
Ensuring a stable and secure financial future is essential, especially during retirement years. Making the right investment choices helps retirees maintain a comfortable lifestyle even after retirement.
Bajaj Finance, India’s leading financial services provider, recognises the specific needs of senior citizens. The company offers fixed deposit (FD) schemes with higher interest rates, promoting a secure and comfortable retirement. These FDs are rated AAA/Stable by credit rating agencies like CRISIL and ICRA, indicating high safety and reliability. Additionally, Bajaj Finance offers attractive senior citizen FD rates up to 8.65% p.a., making them an excellent option for seniors looking to maximize their savings.
Let’s take a closer look at Bajaj Finserv FDs for senior citizens and understand why they should be considered for investment.
Why FDs Are Popular Among Senior Citizens
For those who are unaware, a fixed deposit is a popular financial instrument. It is provided by banks and non-banking financial companies (NBFCs). To open an FD, you deposit a lump sum amount for a fixed tenure at a predetermined interest rate.
This interest is accrued over time. At the end of the tenure, you receive your principal amount along with the interest earned. FDs are considered one of the safest investment options because they offer guaranteed returns and capital protection. This makes FDs a popular choice for senior citizens.
Let’s see some other reasons why seniors choose FDs as their first investment option:
- Unlike market-linked investments, the returns on FDs are fixed and predictable.
- Often, banks and financial institutions like Bajaj Finance offer higher interest rates on FDs for senior citizens compared to regular FDs.
- By choosing non-cumulative FDs, senior citizens can receive regular interest payouts (monthly, quarterly, semi-annually, or annually), creating a steady source of income to meet their daily expenses and financial needs.
- FDs ensure the safety of the invested capital. This safety is important as senior citizens cannot afford to lose their savings.
- In case of emergencies, senior citizens can even avail of loan facilities against their FDs.
Why Do Senior Citizens Choose Bajaj Finance FDs
Bajaj Finance FDs are highly secured and are rated AAA/Stable by CRISIL and ICRA. Trusted by more than 5,00,000 customers, more than Rs. 50,000 crore worth of FDs have been successfully booked by Bajaj Finance.
Being highly reliable, these FDs provide higher returns and offer a chance to earn a steady income. Let’s see why senior citizens prefer investing in Bajaj Finance FDs:
- High Senior Citizen FD Rates
Senior Citizen FD Rates usually get higher on their FDs compared to regular customers. This allows them to earn more money from their savings. With Bajaj Finance, they can earn up to 0.40% p.a. extra interest.
- Stable And Flexible Payouts
Bajaj Finance FDs provide a steady and predictable income through regular interest payments. Investors can even choose from different interest payout options, such as monthly, quarterly, half-yearly, and annually. This flexibility is especially helpful for senior citizens who usually depend on interest income for daily expenses.
- Capital Protection
FDs ensure the original amount you invested (the principal) is safe and will be returned to you. This guarantees that your savings are secure. All Bajaj Finance FDs are secured and enjoy the highest AAA/ Stable rating from premier credit rating agencies like CRISIL and ICRA.
- Liquidity with Loan Facility
Even though FDs are usually considered long-term investments, Bajaj Finance offers loans against them. This means you can access funds in case of emergencies without breaking your FD.
How To Invest in Bajaj Finance FDs
You can follow these steps to invest in a Bajaj Finance FD:
- Go to the Bajaj Finserv website and click the “OPEN FD” button to access the online application form.
- Enter your 10-digit mobile number to receive a one-time password (OTP) on your phone.
- Enter this OTP to verify your number.
- Now, fill in your investment details, such as investment amount, investment tenure, and payout frequency.
- Enter your Permanent Account Number (PAN) and date of birth.
- Complete KYC (Know Your Customer): If you are an existing customer, confirm the pre-filled details or update them if necessary. On the other hand, if you are a new customer, complete your KYC using your Aadhaar card.
- After completing KYC, a declaration with terms and conditions will appear. Read it carefully and agree to the terms.
- Enter your bank details and choose your payment method (net banking, UPI, NEFT/RTGS)
- Complete your transaction by making the payment.
After you have booked your fixed deposit, you will receive an acknowledgement (Fixed Deposit Acknowledgement or FDA) on your registered email and as a link on your mobile number. If all your documents are correct, you will also receive an Electronic Fixed Deposit Receipt (e-FDR) within three working days via email.
Eligibility Criteria and Documents Required
To invest in a Bajaj Finance FD, you need to meet the following basic criteria:
- You must be a resident Indian.
- You will need the following documents:
- Latest photograph
- PAN card
- KYC document (Aadhar card, passport, driving license, voter ID, etc.)
- An account payee cancelled cheque
Conclusion
The Bajaj Finance Fixed Deposit (FD) is a smart investment option for senior citizens looking to earn stable interest income. These FDs are highly safe and rated AAA/Stable by CRISIL and ICRA. They also offer high returns as senior citizens get up to 0.40% p.a. extra interest rate than regular customers.
Moreover, investors can choose from multiple payout options, such as monthly, quarterly, half-yearly, or annually. This provides a steady income stream to meet daily needs. Bajaj Finance also offers loan facilities against FDs, which allows investors to obtain funds without breaking their FD. You can invest in Bajaj Finance FDs online by visiting the Bajaj Finserv app and website and following a few simple steps.