A fixed deposit (FD) is one of the safest and most preferred investment avenues for individuals looking to grow their savings and generate wealth. This instrument is popular given its low-risk characteristic. Banks and post office FD are backed by the government hence they operate at practically no risk, this is why these have traditionally been the go-to option for FD. However, they offer lower interest rates compared to NBFC FD rates.
What is NBFC FD?
NBFC FD stands for Non-Banking Financial Company Fixed Deposit. It is a type of investment that you can make with a Non-Banking Financial Company (NBFC). NBFCs are financial institutions that are not banks. They offer a variety of financial products, including fixed deposits.
NBFC FDs offer a fixed interest rate for a fixed period of time. The interest rate is usually higher than what you would get from a bank fixed deposit. This is why Non-Banking Financial Companies (NBFCs) have emerged as strong candidates in recent years. Out of a plethora of choices, Bajaj Finance stands out tall because it offers ultimate security of deposit as well as the highest NBFC FD interest rate making it a popular choice.
Read on to know more about what affects the NBFC fixed deposit interest rates and how they are calculated along with the latest FD rates in the market.
How are the NBFC FD interest rates calculated?
The NBFC FD interest rates are dependent on various factors including:
- Financial climate and market movements
- Chosen tenure
- RBI policies and repo rate
- CRISIL ICRA credit ratings
- Investor profile
- FD type
The FD rates are calculated keeping these variables in mind. You can use the online FD calculator on the Bajaj Finance website to estimate your returns at maturity by computing your tenure, deposit amount and applicable interest rates.
Grow your wealth with the highest NBFC FD interest rates
If you aim to grow your savings and create a wealth pool that you can utilise for personal expenses, or even use as an emergency fund then an NBFC FD is the perfect fit. Choosing an NBFC like Bajaj Finance FD, which offers competitive interest rates on fixed deposits is an ideal choice.