With a Host of Features, Senior Citizens Can Secure Their Future With a Bajaj Finance FD

June 27, 2020

 

With the Reserve Bank of India's announcements to boost liquidity and ease financial stress, financiers wouldn't need to increase rates on conventional options like savings accounts or deposit rates. Additionally, the government had slashed interest on PPF, NSC, and other small savings schemes by 70 to 140 basis points for April-June quarter. Speculations about a further rate cut on these savings schemes, are also rife, as reports suggest that PPF interest rates may fall to a 46-year low as they may fall below 7%. 

Leading banks have reduced their deposit rates several times and FD interest rates are averaging below 6% during these times. Unfortunately, senior citizens have been hit the hardest, by these events.

Thus, they need inflation-beating interest rates of more than 7%, which can be availed by investing in a Senior Citizen Fixed Deposit offered by Bajaj Finance Ltd., the lending and investment arm of Bajaj Finserv. Here, they can get attractive FD interest rates, flexible tenures and multiple payout options, which make it an ideal investment for senior citizens.

Listed below are the reasons to know why senior citizens must choose Bajaj Finance FD to grow their savings: 

Highest safety and assured returns

Senior citizens looking to grow their savings with assured returns can invest in a Bajaj Finance Fixed Deposit, which has the highest safety ratings of FAAA by CRISIL and MAAA by ICRA. Since these ratings indicate safety and credibility, senior citizens can rest assured that their principal and returns are in safe hands. They can hence, expect to receive their maturity proceeds on time.

With a clientele of more than 2,35,000 unique FD customers and a deposit book of 20,805 crores, Bajaj Finance is one of the most trusted FD issuers. More than 90,000 of these customers are senior citizens contribute towards a deposit book of more than 6200 crores. These numbers indicate the highest level of trust reposed by customers, in this deposit.

Higher interest rate for senior citizens

Even amid falling interest rates, senior citizens can get 0.25% higher fixed deposit rates with Bajaj Finance. And, depending on the tenure they choose, as a senior citizen investor, can earn interest of up to 7.85%. Here's a snapshot of how much one stands to gain by choosing varied tenures.

Investment Amount (in Rs.)

Tenure (in yrs.)

Interest Rate

Interest Earned (in Rs.)

Maturity Amount (in Rs.) 

40,00,000

2

7.7%

6,39,716

46,39,716

40,00,000

3

7.75%

10,03,937

50,03,937

40,00,000

4

7.85%

14,11,786

54,11,786

40,00,000

5

7.85%

18,36,611

58,36,611

To multiply the returns further, customers can choose an auto-renewal facility when applying for an FD. This way, on maturity, their proceeds will be reinvested, and this will allow them to earn an additional interest rate of 0.10% on the prevailing rates.

 

Fund regular expenses with periodic interest payouts

For senior citizens looking to fund regular expenses without using up their savings, Bajaj Finance offers the option to get interest payouts on a periodic basis. Using FD interest Calculator the monthly payouts can also be determined easily.

To understand this better, let's assume a senior citizen invests Rs. 70,00,000 in a Bajaj Finance Fixed Deposit for 5 years. Here's a look at their interest payouts on a periodic basis.

Deposit Amount (in Rs.)

Interest Payout Frequency

Interest rate (in %)

Interest Payout (in Rs.)

70,00,000

Annual

7.85

5,49,500

70,00,000

Half-yearly

7.70

2,69,500

70,00,000

Quarterly

7.63

1,33,525

70,00,000

Monthly

7.58

44,217

On choosing these periodic interest payouts, investors keep earning regular interest and at maturity, they can get their principal amount. Further, they can use these funds to pay for big-ticket expenses like their children's wedding, prepayment of a home loan, and so on.

Convenience of investing

During the current times, the flexibility to invest from the comfort of homes is much-needed. Bajaj Finance offers the convenience of easy online fixed deposit to existing customers, who can enjoy a paperless online process, within a few minutes. New customers can also opt for contactless deposits by Bajaj Finance, or opt for easy document collection from home.

Customers can also choose the tenure as per their convenience and use the FD interest rates calculator to determine their investments easily. These features make Bajaj Finance FD one of the best investment avenues for senior citizens, who can look to grow their savings easily. In case of emergencies, they can also opt for an easy Loan against Fixed Deposit that helps them fund their expenses easily without having to liquidate their savings.

 

About Bajaj Finance Limited 

Bajaj Finance Limited, the lending company of Bajaj Finserv group, is one of the most diversified NBFCs in the Indian market catering to more than 40 million customers across the country. Headquartered in Pune, the company's product offering includes Consumer Durable Loans, Lifestyle Finance, Lifecare Finance, Digital Product Finance, Personal Loans, Loan against Property, Small Business Loans, Home loans, Credit Cards, Two-wheeler and Three-wheeler Loans, Commercial lending/SME Loans, Loan against Securities and Rural Finance which includes Gold Loans and Vehicle Refinancing Loans along with Fixed Deposits. Bajaj Finance Limited prides itself on holding the highest credit rating of FAAA/Stable for any NBFC in the country today. It is also the only NBFC in India with the international 'BBB' with stable outlook for long-term, by S&P Global Rating. 

To know more, please visit: https://www.bajajfinserv.in 

Bajaj Finance Limited 

June 27, 2020

Need good help?

Check out our Services

Press Release Distribution & Writing Services

Submit Your Brand Story

More News From Bajaj Finance Limited

Image
Jul 02, 2020

  The interest of retail investors in Futures and Options (F&O) segment is soaring. Investors, who are now trading actively, would often need to take calls on various stocks or indices to bet on a ...

Image
Jul 01, 2020

The International Monetary Fund projected a global growth of -4.9% for this year, which is 1.9 percentage points lower than April 2020 forecast. The economic shock is fast-turning into a financial crisis, weighed down ...

Image
Jun 27, 2020

  Having health insurance is a good way of managing one's healthcare expenses. However, many times, one may discover what their insurance does or doesn't cover only at the time of availing it, which ...

Similar News

Image
Jul 03, 2020

  Svatantra Microfin Private Limited, is a next-gen technology-driven Microfinance Company that operates in rural areas of India, offers not just micro credit but a bouquet of financial services - Cashless ...

Image
Jul 03, 2020

•  Context for panel discussion stemmed from a detailed customer study conducted by Edelweiss with over 2000 MSMEs across India •  Business disruption was significant during the month of April, with ...