning your expenses, you can evaluate the returns on your FD by conducting a little market research.
The following parameters help you get high returns on FD:
1. High rate of interest
Without a doubt, a fixed deposit (FD) is a secure way to increase your investments. Both, banks and other financial organisations provide FDs with varying interest rates. Before investing, you must be aware of the current FD rates on the market and compare them.
In contrast to banks, Non-Banking Financial Companies (NBFC) typically provide higher interest rates. The tenure you select for your investments will also affect the FD rates; a longer tenure results in larger returns. With just Rs. 15,000, you can invest in Bajaj Finance Fixed Deposit for a maximum tenure of up to 60 months. You can receive a maximum return of up to 8.85% p.a.
In general, making an investment in an FD involves making a one-time, lump sum payment that will mature with interest. This maturity period is known as tenure. Bajaj Finance offers a wide range of FD tenure options from 12 to 60 months. In an emergency, you can also prematurely break your fixed deposit to withdraw money while still incurring an interest loss. Depending on when you decide to withdraw, you may incur a penalty or lose interest.
There is a 3-month lock-in period after which you can choose to withdraw the money before maturity. If no rate is specified for deposit term, the interest payable is less than 3% of the lowest interest offered by the institution.
Click here to check the Bajaj Finance Fixed Deposit interest rates for different tenures.
2. Special tenure
Fixed deposits come with assured returns and are naturally less risky. A financial institution like Bajaj Finance is a good place to start your fixed deposit. Starting with just Rs. 15,000 investment, you can earn interest of up to 8.85% p.a. Apart from these, Bajaj Finance Fixed Deposit also offers some special interest rate for some specific tenures.