Maharashtra, India's economic powerhouse, is home to a diverse population with varying financial needs and goals. Amidst the myriad of investment options available, fixed deposit (FD) have consistently emerged as a popular choice for individuals seeking stability, security, and steady returns.
Understanding Fixed deposit
A fixed deposit is a financial instrument offered by financial institutions where you deposit a lump sum amount for a fixed tenure at a predetermined interest rate. This interest is typically compounded, meaning you earn interest not only on your initial deposit but also on the accumulated interest over time.
Benefits of investing in fixed deposit
Fixed deposits offer a unique set of advantages that resonate with investors across Maharashtra:
- Guaranteed returns: FD provide a fixed interest rate for the entire investment period, ensuring predictable returns irrespective of market fluctuations. This makes them an ideal choice for risk-averse investors or those seeking a stable income stream.
- Capital protection: Unlike market-linked investments like stocks or mutual funds, FD safeguard your principal amount. You are guaranteed to receive your initial investment back along with the accrued interest upon maturity.
- Flexible tenure options: Banks in Maharashtra offer a wide range of FD tenures, starting from a few days to several years. This allows you to tailor your investment duration to align with your financial goals, whether it is saving for a short-term purchase or planning for retirement.
- Higher interest rates for senior citizens: Many financial institutions offer preferential interest rates to senior citizens, recognising their need for a regular income source. This added benefit helps them maximise their returns on savings.
Features and benefits of Bajaj Finance fixed deposit
1. High interest rates up to 8.65% p.a.
Bajaj Finance offers competitive interest rates of up to 8.65% p.a., providing some of the most lucrative returns available. This ensures substantial growth of your investment, unaffected by market fluctuation.
2. Increased FD rates for senior citizens
Individuals aged 60 and above benefit from an additional increase in interest rates up to 0.40% p.a., making these fixed deposits especially appealing for senior citizens.
3. Top credit ratings
Bajaj Finance holds esteemed ratings of [ICRA]AAA(Stable) and CRISIL AAA/STABLE, reflecting its high security. These ratings assure that your deposits are secure, offering both peace of mind and robust financial returns.
4. Flexible tenure options
Bajaj Finance understands that investment needs vary. They offer FD with a variety of tenures, ranging from 12 to 60 months. You can choose a tenure that aligns with your financial goals.
5. Loan against fixed deposit
Bajaj Finance offers loan against fixed deposit (LAFD). You can borrow up to 60% of the deposit amount for non-cumulative FD and up to 75% for cumulative FD. This allows you to access funds without prematurely withdrawing your fixed deposit.
