Monthly Interest Rates for Rs. 15 Lakh Fixed Deposit | Bajaj Finserv (2024)

FD Monthly Interest Pay-out for Deposits of Rs. 15 lakh

Factors Affecting FD Rates

Fixed Deposit (FD) rates are influenced by various factors that investors should consider when making financial decisions. Understanding these factors can help you earn higher returns. Here are key elements affecting FD rates:

1. FD Tenure
   Longer tenures often give higher interest rates. Financial institutions give more interest rates to investors who commit their funds for a longer period. Assess your financial goals and liquidity needs to choose an appropriate tenure.
2. Invested Amount
   The amount you invest in an FD directly impacts the interest rate. Generally, higher investment amounts attract better interest rates. Banks may offer tiered interest rates based on the deposited sum, encouraging larger investments.
3. Renewals
   Opting for automatic renewals can be advantageous. When your FD matures, choosing to renew it at the prevailing interest rate allows you to benefit from potentially higher rates, especially if interest rates have increased.
4. Age
   Age can be a significant factor, particularly for senior citizens. Many financial institutions offer higher FD rates for senior citizen. Before investing, check if there are age-specific benefits that can increase your returns.
5. Repo Rate Fluctuations
   The Reserve Bank of India (RBI) sets the repo rate, influencing overall interest rates in the economy. Changes in the repo rate can lead to adjustments in FD rates. Keep an eye on monetary policy announcements as they can impact the interest you earn on your FD.

Following are the calculations, for if you invest Rs. 15 lakh in Bajaj Finance fixed deposit

1. For citizens below the age of 60

2. For senior citizens

Bajaj Finance Digital FD

Bajaj Finance has launched a new FD variant called "Bajaj Finance Digital FD" for a period of 42 months which can be opened and managed only through the Bajaj Finserv website or app. Bajaj Finance is providing one of the highest interest rates of up to 8.65% p.a. for senior citizens and for the customers below the age of 60 they are providing up to 8.40% p.a.

Following are the calculations, for if you invest Rs. 15 lakh in Bajaj Finance digital FD

Conclusion

Fixed Deposit is an ideal investment option for individuals who are looking for guaranteed returns. There are various factors that affect FD rates, including tenure, invested amount, renewals, age, and repo rate fluctuations. By investing in FDs, investors can diversify their portfolio and ensure consistent returns, making it a reliable and popular investment option.

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