Current FD rates: A comparison of Bajaj Finance Vs Others

Current FD rates

802 Views

Fixed deposits remain one of the most popular investment options in India, offering risk-averse investors a guaranteed return on their investment. With the rise of digitalization, many investors have turned to online fixed deposits, such as Bajaj Finserv’s digital FD, for added convenience and flexibility. In this article, we will compare Bajaj Finserv’s digital FD rates with other leading banks and non-banking financial companies (NBFCs) offering fixed deposits.

 

Bajaj Finserv Digital Fixed Deposits

 

Bajaj Finance, one of the leading financial services companies in India, has been at the forefront of the digital fixed deposit market in the country. The company has launched its digital FD product that offers an attractive interest rate of up to 8.85% per annum and gives investors the convenience of investing in FDs from anywhere. Bajaj Finserv’s digital FD has been an instant hit among investors and has revolutionized the NBFC fixed deposit market in India.

 

Tenure (in months) | Interest Rate (in %)

 

15 Months* | 7.45%

 

18 Months* | 7.40%

 

33 Months* | 7.75%

 

42 Months* | 8.60%

 

ICICI Bank Fixed Deposits

 

ICICI Bank is one of India’s leading private sector banks and has a strong reputation for providing quality banking and financial services. The bank offers fixed deposits with an attractive interest rate that varies from 3.50% p.a. to 6.90% p.a. based on the tenure and amount of deposit.

 

Tenure (in months) | Interest Rate (in %)

 

1 year – 389 days | 6.70%

 

390 days to < 15 months | 6.70%

 

5 years 1 day to 10 years | 6.90%

 

HDFC Bank Fixed Deposits

 

HDFC Bank is another leading private sector bank in India that offers fixed deposits with attractive interest rates. The bank offers a wide range of fixed deposit products with an interest rate that ranges from 2.50% p.a. to 5.35% p.a. based on the tenure and amount of deposit.

 

Tenure (in months) | Interest Rate (in %)

 

1 year – 15 months | 6.60%

2 year – 11 months | 7.15%

3 years, 1 day | 7.00%

5 years, 1 day | 7.00%

 

Senior citizens get an additional interest rate of 0.50% p.a. over regular rates.

 

Bajaj Finance 2023 FD Offer

 

Bajaj Finance has recently launched a new FD offer for the year 2023, aimed at providing investors with even more benefits and flexibility. The new FD offer includes:

 

– Special Interest Rates: Bajaj Finance is offering special interest rates that are higher than the prevailing interest rates on FDs. The rates are applicable for investments made via the Bajaj Finserv app or online.

 

– Exclusive Benefits: Investors who invest in Bajaj Finance Digital FDs through the app will be eligible for exclusive benefits such as cashback offers, discounts on investments, and other rewards.

 

– Longer Tenure Options: Bajaj Finance is providing investors with longer tenure options of up to 84 months. This allows investors to earn higher returns on their investments while still maintaining a low-risk profile.

 

– Higher Maximum Investment Limit: Bajaj Finance is increasing the maximum investment limit to Rs. 10 crore, which is higher than the current limit of Rs. 5 crore. This provides investors with the flexibility to invest larger sums of money and earn higher returns.

 

– Simplified Application Process: Bajaj Finance has streamlined the digital FD application process, making it even easier and hassle-free for investors to invest in FDs through the app or online.

 

Follow the below-mentioned steps to book an FD on the Bajaj Finserv App:

 

1) Download the Bajaj Finserv app from the Play Store/ App store

To open a Bajaj Finance Digital FD, you need to first visit the website or simply download the Bajaj Finserv app. If you’re a new customer, you’ll need to register on the mobile app with your 10-digit mobile number. Once you’ve entered your details, click on “Proceed”. Enter the OTP received on your number and click on proceed. You can set your 4-digit MPin for a seamless login experience to the app.

 

2) Select the Digital FD option

Once you’ve logged in to the app, go to the ‘Investment’ section and select the “Digital Fixed Deposit” option. You’ll then be shown the benefits of Digital FD. Click on ‘Open FD’ to enter the amount you wish to invest and the preferred tenure (duration of the investment). Bajaj Finance offers tenor options ranging from 12 months to 60 months. Experience higher interest rates of up to 8.85% p.a. on selection of tenure of 42 months on your chosen amount.

You can also opt for different payout frequencies (monthly, quarterly, half-yearly, or yearly) depending on your financial needs.

 

3) KYC (Know Your Customer) process

Once you’ve completed the payment process, you’ll need to complete the KYC process. Enter your details, residential details, and Occupation details with your Aadhar Card/PAN card.

 

4) Choose the payment method

After selecting your investment amount and tenor, you’ll be prompted to choose a payment method. Bajaj Finance accepts payments through net banking, debit cards, NEFT, and mobile wallets. Choose the payment method that is most convenient for you and follow the instructions to complete the payment.

You can complete the KYC process online by providing your basic details like name, address, and PAN (Permanent Account Number) and uploading scanned copies of your ID proof and address proof. Once you’ve completed the KYC process, your account will be activated, and you can start investing in the Digital FD.

 

5) Track your investment

Once you’ve opened a Bajaj Finance Digital FD, you can track your investment through the Bajaj Finance website or app. You can track your investment details like the amount invested, the interest rate, the tenor, and the maturity date. You can also download your account statement and receive email alerts for all transactions related to your FD.

 

In conclusion, fixed deposits remain a popular investment option for risk-averse investors in India, offering a guaranteed return on investment. Bajaj Finserv’s digital FD can be easily booked through Bajaj Finserv app and offers an attractive interest rate, making it a preferred choice among investors. However, potential investors must compare fixed deposit rates across banks and NBFCs before making any investment decisions. It is important to consider the tenure, interest rate, and payout options before committing to any particular bank or NBFC. By conducting thorough research and choosing the investment option that suits their financial goals, investors can make their money work for them and achieve their financial aspirations.

Leave a Reply

Your email address will not be published. Required fields are marked *