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How to use a Bajaj Finance FD Calculator?

When it comes to investments, accurately assessing the returns can help manage your finances better. One of the safest investments in India, FDs or fixed deposits offer you more flexibility and stability compared to other schemes. You can choose from several lock-in periods that suit your financial goals aptly. Plus, invest as much as you want to without much restriction and gain profitable returns on your investment.

However, factors like tenor, interest rate, frequency of interest payment, etc. largely impact the ROI. So, you should use an online FD calculator which calculates the approximate returns you can expect from your investment. One of such tools is the Bajaj Finance Fixed Deposit Calculator.  

How to use the Bajaj Finance FD calculator?  

It’s quite easy to use Bajaj Finance FD Calculator. Simply follow these given steps:

  1. Select whether your FD is a special tenor scheme or not

Bajaj Finance provides a special tenor scheme with a lock-in period of 15 months. This FD offers a higher rate of interest than the company’s standard ones.

  1. Select the customer type

You have the following three options to choose from:

  • New customer
  • Bajaj Group employee/existing loan customer/existing FD customer

These customers enjoy 0.25% higher rate of interest.

  • Senior Citizen

Senior citizens earn 0.35% higher interest rate on FD.

  1. Choose your deposit option

You can either choose cumulative or non-cumulative under this option. (Details are mentioned in the following point).

  1. Select the interest payment frequency

Cumulative fixed deposits will give you the returns only after maturity. Hence, you will not be able to adjust the interest payment frequency in this case.

On the other hand, you can choose from four interest payment frequencies when opting for a non-cumulative FD:

  • Monthly
  • Quarterly
  • Half-yearly
  • Annually
  1. Enter the investment amount

Next, provide the amount you want to invest in the fixed deposit calculator. The minimum amount that you can invest is Rs. 25,000 while the maximum amount is Rs. 5 Crore.

The minimum amount is Rs. 1 Lakh if you have opted for the special tenor scheme.

  1. Select a convenient investment tenor

The fixed deposit tenors range from 12 – 60 months. Your tenor will remain fixed to 15 months if you apply for the special scheme.

Choosing a long tenor increases the fixed deposit interest rate. However, your funds will remain locked-in for that period and unavailable during a financial emergency. You may, however, withdraw the amount prematurely by paying a premature withdrawal charge.

Opt for a Personal Loan from Bajaj Finserv in times of quick funding requirements if you have opted for a long-term fixed deposit. Your loan will be approved in 5 minutes and the funds disbursed to you within 24 hours.

Bajaj Finserv also provides pre-approved offers with Personal Loans which not only simplify the process of getting a loan but also save time. Pre-approved offers come with business loans, home loans, and a list of other financial products and services. You can check your pre-approved offers by providing your personal information.  

The calculator shows the total amount and interests you will receive after maturity. Using an FD interest calculator is simple, although the steps mentioned above may seem complicated.

Opt for a Bajaj Finance FD today and take advantage of the following features:

  • Enjoy an attractive rate of interest up to 8.75%. The rate is higher for senior citizens as mentioned.  
  • Receive safety and stability guaranteed with FAAA and MAAA ratings from CRISIL and ICRA respectively.
  • Manage your account online and keep track of your investments with returns effortlessly.

So, use an FD calculator before you select an appropriate tenor. Then, apply for a fixed deposit online by providing only a few necessary details, KYC documents, and one latest photograph.

Vaibhav

https://www.financingpanda.com

He is an advisor with an experience of more than 7 years. He has worked for topmost firms in India and has been a visiting faculty at many reputed institutes in India. Currently based in Pune, He is a name to reckon with when it comes to financial management for big brands. A post-graduate in business economics, he is an alumni of Princeton University, USA. During his free time, Arwind teaches children from marginalised sections of society and also work on his blog. Tech Brief Stuff

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