Secure your retirement with a Bajaj Finance Fixed Deposit

Recent research and studies have shown that only 1 in 3 people in our country set aside a sum of money, towards their retirement fund.

A few reasons for the lack of a retirement fund are improper financial planning and fear of investing money. As a working professional, you can tackle both these problems by curtailing unnecessary spending and investing your savings in a safe instrument like a fixed deposit.

If you are worried about falling interest rates and safety of your deposit, make a smart choice by investing in a Bajaj Finance Fixed Deposit. Read along to know how to secure your retirement with a Bajaj Finance FD.

Earn at an 8.60 per cent interest rate through your working years

Bajaj Finance offers new customers interest rates running up to 8.60 per cent on FDs taken for at least 3 years with interest payouts at maturity. A high interest rate means that you can begin to fuel your retirement corpus and battle the effects of inflation as well. Fetching a generous interest rate when you are in your working years lets you build a large retirement fund as you earn interest on interest for a longer tenor.

Consider that you invest an amount of in a Bajaj Finance FD for a 5-year tenure at an interest rate of 8.60 per cent, and take back your proceeds at maturity. Using the FD Calculator, you can check how this amount grows over time.

Here's a table to help you understand the growth of your savings at the end of 5 years.

Applicable interest rate of 8.60 per cent

If you make such investments at an age of 30, you can consider re-investing your proceeds for another 5-year term. This way, you can double your initial investment amount in 10 years, and keep building your corpus.

Benefit from a 0.10 per cent rate increase when you renew your FD

Bajaj Finance helps you gain more when you renew you FD by awarding you with a 0.10 per cent rate hike. So, in the above examples, if you renew your Bajaj Finance Fixed Deposit, the interest rate applicable will be 8.70 per cent, for the second 5-year term.

This interest rate hike also serves as an incentive to carry on investing. When it comes to building a retirement corpus, regularity in investing is vital as compound interest requires a long tenor to transform small contributions into giant sums.

Get 0.25 per cent rate hike if you are an existing customer or a Bajaj employee

Investing in an FD gets even sweeter if you happen to be an existing customer or a Bajaj employee. Bajaj employees include Bajaj Group employees, Bajaj Finance Limited customers and Bajaj Allianz Life Insurance's existing policyholders. Here, you get a 0.25 per cent interest rate boost. This means that your FD yields returns at a maximum interest rate of 8.85 per cent.

Here's a table to help you understand the growth of your savings at the end of 5 years, if you're an existing customer.

Applicable interest rate of 8.85 per cent

To ensure the longevity of your corpus, begin investing when you are 30 or younger and carry on through your retirement years. That should give you around 30 years of pre-retirement returns and another 25 to 30 years, till the average life expectancy, of post-retirement returns.

Grow your finances securely at an interest rate of 8.95 per cent post-retirement

Senior citizens can get 0.35 per cent more interest rate with a Bajaj Finance Fixed Deposit, which means you can earn an interest rate of up to 8.95 per cent, after your working years.

Bajaj Finance Senior Citizen Fixed Deposit is also a convenient instrument for senior citizens to invest in as it promises payouts sans defaults. In fact, this FD comes with ICRA's MAAA and CRISIL's FAAA ratings. These being the highest in their respective categories, guarantee the safety of finances and make investing money a less risky affair.

Here's a table to help you understand the growth of your savings at the end of 5 years, if you're a senior citizen.

Applicable interest rate of 8.95 per cent

Whether your lifestyle demands a retirement fund of Rs 50 lakhs, Rs 1 crore or more, a Bajaj Finance FD can lend stability to your investment mix and make investing money a more secure proposition. Request a call today to get assistance in getting your investment started and choosing the right principal and tenor.

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