PUNE: Fixed deposits (FDs) are one of the most popular and safe investment options in India. They offer a fixed rate of interest for a specified tenure, ranging from a few days to several years. FDs are ideal for investors who want to earn a steady income without taking any risk or market volatility.
FDs are offered by banks and non-bank financial institutions, such as Bajaj Finance. The interest rates vary depending on the amount, tenure and type of depositor. Generally, senior citizens get higher interest rates than regular customers. FDs also have tax benefits under Section 80C of the Income Tax Act, up to a limit of Rs 1.5 lakh per year, if you choose for a lock-in period of at least 5 years.
One of the advantages of FDs is that they are flexible and convenient. You can choose the frequency of interest payout, either monthly, quarterly or at maturity. You can also opt for cumulative or non-cumulative FDs, depending on your cash flow needs. Cumulative FDs reinvest the interest earned and compound it, while non-cumulative FDs pay out the interest periodically.
Another benefit of FDs is that they are secure and credible. Some FDs have the highest ratings from credit rating agencies, such as Bajaj Finance FD, which has CRISIL AAA/Stable rating and [ICRA]AAA(Stable) rating.
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.
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