Amid volatile market conditions due to macroeconomic uncertainties, investors needed an investment pool that was risk-free and could provide guaranteed returns. In the market related risk scenario, fixed deposit schemes have emerged as a wise option as the hike in repo rate in the last three policies has prompted banks and NBFCs to hike their FD rates. That said, there is one particular NBFC whose fixed deposits are rated as ‘AAA/Stable’ by leading rating agencies like CRISIL and ICRA. This Bajaj Group backed financial services provider offers FD rates up to 7.75%, which beats inflation. Plus, the company also offers a systematic deposit scheme that starts from The highest rate of 5,000 is 7.65%. Senior citizens earn an additional rate of interest on their FDs as compared to others.
According to the website, a person can open a Fixed deposit Account with minimum amount 15,000, while arranged Deposit planning begins 5,000 An investor can get maximum returns over a particular tenure like 15 months, 18 months, 22 months, 33 months and 44 months. Whereas senior citizens get an additional 0.25% rate of benefit on their FD.
The FD program has a stability rating of CRISIL ‘AAA’ and ICRA ‘AAA’. This is the highest security rating of both the agencies.
The FD rates of the company are higher than the inflation rate on certain tenures. The Consumer Price Index for India stood at 6.71% in July, as against 7.01% in the month of June. Inflation remains above RBI’s comfort zone of 6% for the seventh consecutive month.
Senior Citizens:
For non-cumulative FDs, Bajaj Finance offers 6.65% p.a. on 15 months tenors, while the rates are 6.75% and 6.90% p.a. on 18 months and 22 months tenors.
An elder can earn at the rate of 7.39% and 7.40% on tenures of 30 months and 33 months. The highest rate is 7.75% which is offered on a tenure of 44 months.
Non-Senior Citizens:
For a regular depositor, the bank offers 6.40% and 6.50% interest rates on FDs of 15 months and 18 months respectively, on an annual basis. The rate is 6.65% at 22 months, 7.05% at 30 months, 7.15% at 33 months and 7.50% at 44 months.
Systematic Deposit Scheme (SDP):
SDP in Bajaj Finance is quick and easy. Any resident Indian citizen above the age of 18 years can start investing in SDP.
For general category investors, Bajaj Finance offers a rate of 6.20% in 12-23 months, while an investor can earn 6.95% and 7.40% in 24-35 months and 36-60 months respectively.
For senior citizens, NBFCs offer a rate of 6.45% on tenures between 12-23 months, with rates being 7.20% and 7.65% p.a. over 24-35 months and 36-60 months respectively.
Special rates are also offered by the company under SDP. A cumulative rate of 6.40% per annum is given at 15 months, 6.50% at 18 months, 6.65% at 22 months, 7.05% at 30 months, 7.15% at 33 months and 7.50% at 44 months.
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