New Delhi:
Bajaj Finance, a leading non-banking financial company (NBFC), has introduced an enticing opportunity for investors with its new digital Fixed Deposit.
Investors can now conveniently make FDs through Bajaj Finance’s app or website, providing a hassle-free process.
Launched on January 2, 2024, this new FD scheme offers an attractive interest rate of 8.85 percent for a 42-month deposit.
Details of Bajaj Finance’s New Digital FD:
Convenient Digital Medium:
Bajaj Finance has innovated the FD process by introducing a digital medium for ease of access.
Investors can now make FDs conveniently through the company’s app or website.
Term and Interest Rates:
The new FD scheme has a tenure of 42 months. For individuals below 60 years of age, the interest rate is 8.60 percent.
Senior citizens enjoy an additional 0.25 percent interest, making their interest rate an attractive 8.85 percent.
Safety Considerations:
While Bajaj Finance FDs offer higher interest rates, it’s essential to note that NBFC deposits and bank FDs differ in terms of safety.
Investors must evaluate their risk tolerance before choosing NBFC deposits, as they carry a different risk profile compared to traditional bank FDs.
The Post Office Senior Citizens Savings Scheme (SCSS) is a safe alternative for senior citizens,
offering an interest rate of 8.2 percent with zero risk.
Interest Calculation Example:
Utilizing the FD calculator on Bajaj Finserv’s website, investing Rs 1 lakh in the 42-month FD at an annual rate of 8.60 percent yields an interest of Rs 30,100.
Senior citizens, with the enhanced interest rate of 8.85 percent, would receive Rs 1,30,975 on maturity for an investment of Rs 1 lakh.
