Know all about Interest Rate On Fixed Deposits in India

Fixed Deposits (FDs) have always been famous because they offer the lowest portfolio of risk among other investments. FDs in India are offered by commercial banks, post offices and Non-Banking Financial Companies (NBFCs). The latest interest rates can be summarised on average basis. 

THE AVERAGE FD RATE IN INDIA IS 5.5%. As of July 2021, the average fixed deposit interest rates offered for tenures ranging from 7 days to 10 years, for deposits below Rs. 2 crores of major financial institutions, like YES Bank, is 6%.

Among the reputed corporate fixed deposits, the average rate of return range is from 4.5-5.75%. Post Office FDs offer better rates than banks. 

In fact, FDs for shorter time periods like less than 6 months have rates calculated on Simple Interest basis taking into account number of days. 

However, a reputed non-banking finance company does better than all of these. Bajaj Finance Fixed Deposit (FD) is a great example, for the same, because it provides a general rate of 6.50% subject to further increments with certain conditions. To understand why Bajaj is an ideal option, here are the features and benefits offered by the company for their corporate fixed deposits: 

  • Tenor: The minimum tenor is 1 year and maximum is 5 years for an FD at Bajaj
  • Interest Rates: They range from 5.65% to 6.75%
  • Deposit: A minimum deposit of Rs 25,000 only is required
  • Online Payment Options: Both, Unique Payment Interface (UPI) and Net-banking options are available 
  • Unique Selling Point: The entire process from end to end is paperless, thus it can be done from the safety of your home

Benefits

High Interest Rates: At Bajaj Finance, you receive a very lucrative interest rate of 6.50% which increases to 6.75% if you are a Senior Citizen (60 years of age or more). 

Special offers to Senior Citizens: Bajaj FDs value and understand their senior citizen account holders. Thus, along with a higher interest rate they can also avail periodic pay-outs to fund general expenses that arise at their age. Thus, this does away with the myth that corporate FDs as an investment option aren’t suitable for the elderly.  

Benefits to Pravasi Bhartiyas (NRIs): Non-Residential Indians (NRIs), and others like them with an NRO account, can make a choice between tenors of 12 and 36 months. The interest rates are the same for them including the additional benefits given to Senior Citizens. 

Systematic Plan for Depositors: The Systematic Deposit Plans (SDPs) launched by Bajaj allow people to make deposits on regular intervals, keeping in mind the erratic availability of funds. In this, the tenor still remains between 12 and 60 months. Depositors have to choose between 6 to 48, for the number of deposits they’d make in a month under their SDPs at Bajaj FD. When it comes to the maturity, they have an option to choose a single date or a monthly maturity scheme. 

High Credibility and Stability: Bajaj Finance is a safe option and has been accredited with the highest ratings of CRISIL’s FAAA and ICRA’s MAAA, ensuring your money and funds are safe. 

Flexible Time Frames: By having a wide range of tenors between 12 and 60 months, you can plan your liquidity and generate higher cash inflows as per your requirements. 

Fixed Deposit Interest Rate Calculator: It is this tool which will allow you to better assess the efficacy of different interest rates as per the tenors of the investment options. It does so by giving in detail the future of the option after maturity of the investment. 

Smaller Minimum Deposit: With a cap of only Rs 25,000 you can start investing in FDs, at an early stage without being forced to accumulate a larger set of funds. 

Digitalized Application Process: At Bajaj, the application prevents you the hassle of page long documents and even longer queues. It allows you to browse the best rates from the safety of your homes while completing the entire process digitally. 

Online Loan against FD: The main concern of a depositor when it comes to an FD is, what if he/she has to break it. Therefore, at Bajaj depositors are allowed to take a loan against FD (post the initial lock-in period of 3 months) when they need to make emergency withdrawals. The only condition is that the loan value cannot exceed 75% of the FD value. 

Auto-renewal: While having automatic and unconsented renewals is scary, Bajaj gives you the option to opt for an auto-renewal to save you the time and effort of manually filling the renewal forms repeatedly. 

Therefore, to provide yourself with growth, security and assurance Bajaj Finance fixed deposit is the best investment option among the latest FD rates and returns.

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