Business

Everything you need to know about Auto-Renewal Facility with Bajaj Finance Fixed Deposit

ANI | August 12, 2019 12:55 PM
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Pune (Maharashtra) [India] August 12(ANI/BusinessWire India): When it comes to making investments, investors tend to procrastinate when they don't know how to get started.

However, choosing the right investment may help you get started and grow your savings easily. Bajaj Finance Ltd, the lending and investment arm of Bajaj Finserv, is offering Fixed Deposit which comes across as a favourable investment avenue for all investors, regardless of their risk type.

In addition to the safety and stability of your fixed deposit, you can also reap the benefits of auto-renewal facilities, which makes it easy for you to start investing.

Read along to know how this feature makes Bajaj Finance FD one of the best investment avenues:

Here's how you can auto-renew your FD

Bajaj Finance simplifies investing by allowing you to book an FD in virtually no time at all. A straightforward process and minimal documentation ensure that you can act on your decision to invest swiftly. To help you sustain the momentum, it allows you to opt for auto-renewal when you book an FD. This means that on reaching maturity, the funds you have earned will be reinvested. As a result, you can maximise the growth of your savings in a hands-free manner. You don't have to fill any forms or paperwork to stay invested.

Reasons to opt for auto-renewal

It is valid to wonder what makes this feature a game changer. Apart from helping you invest consistently to earn measurable returns, Bajaj Finance also offers you extra interest when you reinvest. On renewal of your FD, you get an additional 0.10per cent as interest.

Bajaj Finance Senior Citizen FD helps investors above 60 years of age get FD interest rates up to 8.95per cent, whereas new investors and existing Bajaj Group customers get 8.60per cent and 8.85per cent returns respectively, on taking an FD for at least 3 years with interest payable at maturity. This means that choosing to auto-renew your FD can help senior citizens get 9.05per cent interest, whereas regular customers and existing Bajaj Group customers get 8.70per cent and 8.85per cent interest, if the existing interest rates remain the same.

To understand how this works, assume that you are a regular investor, investing Rs 20 lakh for a tenor of 3 years. Then, you reinvest the sum for a tenor of 5 years by opting for the auto-renewal facility.

Initial Investment

Returns on auto-renewal

As you can see, reinvesting the sum offers you the opportunity to grow your money rapidly. However, in case of changes in interest rates, you will get 0.10per cent higher interest rate on the prevailing interest rates, during the year your FD is auto-renewed.

Customise your investment when you auto-renew your FD

It is possible that when it's time to renew your FD, your investment goals or monetary requirements have changed. To help you provide for this, Bajaj Finance allows you to either reinvest your principal or your principal and interest amount. You have the flexibility to choose an option that best suits your requirements.

In addition to the convenience that auto-renewal offers, the Bajaj Finance Fixed Deposit makes for a good pick because of its high credibility ratings by CRISIL and ICRA, as well as the option to invest in several FDs with one cheque via the multi-deposit facility. To further enhance ease of investment, Bajaj Finance allows you to invest via your debit card at certain locations.

To get started, simply fill an online form. A representative will contact you to complete the process of booking an FD so that you can enjoy these benefits instantly.

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

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