Bajaj Finance is now offering higher FD rates on special tenure

NewsVoir
Pune (Maharashtra) [India], June 20: The most essential feature that compels individuals to invest in FD is its stable interest rate. It is not exposed to market volatilities. Depositors can grow their money in a secure way since the interest rate they get remains unchanged. This is also the reason why they should invest in an FD that offers a high-interest rate.
At Bajaj Finance, individuals can choose a special maturity period for their FD to secure the market-best FD rates. For special tenures, the FD rate remains higher compared to regular tenures.
Bajaj Finance has recently increased the maximum FD rates for up to 8.60% per annum with the constant increase of repo rate that stands at 6.5%, a remarkable hike of 250 bps since May 2022. It makes the present time arguably one of the best times to invest in FD.
Grow fixed deposit quicker with special tenure at Bajaj Finance
At Bajaj Finance, individuals can open their fixed deposit account by investing an amount starting from only Rs. 15,000 at an interest rate of up to 8.60% per annum. There are two types of tenure that this financial institution offers - regular and special.
By choosing to book the FD for any of the special tenures, they can grow their money at higher FD rates than the regular tenure. Special tenures extended by Bajaj Finserv are 15, 18, 22, 30, 33, and 44 months.
Generally, with a higher tenure the FD rate increases but this may not work in the same way for a special tenure. Check out how from the table mentioned below:

Note: The FD rates are subject to change from time to time as per the discretion of the financial institution, Bajaj Finance. Visit the official page of
to know the exact interest at the time investment.
From the table mentioned below, individuals can notice that FD rates are relatively higher in the case of maturity periods of 30 months and 44 months, two special tenures offered by Bajaj Finance.
The table below shows how a non-senior citizen can earn extra by choosing the special tenure of 44 months compared to the regular tenure of 45 months:

Note: Results have been generated using
.
The table mentioned here delineates how a special tenure can help individuals earn more on their deposits compared to the immediately higher tenure.
Things individuals need to consider while choosing the tenure for FD.
Although the interest rate is one of the major factors that individuals check while choosing tenure, there are also a couple of other aspects they need to consider:
- Investment horizon: Investment horizon is the period for which individuals intend to stay invested according to their financial plan. They can decide the time according to their financial goals or strategies and accordingly, choose a short or long-term plan to grow their deposits.
- Future financial goals: Individuals need to first consider if they would have to face any larger expense at any point within their investment horizon. It can be for wedding or higher education of their sons and daughters or something else. They can grow the fund through fixed deposit investments and meet those expenses using the aggregated fund. For this, they will have to choose tenure considering the time they have in their hand.
Special tenure on Bajaj Finance Systematic Deposit Plan
Bajaj Finance also lets its customers enjoy the feature of special tenure on its Systematic Deposit Plan. This is a strategic investment plan in which customers need to deposit an amount between Rs. 5,000 to Rs. 5 crore every month for the tenure they choose.
Customers have the option to withdraw the entire deposit and the interest earned at one go after the tenure completes. Alternatively, they can go for the 'Monthly Maturity Scheme' in which they will get aggregated value of each FD monthly post the maturity period.
Individuals intending to grow their money at a secure yet high rate can invest their disposable savings in fixed deposits. By choosing a special tenure, they can enjoy a higher FD rate than what is offered in a regular repayment period. There are 6 such special tenures at Bajaj Finance. Customers can choose one according to a convenient time horizon.
Bajaj Finance Ltd. ('BFL', 'Bajaj Finance', or 'the Company'), a subsidiary of Bajaj Finserv Ltd., is a deposit taking Non-Banking Financial Company (NBFC-D) registered with the Reserve Bank of India (RBI) and is classified as an NBFC-Investment and Credit Company (NBFC-ICC). BFL is engaged in the business of lending and acceptance of deposits. It has a diversified lending portfolio across retail, SMEs, and commercial customers with significant presence in both urban and rural India. It accepts public and corporate deposits and offers a variety of financial services products to its customers. BFL, a thirty-five-year-old enterprise, has now become a leading player in the NBFC sector in India and on a consolidated basis, it has a franchise of 66.05 million customers. BFL has the highest domestic credit rating of AAA/Stable for long-term borrowing, A1+ for short-term borrowing, and CRISIL AAA/Stable & [ICRA]AAA(Stable) for its FD program. It has a long-term issuer credit rating of BB+/Positive and a short-term rating of B by S&P Global ratings.
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