In the busy city of Bangalore, there is a growing industrial area called Jigani. When it comes to managing your money in Jigani, keeping your savings safe is important. Fixed deposits (FDs) are a trustworthy and safe way to grow your money steadily.
Factors to consider when choosing a fixed deposit
While FDs offer numerous benefits, it's crucial to consider several factors before making an investment:
- Interest rates: Compare interest rates offered by different banks and NBFCs. Consider both the advertised rate and the effective yield, which takes into account compounding if offered.
- Tenure: Choose a tenure that aligns with your financial goals. Early withdrawal from an FD may result in a penalty and lower interest payout.
- Minimum deposit: Be aware of the minimum deposit requirement for the specific FD you are considering. This amount can vary depending on the institution and chosen tenure.
- Premature withdrawal penalties: Understand the charges associated with withdrawing your money before the maturity date.
- Additional features: Some FDs offer features like auto-renewal, which automatically renews the FD at maturity for a new term.
- Reputation and financial stability: Research the reputation and financial stability of the bank or NBFC offering the FD. Opt for a well-established institution to ensure the safety of your investment.
Features and benefits of Bajaj Finance Fixed Deposit
1. Competitive returns
Earn attractive interest rates up to 8.60% p.a. on your investment, shielding your returns from potential market fluctuations.
2. Special tenure
Maximise your earnings with enhanced interest rates for select tenures: 18, 22, 33, 42 and 44 months.
3. Senior citizen benefit
If you are 60 or above, Bajaj Finance offers an additional interest rate of up to 0.40% p.a., making your FD an even more rewarding investment.
4. Top-tier security
Rest assured knowing your deposit is secure. Bajaj Finance holds the highest credit ratings of [ICRA]AAA(Stable) and CRISIL AAA/STABLE.
5. Loan against fixed deposit
Bajaj Finance offers loan against your FD without necessitating its closure. You can borrow up to 60% of the deposit amount on non-cumulative FD and up to 75% on cumulative FD.
Documents required to book an FD with Bajaj Finance
- A PAN card
- Any one KYC document such as Aadhaar card, Passport, Driving License, or Voter ID
Eligibility criteria for booking a Bajaj Finance Fixed Deposit
- Nationality: Resident Indians/ Non-Resident Indians (NRIs).
- Investor type: Individuals, senior citizens, minors, sole proprietorships, partnership firms, HUFs (Hindu Undivided Families), clubs, associations, societies, and family trusts.
Consulting with a financial advisor
Since individual financial circumstances are unique, consider seeking guidance from a registered financial advisor in Jigani. A financial advisor can assess your risk tolerance, financial goals, and investment horizon to recommend a personalised investment plan that incorporates FDs alongside other suitable options.
Conclusion
Fixed deposit offer a reliable and low-risk way to grow your savings. By understanding the benefits, factors to consider, and comparing options from various institutions, you can make informed decisions to maximise your returns.
