The beginning of the new year is often a time for reflection and planning, particularly when it comes to personal finances. Whether you’re an individual looking to save for a specific goal, a HUF (Hindu Undivided Family) seeking to manage shared wealth, or a business owner considering options for surplus funds, fixed deposits (FDs) can be an effective tool for earning reliable returns over a predetermined period.
Bajaj Finance Ltd., the lending and investment arm of Bajaj Finserv, is one of the leading providers of FDs in India, offering customized solutions for various types of investors. In this article, we will explore how Bajaj Finance FDs cater to different investor types and highlight the current fixed deposit interest rates that you can avail through the Bajaj Finserv App.
Individual Investors: Safe and Easy Option for Increased Returns
For many individuals, especially those who are risk-averse or new to investing, FDs are a safe and easy option for earning increased returns on their investment. Bajaj Finance FDs offer several benefits for individual investors, including flexible tenor options ranging from 12 to 60 months, competitive interest rates that are higher than most savings accounts, and the convenience of online account management.
Through the Bajaj Finserv App, individual investors can open and manage fixed deposit accounts from anywhere and at any time. The app offers a user-friendly interface that allows you to select the amount, tenor, and interest payout frequency of your FDs, as well as track their performance and maturity dates.
What’s more, Bajaj Finance FDs come with an additional benefit of loan against fixed deposit. If you need funds urgently, you can avail a loan against your FDs without breaking them and losing their interest earning potential. The loan amount can go up to 75% of the FD’s value, and the interest rate charged on the loan is usually lower than personal loan interest rates.
HUFs: A Convenient Way to Manage Shared Wealth
HUF is a unique type of entity in India that allows families to pool their resources and manage their wealth jointly. HUFs can benefit from Bajaj Finance FDs by earning higher returns on their surplus funds while keeping their money safe and accessible.
Bajaj Finance FDs offer several advantages for HUFs.HUFs can open FD accounts in their collective name and with a higher deposit amount than individual FDs. This enables them to earn higher interest rates than individual investors.
HUFs can select a non-cumulative interest payout frequency, i.e., monthly, quarterly, half-yearly or yearly, depending on their cash flow requirements. This helps them manage their finances conveniently and avoid the hassle of withdrawing lump sums at maturity.
Finally, Bajaj Finance FDs offer an automatic renewal option, enabling HUFs to roll over their FDs at maturity and continue earning high-interest rates without having to manually reinvest funds and complete paperwork.
Businesses: Park Surplus Funds and Boost Liquidity
Businesses often have surplus funds that they need to park temporarily before investing them in growth opportunities or distributing them to stakeholders. Bajaj Finance FDs can be an ideal option for businesses to park their surplus funds and earn interest on them while keeping them safe and liquid to a certain extent.
Bajaj Finance FDs offer businesses several benefits, including higher interest rates than most current accounts and savings accounts, flexible tenor options ranging from 12 to 60 months, and an option to open and manage multiple FD accounts for different purposes and tenors.
Through the Bajaj Finserv App, businesses can monitor their FD accounts and access their funds quickly and easily when needed. They can also set up automatic renewal instructions to avoid missing out on interest earnings and save time on managing their portfolio.
New Increased Rates: Up to 8.85% p.a.
Bajaj Finance Ltd. is currently offering increased fixed deposit interest rates of up to 8.85% p.a. The new rates vary based on the deposit amount, tenor, and interest payout frequency.
(Note: The interest rates mentionedare subject to change. Please check the latest rates on the Bajaj Finserv App or website)
Dive into the below detailed easy steps to book an FD on the Bajaj Finserv App:
1) Download the Bajaj Finserv app from the Play Store/ App store
To open a Bajaj Finance Digital FD, you need to first visit the website or simply download the Bajaj Finserv app. If you’re a new customer, you’ll need to register on the mobile app with your 10 digit mobile number. Once you’ve entered your details, click on “Proceed”. Enter the OTP received on your number and click on proceed. You can set your 4-digit MPin for a seamless log in experience to the app.
2) Select the Digital FD option
Once you’ve logged in on the app, go to the ‘Investment’ section and select the “Digital Fixed Deposit” option. You’ll then be shown the benefits of Digital FD. Click on ‘Open FD’ to enter the amount you wish to invest and the preferred tenure (duration of the investment). Bajaj Finance offers tenor options ranging from 12 months to 60 months. Experience higher interest rates of up to 8.85% p.a. on selection of tenure of 42 months on your chosen amount.
You can also opt for different pay out frequencies (monthly, quarterly, half-yearly, or yearly) depending on your financial needs.
3) KYC (Know Your Customer) process
Once you’ve completed the payment process, you’ll need to complete the KYC process. Enter your personal details, residential details, Occupation details with your Aadhar Card/Pan Card
4) Choose the payment method
After selecting your investment amount and tenor, you’ll be prompted to choose a payment method. Bajaj Finance accepts payments through net banking, debit cards, NEFT, and mobile wallets. Choose the payment method that is most convenient for you and follow the instructions to complete the payment.
You can complete the KYC process online by providing your basic details like name, address, and PAN (Permanent Account Number) and uploading scanned copies of your ID proof and address proof. Once you’ve completed the KYC process, your account will be activated, and you can start investing in the Digital FD.
5) Track your investment
Once you’ve opened a Bajaj Finance Digital FD, you can track your investment through the Bajaj Finance website or app. You can track your investment details like the amount invested, the interest rate, the tenor, and the maturity date. With the in-built Fixed Deposit Calculator, you can calculate the amount to invest and tenure. You can also download your account statement and receive email alerts for all transactions related to your FD.
As we kickstart another year, it is essential to evaluate your financial goals and make informed decisions about your investments. Bajaj Finance FDs offer customizable solutions for individual, HUF, and business investors, allowing them to earn high returns while keeping their money safe and accessible.
Through the Bajaj Finserv App, investors can open and manage FD accounts conveniently and access the latest interest rates and offers. So, if you’re looking to grow your wealth, consider exploring the fixed deposit options with Bajaj Finance Ltd. and take the first step towards financial stability.