Senior Citizens Can Now Avail Interest Rates up to 7.25 Percent with Bajaj Finance Fixed Deposits
Bajaj Finance Limited, the lending and investment arm of Bajaj Finserv, recently increased its interest rates on Fixed Deposits up to 40 basis points, for tenors of 36 to 60 months. Business Wire IndiaSince the Reserve Bank of India’s announcements to boost liquidity and ease financial stress, financial institutions would now need to increase rates on conventional investment options like saving accounts or fixed deposit rates. Many banks have reduced their deposit rates several times, and the current fixed deposit rates are at an average of below 5%.
In addition to this, governing authorities have also reduced interest rates on PPF, NSC, and other smaller saving schemes. Senior citizens have been hit the hardest because of these changes. Senior citizens after retirement, face a cut in their regular income, which makes them depend more on investments offering assured returns, without effect of any market volatilities. Therefore, they need FD interest rates that can help them bear with inflation.
Bajaj Finance Limited, the lending and investment arm of Bajaj Finserv, recently increased its interest rates on Fixed Deposits up to 40 basis points, for tenors of 36 to 60 months. These revised rates are applicable on all deposits up to Rs. 5 crore and renewals of maturing deposits.
Senior citizens looking for a zero-risk investment option with high interest rates and safe and assured returns can consider investing in the Bajaj Finance FD. Below are the benefits of this investment tool that makes it a top pick for senior citizens.
1. Highest safety and returns
Senior citizens who wish to grow their savings with assured returns can invest in fixed deposits offered by Bajaj Finance as they have the highest rating of FAAA by CRISIL and MAAA by ICRA. These ratings indicate safety and credibility of the deposits. Bajaj Finance is among the most trusted fixed deposit issuers with zero defaults.
2. Higher interest rates for senior citizens
With Bajaj Finance, senior citizens get a benefit of 0.25% higher interest rate. And depending on the tenure they choose; they can avail good returns compared to what is offered in the market. The minimum amount required to invest in a Bajaj Finance FD is Rs. 25,000. To multiply returns, senior citizens can even opt for renewal while applying for an FD. Through this, their earnings can be re-invested, and they will have an opportunity to earn additional interest rates on the prevailing rates.
Below tables explains the interest rates senior citizens can get basis the tenure and interest payment option they select on FD deposits up to Rs. 5 Crore.
| Tenure in Months | Cumulative | Non- Cumulative | |||
| Monthly | Quarterly | Half Yearly | Annual | ||
| 12 to 23 | 6.40 % | 6.22% | 6.25% | 6.30% | 6.40% |
| 24 to 35 | 6.85% | 6.64% | 6.68% | 6.74% | 6.85% |
| 36 to 60 | 7.25% | 7.02% | 7.06% | 7.12% | 7.25% |
3. Periodic interest payouts
For senior citizens who want to fund their regular expenses without exhausting their savings, Bajaj Finance allows them to get interest payouts periodically through Systematic Deposit Plan (SDP). Systematic Deposit Plan is a quick savings tool, where an investor makes monthly payments instead of a lump sum amount for a Fixed Deposit. Every deposit under this savings tool is consider as a separate FD. Systematic Deposit Plan offer several benefits over conventional savings options and helps create a disciplined savings habit. By investing in SDP, senior citizens can make small monthly contributions starting from Rs. 5000 easily and can preserve their savings without exhausting them.
With the FD calculator, the monthly interest and the maturity amount can also be calculated and determined easily. With the periodic interest payouts, investors can earn regular interests, and at maturity they can get the principal amount. Investors can even renew their deposit and make the most of the periodic interest payouts. What’s more is that senior citizens can use the FD payable at maturity to fund huge expenses like unplanned medical expenses, other monthly expenses etc.
4. Flexibility of investing
The flexibility of investing from the comfort of home is much-needed today. With Bajaj Finance online FD, senior citizens can enjoy a hassle-free, paperless online processes within a few minutes. One can even opt for contactless deposits from Bajaj Finance or easy document collection from home.
With Bajaj Finance, one can make wise investment decisions and use the FD interest rates calculator to calculate returns. All of these features make Bajaj Finance among the best investment avenues for senior citizens who wish to grow their savings easily. What’s more is that in case of an emergency, the senior citizen can also opt for an easy loan against a fixed deposit and fund the expenses without exhausting savings. Bajaj Finance FD scheme makes senior citizens live a financially independent lifestyle.
Disclaimer: This content is distributed by Business Wire India.
