The Reserve Bank of India (RBI) on Friday, 2nd July 2021, made some noteworthy changes regarding the interest on the amount left unclaimed with the bank after a term deposit (TD)/Fixed Deposit (FD) matures. According to the new rules if a customer forgets or for any reason whatsoever, doesnt claim his/her FD even after it matures; then the amount which is not claimed will attract the rate of interest applicable to savings account or the contracted rate of interest on the matured FD, whichever is lower. The decision to amend these rules have been taken because unclaimed deposits with the bank have been increasing every year.
Bajaj Finance online Fixed Deposit offers interest rates up to 6.75%
As this suggests, fixed deposit has been always considered as a safe and stable investment avenue by many. It is a sound investment instrument that not only helps in growing one’s savings but, also remains unaffected by market volatilities.
However, a lower interest rate regime in the fixed-income market has also discouraged individuals from investing in instruments like Fixed Deposit. But, Bajaj Finance online FD can be a preferred investment option that offers attractive returns along with the highest safety of deposit.
Here’s why one can choose to invest in this FD during these times.
Bajaj Finance online FD offers high FD interest rates up to 6.75% for senior citizens, irrespective of their mode of investment and interest rates up to 6.60% for non-senior citizens investing online. These FD rates are relatively higher than FDs offered by banks.
Consider an example where a non-senior citizen invests Rs. 40,00,000 choosing a 4-year tenor in a bank FD and a Bajaj Finance online FD to compare the returns.
Interest Rate Applicable
Bajaj Finance FD
As the table suggests, the returns earned from a Bajaj Finance online FD are comparatively higher than the bank FD.
One can also avail the option of earning periodic payouts from the same amount and tenor by investing in a non-cumulative FD. They can choose the option of earning payouts monthly, quarterly, half-yearly, yearly or at maturity.
Given below is the periodic payout table for the same amount and tenor mentioned earlier:
Periodic Payout Frequency
Interest Rate Applicable
This provision is especially helpful for senior citizens who can plan to cover their monthly expenses using these funds.
Safety and credibility
This fixed deposit is a great choice for investing one’s earnings, as it offers the highest safety of deposit. This can be verified from the high credit ratings it has received from CRISIL (FAAA) and ICRA (MAAA) which are the leading credit rating agencies in India. Additionally, Bajaj Finance is one of the only NBFCs to have ‘0 unclaimed deposits’, which is again an indicator of timely payments and default-free experience.
Easy online process
One might turn down even a lucrative investment option just because it involves a lot of paperwork and a complex process. However, with the Bajaj Finance online FD one gets the benefit of a contactless and paperless online process. An additional rate benefit of 0.10% is offered to those investing online.
A higher rate of interest ensures that one earns better returns on maturity, facilitating growth. Bajaj Finance online FD offers auto-renewal facility, where one can gain an additional 0.10% rate benefit on their investment. The fixed deposit calculator available on the Bajaj Finserv website helps one calculate their returns even before choosing to invest in an FD.
About Bajaj Finance Limited
Bajaj Finance Limited, the lending company of Bajaj Finserv group, is one of the most diversified NBFCs in the Indian market catering to more than 44 million customers across the country. Headquartered in Pune, the company’s product offering includes Consumer Durable Loans, Lifestyle Finance, Digital Product Finance, Personal Loans, Loan against Property, Small Business Loans, Home loans, Credit Cards, Two-wheeler and Three-wheeler Loans, Commercial lending/SME Loans, Loan against Securities and Rural Finance which includes Gold Loans and Vehicle Refinancing Loans along with Fixed Deposits. Bajaj Finance Limited prides itself on holding the highest credit rating of FAAA/Stable for any NBFC in the country today.
To know more, please visit: www.bajajfinserv.in.