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Invest a portion of your salary in a Fixed Deposit

Invest a portion of your salary in a Fixed Deposit
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Invest a portion of your salary in a Fixed Deposit

Highlights

The most anticipated message of “salary credited” brings immense happiness to our lives, and you may already start planning on the bills to be paid, and things to be bought

The most anticipated message of "salary credited" brings immense happiness to our lives, and you may already start planning on the bills to be paid, and things to be bought. Often when planning lists of expenses, you may realise that your salary may not be adequate to help you fund all the things in your to-do list. Additionally, the realisation of the need to create an emergency fund eludes most individuals, at the time when their salary is credited.

Thus, instead of giving in to the temptation of splurging, you need to set aside a steady sum of savings in a safe avenue like fixed deposit. Read along to understand the importance of saving, and know why fixed deposit is the best option for you to grow your savings.

Why should you save a portion of your monthly salary?

Saving a portion of your savings every month can protect you in the event of a financial emergency, and enable you to become financially secure. The spotlight is back on building a strong stash of savings, especially amid increasing fears of job losses and pay-cuts, in the current times of bleak economic outlook. During these unprecedented times, savings have come to the rescue of several individuals who have been able to support themselves and their families.

Thus, it is important to save a small portion of your monthly salary, so you can have a steady of savings. Not only do these savings act as a safety net during times of emergencies, but also help you gradually create wealth for your future. This additional set of savings can help you fund your goals with greater ease, and enable you to attain them faster too.

Invest in a Fixed Deposit

In the current scenario, market volatilities are at an all-time high, and defaults have been higher in case of debt funds. With uncertainties and defaults on the rise, it is best to choose fixed-income instruments that offer assured returns. However, the reduced interest rates on government savings schemes, and lack of flexibility has made fixed deposit a better alternative, to grow your savings.

But, as interest rates continue to fall due to fluctuations in repo rates, it is important to choose issuers like Bajaj Finance. You can still reap the benefits of attractive FD interest rates of up to 7.35% with a Bajaj Finance Fixed Deposit.

Here's what makes Bajaj Finance FD one of the best investment instruments for you to grow your savings easily.

Highest safety of your deposit

When investing in a Bajaj Finance FD, you can look to grow your savings easily with high interest rates, and also get assured returns. With the highest safety ratings of FAAA by CRISIL and MAAA by ICRA, and an impressive deposit book of more than 20,000 crores, Bajaj Finance is one of the most trusted FD issuers for you.

Ease of investment

When investing a portion of your salary each month, it is best to choose an option that enables you to invest easily, right from the comfort of your home. With Bajaj Finance online FD, you can do just that, as it is a completely paperless process that takes a few minutes of your time to lock in to prevailing high interest rates. What's more – there's an additional rate benefit on investing online for those who are less than 60 years of age.

Additionally, you can choose tenures from 12 to 60 months and can also choose the option to receive your payouts at maturity, or on a periodic basis.

Lucrative interest rates

Bajaj Finance offers an attractive interest rate of 7.10% on its deposit. You can also avail the benefit of online investment with Bajaj Finance, and earn 0.10% higher returns by investing online, if you're below 60 years of age. It is a great choice of investment for senior citizens who can earn 0.25% additional returns with interest rates of up to 7.35%.

Even a small contribution from your salary each month can grow up to 40% if you invest in a Bajaj Finance FD for 5 years. To understand this better, let's assume you invest Rs. 30,000 in this FD for 5 years. Let's see the table below to find out how your savings can grow.

Returns on investing Rs. 25,000 for 5 years in Bajaj Finance FD

Customer Type

Investment amount (Rs.)

Interest Rate

Interest amount (Rs.)

Maturity amount (Rs.)

Growth of savings

Non Senior Citizen (Offline)

25,000

7.10%

10,228

35,228

40.91%

Non Senior Citizen (Online)

25,000

7.20%

10,393

35,393

41.57%

Senior Citizen (Offline/Online)

25,000

7.35%

10,641

35,641

42.56%

In fact, you can know your returns even before you invest, by using the FD interest calculator. This tool is very easy to use, and free. Simple enter your desired investment details and customer type, and you can easily find out your interest payout and maturity amount.

Monthly savings option

As a company that understands its customers and their evolving needs, Bajaj Finance also offers the option to build your savings on a monthly basis with Systematic Deposit Plan. With contributions of just Rs. 5000 per month, you can choose to grow your savings by choosing either the Monthly Maturity Scheme or Single Maturity Scheme, as per your needs. These two variants offer you the flexibility to build your savings as per your convenience and preference.

This is a boon for regular savers in today's times, who can start building their emergency funds with small, bite-sized contributions. While you can choose to withdraw your funds prematurely after a lock-in period of 3 months, Bajaj Finance also offers access to instant cash with Loan against Fixed Deposit, to fund emergencies. Thus, Bajaj Finance FD makes for a great option to grow savings easily, and also set aside some amount of savings for emergencies.

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