The FD rates currently being offered by some banks and NBFCs may even surprise you and also help you accumulate your wealth and grow your corpus.
Looking to invest in fixed deposits for a long time, but were not doing so may be because of the low interest rates being offered on FDs – particularly in the falling interest rate regime till some time back? Now think again as with almost every bank and non banking financial company (NBFC) hiking their rates for some time now, FDs have again become attractive in this rising interest rate regime. And good news for investors is that this trend is likely to continue for some more time.
Not only this. The FD rates currently being offered by some banks and NBFCs may even surprise you and also help you accumulate your wealth and grow your corpus. Take, for example, the fixed deposits of Bajaj Finserv – a company which deals with the financial services of the Bajaj Group – which provide a lucrative return of 8.75%, which can go up to 9% for the existing fixed deposit or loan customers.
Moreover, senior citizens are eligible for an additional rate of interest – up to 0.35% over and above the regular interest rate. Thus, they can earn a higher rate of return up to 9.10% on a cumulative scheme tenor of 36-60 months.
Making an investment in a Bajaj Finserv FD is also not difficult as you need to make a minimum deposit of Rs 25,000 only to start your investment.
With ICRA’s MAAA (stable) rating and CRISIL’s FAAA/Stable rating, these FDs are rated high on safety and stability, as per the company claims.
Check out the latest FD rates of Bajaj Finserv (w.e.f. 17 October 2018):
Rate benefits basis customer category (w.e.f. 17 October 2018):
+ 0.35% for senior citizens
+ 0.25% for Bajaj group employees or existing Fixed Deposit customers or loan customers
Renewal: +0.25% over and above the rate of interest at which the deposit is booked
(Disclaimer: Consult your financial advisor before investing in the FDs of an NBFC or small finance bank)