The people who are interested in growing their investments at a faster rate without subjecting them to risks can think of investing in a fixed deposit. This is because the deposited amount gathers interest at a fixed interest rate and the market forces cannot affect its returns.
Calculating fixed deposit interest and returns online is rather easy as many banks and NBFCs include an FD calculator page on their website. One can use this calculator by entering the values of amount, tenor, etc. after selecting the appropriate customer type.
A fixed deposit calculator makes the job of interest calculation easier but it also allows investors to pick a tenor and FD plan that complements their financial plans. Also, fixed deposits offer two investment options to the investors.
The first option is the cumulative FD plan that lets them withdraw the interest earned by their deposits only at maturity. The second option is the non-cumulative FD plan that lets them withdraw the interest after every specific period. The FD calculator can help them choose the better FD type as per their needs and requirements.
Apart from that, investors can verify the best FD rates in India by going through the FD calculators of several FD providers as it is the FD calculator that will show them the actual interest rate that applies to them based on their customer category and the tenor they choose. The highest FD rate in India is offered by Bajaj Finance FD as it offers FD rates of up to 7.25%.
Also, the flexible investment tenor that ranges from 12 to 60 months and the option to invest in either of the FD types enable investors to invest smartly. Some of the other benefits offered by Bajaj Finance FD are listed below:
Online investment process
Investors don’t have to think about travelling from their home to the bank to invest in an FD as Bajaj Finance FD gives them the option of investing online. An online FD form is provided on its portal and the investors can share their CKYC number to get their documents verified online.
Apart from the convenience, it is also profitable to choose the online investment process as it offers an additional FD interest rate of 0.10% to those who prefer this mode of investment.
Beneficial for senior citizens
Bajaj Finance FD is a good investment option for senior citizens because it guarantees a 0.25% higher FD rate to them. Also, the multiple periodic interest alternatives viz. monthly, yearly, quarterly, and six-monthly interest payout options give them an option to utilize FDs to earn a stable source of income.
Complete protection to capital
When an individual invests in Bajaj Finance FD, he need not think about the security of the capital as it is one of the most stable and secure investment avenues. This can be gauged by the impressive credit ratings that it has received from credit rating institutions like ICRA and CRISIL.
Moreover, the option of availing of collateral-free during a crisis will enable him to manage his fund requirements while keeping his investment plans on track.
Laddering deposits is always a smart option as it enables investors to enjoy multiple liquidity points at any given time. Also, the deviation in the changing interest rates gets balanced by investing in FDs of various tenors and types.
Bajaj Finance FD gives an opportunity to the investors to deposit in more than one FD at a time through a single cheque. They can pick different tenors and deposit types for each FD. The flexible tenor range between 12 and 60 months and the FD calculator that displays the returns of both non-cumulative and cumulative FD types at once enables them to pick the tenor and FD types as per their investment strategies.