To induce a savings habit and earn regular interest, start a fixed deposit. Needless to say, the initial step for investment is to find the right financial institution. To select the best issuer, you need to consider certain facts like their credibility, history, FD rates, and financial standing. With a little research, you will be able to find the issuer that offers the highest FD rates.
Here are the two steps using which how you can open an FD account with the highest Fixed Deposit rates.
Check your earnings
Consider your options
First, decide whether you want to invest in a bank FD or a company FD. Investing in a company FD may be more lucrative as you get higher returns as compared to bank FDs. By starting a company Fixed Deposit with Bajaj Finance, you can access the highest Fixed Deposit rates on your investment. You can earn interest up to 8.75% on an interest return at maturity on an FD started for a tenor of 36 months or up to 9.10% on the same FD as a senior citizen.
Check your returns
Before investing in any FD, check the maturity amount for your investment to know whether it will be a profitable investment option for you or not. Your returns are affected by the type of FD you choose. This means if you opt for an FD that gives you access to interest earnings only on maturity, you will earn higher returns thanks to the benefits of compounding. However, if you want to earn interest regularly as recurring payouts then you will earn comparatively lower returns on your investment.
Check credibility and other factors
Apart from checking out highest FD rates and your returns, knowing the credibility of your issuer beforehand is also important. To make sure that your issuer is financially stable, check its credit rating. The higher the credit ranking, the more trustworthy is your issuer, and the more secure your investment. You can invest with Bajaj Finance without a doubt as they have CRISIL and ICRA’s highest MAAA and FAAA safety rating respectively. This means your investments are never at risk and you will not only get timely interest returns but will also receive your principal safe and sound.
Process to apply
Once you have decided where to invest, here is how you can proceed further.
- Fill the online FD application form with the relevant details.
- Save your form with ‘save as PDF’ option to access it in the future.
- Then your issuer’s representative will get in touch with you for collecting the required documents.
- Now take a print of your application form, sign it and affix your photographs. Keep your KYC documents ready for verification. These will usually include your ID proof, bank details, and address proof as well as PAN details.
- Once everything is ready, submit them along with a CTS compliant cheque of your FD investment amount to the representative.
With this simple procedure, you can choose the best FD investment scheme according to your financial goals. Get started now!