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Monday, October 25, 2021

FD: Get FD here and get regular payment on time, senior citizens will get interest at higher rates

Senior citizens get interest at a higher rate by making an FD in Bajaj Finance. (Image- Pixabay)

Fixed Deposit: Fixed deposits (FDs) have been the preferred choice of investors for a long time. In this, there is no effect of market volatility on the deposited capital, due to which those who shy away from investing due to the fear of market volatility, get a better option. Investors get a fixed return on investment in FD (Fixed Deposit) after a specified period at a fixed rate. There are also some financial institutions, where they also give the option of taking interest money at regular intervals. One such financial space is Bajaj Finance where one can opt to get FD interest at regular intervals. Apart from this, senior citizens get interest at a higher rate.
FDs can be made in most of the banks, post offices and non-banking financial institutions (NBFCs) in India. FDs in all financial institutions have their own characteristics. FD rates depend on the repo rate to be set by the central bank RBI and when it is cut, the FD rates also come down but in NBFCs, these policy rate cuts have less effect because they are directly linked to the central bank. are not in control of.

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Option to get paid at regular intervals

  • Bajaj Finance is an NBFC, so RBI’s cut in repo rates does not have much effect on FD rates.
  • Interest is available at the rate of 5.65-6.60 percent on a tenure of 1-5 years on FD in Bajaj Finance. If you compare it with a bank or post office, then interest can be charged at the rate of 5.80-6.50 per cent and at the post office at the rate of 5.50-6.70 per cent for FD for a period of 7 days-10 years in banks.

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  • FD rates at most financial institutions are tenure wise and do not have any effect on the age of the investor. Senior citizens get interest at a higher rate by making an FD in Bajaj Finance. Senior citizens get interest at the rate of 5.90-6.75 per cent on FDs of 1-5 years tenor.
  • According to the information given on the website of Bajaj Finance https://www.bajajfinserv.in, one can choose to invest in a non-cumulative FD plan and get interest money at regular intervals as per their needs. Under this scheme, investors get the option of receiving interest amount on monthly, quarterly, half yearly or yearly basis.
  • Investors also get the facility to apply for loan against FD without collateral. Bajaj Finance Fixed Deposit investors can avail loans up to 75% of the amount invested on their FDs.
  • You can avail an additional rate of 0.10 percent on opening FD online.

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Nisha Chawlahttps://www.businesskhabar.com/
She is an expert in Banking, Finance and working with an international bank. She sharing her ideas and knowledge with Business Khabar.
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