Special tenors stand out among the many ways that a fixed deposit can help you improve your income. They speak of the time frames within which you can reserve your fixed deposit and receive a greater interest rate from lenders like Bajaj Finance.
Special tenors typically apply to annual timelines of 15, 18, or 30 months rather than, say, 12, 24, or 36 months. You stand to earn more interest when you open a Bajaj Finance FD for a particular tenure.
For instance, when you book a Bajaj Finance Fixed Deposit for 44 months, you get an FD interest rate of 7.95% as a senior citizen with a payout at maturity. This is more than the rate of 7.75% for 45 to 60 months and 40 to 43 months.
Continue reading to learn more about how picking a specific tenor for a Bajaj Finance FD might increase your profits.
How to Increase Your Income as an Elderly Person with a Special Tenor
The best part about the Bajaj Finance FD for senior citizens is that it offers higher earnings, no matter what the prevailing FD interest rate is. As a senior investor, you are eligible to get an additional 0.25% over the regular rates. This holds true for special tenors too.
The more time you give your FD to continue earning interest, the more you earn, therefore choosing a longer special tenor is crucial.
Both cumulative and non-cumulative FDs are subject to the same rule.
The latter, however, is better if you need a steady source of income as a retiree.
Additional advantages of a Bajaj Finance FD
In addition to receiving greater interest rates for certain tenors when you invest in a Bajaj Finance FD, this investment vehicle also offers you other advantages. For instance, you may be able to borrow up to 75% of the amount of your FD at a time of financial hardship.
Additionally, you don’t need to wait very long to start saving because you may start your FD investment with just Rs. 15000. Additionally, because the Bajaj Finance FD has received the highest safety ratings from CRISIL and ICRA, you can relax knowing that your money is growing safely and away from market instability.
With so many options for payout frequency, you may pick the one that will help you achieve your financial objectives while taking advantage of Bajaj Finance’s recent 25 bps increase in the rate on fixed-rate deposits.
You can arrange for your FD with Bajaj Finance from the convenience of your home thanks to straightforward digital procedures.
By locking in your corpus at a set interest rate, the Bajaj Finance FD enables you to expand your portfolio. Before you book your FD and improve your financial situation today, be sure to use the online FD calculator to determine your expected interest earnings.
source from: msn.com
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