Funding your dreams can be a daunting task, especially in the current economic climate. Funding your dreams is a significant part of achieving your goals. While you work hard to earn your money, it might not always be enough to fulfil your dreams and aspirations. So, it is essential to invest your money smartly and reap the benefits of high returns. But the good news is that there are several ways to achieve your dreams if you invest your money wisely. One of the most popular investment options that many Indians choose is fixed deposits.
Fixed deposits (FDs) are one of the most popular and secure investment options in India. Also known as term deposits, they are a type of investment where investors deposit a specific amount of money with a bank or a Non-Banking Financial Company (NBFC) for a fixed period. In return, they earn a fixed interest rate on their deposit, which is usually higher than the interest rates offered by savings accounts.
When investing in fixed deposits, investors can choose the tenure of their investment, which typically ranges from seven days to ten years, depending on the bank or NBFC. The interest rates offered depend on the tenure and the bank or NBFC that the investor chooses.
Fixed deposits are considered a safe investment option because they are covered by insurance schemes that protect investors in the eventuality of a bank or NBFC going under. Most fixed deposit accounts are insured up to Rs 5 lakhs by the Deposit Insurance and Credit Guarantee Corporation (DICGC). This makes FDs a preferred option for conservative investors who prioritize the security of their investments.
To invest in a fixed deposit, an investor must open an account with a bank or NBFC. They will typically be required to provide identity and address proofs, along with their PAN details. Once the account is open and the investment in the account is made, the investor can track the progress of their investment either online or through periodic statements issued by the bank or NBFC.
Investors can choose to either withdraw the entire amount of the FD immediately at maturity or opt for reinvestment of the principal amount along with the accrued interest for another fixed tenure. The interest earned on the deposit amount is taxed by the government, and investors must declare it while filing their income tax returns.
Fixed deposits are a low-risk and low-reward investment option, as the interest rates offered are typically lower than the returns on other investment options like mutual funds, stock markets, and other capital-market-linked securities.
Fixed deposits are one of the most popular investment options in India. In simple terms, a fixed deposit is a type of investment where you deposit a specific amount of money in a bank or NBFC (Non-banking Financial Company) for a fixed period. The interest rate is fixed at the time of investment and paid out to you at the end of the deposit tenure.
A fixed deposit is an investment option where investors deposit a specific amount of money with a bank or Non-Banking Financial Company (NBFC) for a fixed period. In return, they earn a fixed interest rate on their investment, which is usually higher than what savings accounts offer.
In the past, investing in fixed deposits meant visiting a bank or an NBFC, filling out physical forms, getting documents attested, and waiting for your investment to mature. However, with the advent of digital services, investing your money has become more accessible and convenient.
The new era of digital fixed deposits has made it possible for investors to invest in FDs online, from the comfort of their homes, at any time. The process is quick, simple, and efficient, with minimal documentation. The advantage of investing in digital FDs is that your investment is safe and secure and earns fixed interest rates.
One such app that allows for digital fixed deposits is the Bajaj Finserv App. It provides investors with a higher rate of interest than traditional fixed deposits, enabling people to fund their dreams with ease. Bajaj Finance offers a new-year-new-rates deal for its customers – an attractive 8.85% per annum for a 42-month deposit. But be warned, this exclusive rate is only available for those who book their FDs online.
Bajaj Finserv’s Digital Fixed Deposit option is a popular choice among investors due to its high interest rates, flexible tenure, and convenient digital features. The app is secure and user-friendly, and customers can access their investments and track their earnings easily.
One of the significant advantages of investing through the Bajaj Finserv App is that it has a quick application process with minimal documentation required. This service is available 24/7, making it very convenient for those who cannot visit banks or NBFCs during regular working hours. Investors can withdraw or renew their fixed deposits anytime from the app.
Several other options and applications provide digital fixed deposit options, allowing investors to save time, paperwork, and effort. For instance, the Axis Bank Fixed Deposit App and HDFC Bank’s Smart Fix Deposits also offer digital fixed deposit options.
Axis Bank Fixed Deposit App provides customers with a one-click investment process, with a minimum investment of Rs 5,000 and a maximum of Rs 10 crore. The app also offers deposit cancellation and partial withdrawal facilities, along with in-app reminders for renewal or liquidation.
HDFC Bank’s Smart Fix Deposit provides customers with the highest interest rate available, minimum investment requirements, multiple tenures, and three investment modes; tax saver, regular income, and growth.
In conclusion, Fixed Deposits are an excellent investment option for those looking for stable returns without putting their capital at risk. Bajaj Finance’s digital FDs with the Bajaj Finserv app is a reliable and easy way to invest your money while taking advantage of the special 8.85% per annum rate for 42-month deposits. However, investors are encouraged to investigate all viable options before investing. There are several other apps and platforms available for digital fixed deposits like the Axis Bank Fixed Deposit App and HDFC Bank’s Smart Fix Deposits, each with their own unique features, interest rates, and minimum investments. So, start investing today and make your dreams a reality.