Fixed deposits (FDs) are a popular and secure investment option in India. They provide a fixed rate of interest for a set period of time, which can range from a few days to several years. FDs are great for those who want to receive a consistent income while avoiding market volatility.
Banks and non-bank financial companies, such as Bajaj Finance, offer FDs. The interest rate varies according to the amount, duration, and kind of depositor. Senior citizens typically receive higher borrowing rates than regular customers. If you choose a lock-in duration of at least 5 years, you will also receive tax benefits under Section 80C of the Income Tax Act, up to a limit of Rs 1.5 lakh per year.
One of the benefits of FDs is their flexibility and convenience. You have the option of receiving interest payments monthly, quarterly, or at maturity. Depending on your cash flow requirements, you can also choose between cumulative and non-cumulative FDs. Cumulative FDs reinvest and compound money collected, whereas non-cumulative FDs pay out interest on a regular basis.
Another advantage of FDs is their security and credibility. Some FDs have the highest credit rating agency ratings, such as the Bajaj Finance FD, which has CRISIL AAA/Stable and [ICRA]AAA(Stable) ratings.
If you are looking for an attractive and safe FD option, you can consider Bajaj Finance FD, which offers interest rates up to 8.60% p.a. for senior citizens and up to 8.35% p.a. for customers below 60 years of age. You can invest for a tenure of 12-60 months, with special rates for tenures of 15, 18, 22, 30, 33 and 44 months. You can also use the online FD calculator to know the maturity amount and interest earned on your investment.
Bajaj Finance FD also has an end-to-end online process, which allows you to open an FD account from the comfort of your home or office. You can also avail the multi-deposit facility, which lets you open multiple FDs with different amounts, tenures and payout options. Additionally, you can get a loan against your FD up to 75% of the principal amount in case of any emergency.
To sum up, fixed deposits are a reliable avenue for passive income and savings, especially in times of uncertainty and low returns from other instruments. They offer guaranteed returns, safety, flexibility and convenience to investors. Among the various FD options available in the market, Bajaj Finance FD stands out as one of the best choices for its high interest rates, ratings and features.
(Disclaimer: The above press release has been provided by NewsVoir. ANI will not be responsible in any way for the content of the same)
