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19 March 2020

How To Pick Up The Best Fixed Deposit in India?

For years and generations, Fixed Deposit (FD) has been considered one of the safest and most stable investment options. But the terms of FD differ from provider to provider. From some years, competition has got tough for providers with many Non-Banking Financial Companies (NBFCs) coming into the picture. But for the investor, this is very positive.

Today investors can do FD rates comparison across financiers, avail higher interest rates, better returns and more flexibility with their FD investments. Here’s what to check before picking a fixed deposit:

● Interest rate: The purpose of any investment is to grow money. So go with someone who offers the best FD rates. NBFCs provide higher interest than banks. Banks also need to abide by RBI guidelines of REPO rate cuts and so their interest rates might fluctuate more. In Bajaj Finance FD, you get a high interest up to 8.05%.

● Systematic Deposit Plan (SDP): This is the newest feature in the Indian fixed deposit market. Just like a Systematic Investment Plan (SIP), SDP lets you make small monthly deposits in a disciplined manner. This opens the door of safe investing for early, young earners who need not wait for a big corpus to accumulate. And if you miss an instalment, SDP charges no penalty. This is an unprecedented FD option that is currently available only with Bajaj Finance FD.

● The flexibility of returns: A good FD provider will help you plan for different financial needs. For example, Bajaj Finance FD has ‘cumulative’ and ‘non-cumulative’ FD options. A cumulative FD is best for building a corpus over a considerable period of time. It pays out the total interest at the time of maturity. If you are looking to create a source of income for daily expenses, a Bajaj Finance non-cumulative FD gives you interest payout options- monthly, quarterly, half-yearly and yearly. Cumulative FD has higher interest rates than the non-cumulative one.

● Stability: Your FD provider needs to ensure the safety of your funds and stability of returns, when you trust them with your hard-earned money. Bajaj Finance FD is the only Indian NBFC to have an international rating of ‘BBB’ by S&P Global. It also holds the highest stability ratings – CRISIL’s FAAA/Stable rating and ICRA’s MAAA (stable) rating.

● Convenience: There are many investor-friendly features that a good FD provider will have. Easy, online application, auto renewal, multi deposit facility are some things that you should look for. In case of emergencies, you can go for premature withdrawal or also avail a loan on your fixed deposit with Bajaj Finance FD.

An ideal FD provider should have more than just the best FD rates. Check the expected returns and maturity amount before investing with a FD calculator, so you make an informed decision and plan better.

Additional Read: 5 Best Investment Plans for Children in India

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