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Fixed Deposit vs Savings Account: Where should one choose to invest

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| August 23, 2021 12:45:58 PM IST
Pune (Maharashtra) [India], August 23 (ANI/NewsVoir): Investing in a sound financial tool that bears no effect of volatile market movements and uncertainties is the best way to safeguard one''s investments. There are multiple financial tools that one can choose from.

Fixed deposit plans and savings accounts, being secure investment platforms, both, give the investor the opportunity of earning fixed decent returns, irrespective of how turbulent the market conditions are.

Steady investments instruments do not reap impressive returns, for instance, a savings account provides interest rates ranging from 3-6% varying from bank to bank. However, if one aims for high interest rates and safety of deposits, then investing in a Bajaj Finance online Fixed Deposit is an ideal option. Bajaj Finance online FD offers one of the highest interest rates up to 6.75% for senior citizens, irrespective of their mode of investment.

With Bajaj Finance online FD, one can grow their savings with minimal risk of market movements.

The below table shows some major differences between a savings account and Bajaj Finance FD:

In the above table one can see that Bajaj Finance FD gives individuals the option of investing their savings for a fixed tenor at high FD rates.

Here''s why Bajaj Finance online FD is a preferred investment avenue:

Earn more with high interest rates

A savings account provides lower returns as compared to a fixed deposit, as the former is calculated using the simple interest formula, giving returns on only the principal amount. On the other hand, the interest earned through an FD is higher as it is calculated using the compound interest formula.

Bajaj Finance online FD offers impressive interest rates up to 6.75% for senior citizens, irrespective of their mode of investment and interest rates up to 6.60% for non-senior citizens investing online. These FD rates are relatively higher than FDs offered by banks.

One can use a fixed deposit calculator for estimating the returns with different tenors, FD types, and amounts. This can help investors to align their investments with their financial goals.

Flexible payout options and loan against FD facility

A savings account pays interest as per the bank rules and savings account type. However, one can opt for periodic interest payouts as per one''s needs, by depositing savings in the non-cumulative FD plan offered by Bajaj Finance, giving them the option of choosing between monthly, quarterly, half-yearly or yearly interest payouts.

Financiers like Bajaj Finance also allow investors, to apply for a collateral-free loan against FDs, a provision that isn''t offered by savings accounts. The loan amount against fixed deposits offered by Bajaj Finance can be up to 75% of the FD value. Hence, providing liquidity whenever one needs it the most.

Safe and easy online investment process

An end to end online process adopted by Bajaj Finance online FD enables the investors to benefit from the contactless investment procedure. One solely need to fill an online FD form and submit the cKYC number, also, avail additional 0.10% rate benefit for booking online.

High credit ratings bestowed by credit rating agencies like CRISIL and ICRA establish how safe it is to deposit in the FD plans provided by Bajaj Finance.

Therefore, one can easily invest in a Bajaj Finance online FD without having to worry about returns, defaults or untimely interest payouts.

This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)

 
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