Fixed deposits are the ideal investment instruments for those of you who are looking for an easy and safe way to accumulate and acquire your investment goals. Usually, the bank FDs are considered to be safer and at lower risk of falling prey to market-related devastations, however, with the recent incident whereupon the RBI has decided to bring down the ‘repo rate’ by one hundred and seventy (175) basis points and that too, in less than a year, the fixed deposit interest rates that the banks used to provide earlier have dropped quite significantly.
NBFCs like Bajaj Finance Limited offer better schemes with higher fixed deposit rates and are of immense importance in this situation to new and old investors alike.
Here are five reasons that show that Bajaj Finance online FD is indeed better than a Bank FD:
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1. Better rates of interest
As of the month of November 2020, major banks in India have decided to cut down their fixed deposit interest rates. Bajaj Finance offers a better scheme with FD interest rates of 6.75% (upper limit). Moreover, Bajaj Finance provides its customers with an extra benefit, free of cost – the FD calculator. The fixed deposit calculator helps the investor to predict the return amount in advance by simply putting up their investment details in the tool. The benefit of using an FD calculator is that you can calculate the monthly values as well, in case you are interested in frequent payouts.
2. More benefits and facilities
A lot of NBFCs offer a range of various facilities to their customers which is rarely done by banks. Bajaj Finance offers a hike of 0.10% on their interest rates for those who use the Bajaj Finance online FD scheme. Other than this there is a scheme called the Systematic Deposit Plan or SDP that allows you to invest on a monthly basis, starting at only Rupees 5000 per month. This feature is particularly beneficial for younger investors.
3. The availability of a variety of schemes
NBFCs offer a variety of schemes to investors for example Bajaj Finance online FD offers the single maturity scheme and the monthly maturity scheme. In the former one, investors get the payout in a single day while in the latter, investors can collect their payout after each month once the first deposit matures. In the case of the monthly maturity scheme, you have the option of investing with the help of 6 to 48 deposit amounts. Each of these mature after a fixed time period. This facility can be availed by you if you decide to opt for Bajaj Finance online FD.
4. The loan provision
NBFCs like Bajaj Finance, offer loans to the investors against the fixed deposit amount. This way you, the investor, can keep on earning interest while at the same time gaining liquidity. This can be of particular use during any emergency situation.
5. Other major facilities
Along with the huge range of features pertaining to investment opportunities, Bajaj Finance also provides digital provisions to the investors. For example, the multi deposit facility enables investors to open multiple fixed deposit accounts with a single cheque. There is also the provision of the auto-renewal facility that helps the investor to invest for a longer period of time without having to undergo any major losses or intervention, manually.
These are few of the many reasons that make the fixed deposit schemes of NBFCs, for example, the Bajaj Finance online FD, considerably better than the ones offered by banks. These valuable investment features and the low-risk factor makes the fixed deposit schemes of Bajaj Finance quite lucrative.