A term deposit is a deposit scheme in which you can invest a lump sum amount for a fixed period during which the deposited amount earns interest at a fixed rate. Term deposits which are also referred to as fixed deposits are provided by banks and NBFCs. You can also invest in a post office FD plan for receiving similar benefits.
It is obvious that with a higher FD interest rate, you can earn more interest at maturity. Therefore, the rate of interest at which an FD is offered is of prime importance. However, you must also keep these 5 things in mind while applying for an FD:
For example, credit rating organizations like ICRA and CRISIL have rated Bajaj Finance FDs highly for their safety and stability. Also, interest rates up to 7.85% and the flexibility of choosing a tenor up to 60 months make it an ideal investment option. Moreover, senior citizens get 0.25% additional interest rates on booking an FD.
A term deposit is an investment option that provides fixed returns once you deposit your savings for a fixed period. Since the interest rate is also fixed, you can predict the actual returns on your invested amount before investing by using an FD calculator monthly interest. Apart from the interest rate, you must also check the tenor, FD types, liquidity options, the safety of FDs, and account opening methods that are offered by various banks and finance companies these days. Bajaj Finance provides interest rates up to 7.85% on their FD plans and they also provide the option of investing in an SDP plan that offers FD interest rate prevailing on the deposit date.
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