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  • Best FD interest rates: A comparison of top issuers of 2019

    Published on January 21, 2019

    Fixed deposits are a popular investment avenue as they offer you guaranteed returns through stable FD interest rates that aren’t linked to the market’s performance. Today, there are multiple financial institutions across the country offering you competitive FD interest rates.

    These schemes generally come in cumulative and non-cumulative forms, helping you to tailor your interest payouts to your financial needs. Having a high Fixed Deposit interest rate helps you combat inflation, build a big retirement corpus and see your latent savings grow steadily.

    But, before you open a fixed deposit this 2019, here are some of the top issuers for you to compare and choose from.

    FD interest rates of top lenders across the country

    Most issuers will offer you higher FD interest rates when you take an FD for a tenor of 3 years or more. Here are some of the best FD interest rates across the country for FDs less than Rs.1 crore taken for 3 years.

     

    FD issuer FD interest rates
    Bajaj Finance 8.75%–9.10%
    Mahindra Finance 8.80%–9.05%
    KTDFC 8.50%–8.75%
    LIC Housing 8.25%–8.50%
    ICICI Home Finance 8.25%–8.50%
    Sundaram Finance 8.00%–8.50%
    YES Bank 7.25%–7.75%
    HDFC Bank 7.40%–7.90%

     

    Investing in FD is a smart investment decision, especially as the interest rates being offered in the market are quite high. With a high interest rate range of 8.75% to 9.10%, Bajaj Finance FDs are surely a go-to option, where you can look for multiplying your savings in the easiest possible manner.

    Why should you invest in Bajaj Finance FD?

    Bajaj Finance Fixed Deposit offers interest rate bonuses to a wide range of customers. For example, senior citizens get a 0.35% hike in the FD interest rate and existing FD or loan customers get a 0.25% increase. Bajaj Group employees too can benefit from the 0.25% increase. Additionally, by adding 3 months to your 12-month tenor, you can profit from a 0.05% increase in the FD interest rate. This comes via a special tenor scheme which requires a minimum deposit of Rs.1,00,000.

    In case you are worried about the risk factor involved with a financial institution offering you FD interest rates of up to 9.10%, you need not be, as Bajaj Finance has very high credit ratings. It boasts of an ICRA MAAA and a CRISIL FAAA rating. Further, you can customise your FD as per your financial goals and obligations by choosing from a flexible tenor of 12 to 60 months.

    You can also choose between a cumulative FD wherein you will get the interest earned at the time of maturity, or a non-cumulative FD wherein you will get regular payouts at monthly, quarterly, half yearly or yearly intervals, as per your choice.

    Forecast your interest earnings with an FD calculator

    Calculating how much you will earn through your savings is easy. All you have to do is use the Fixed Deposit (FD) interest rate calculator before you invest. For instance, if you invest an amount of Rs.1,00,000 in a cumulative FD for 36 months at an interest rate of 8.75%, you will earn Rs.28,614 as interest and a total amount of Rs.1,28,614 on maturity.

    Using the same example, if you are an existing Bajaj Finance loan customer or are renewing your FD, you will profit from a 0.25% higher FD interest rate. You will earn interest amounting to Rs.29,503 and your total maturity amount will be Rs.1,29,503. In case you are a senior citizen you profit even more and get the FD at a 9.10% interest rate. This means the interest will be Rs.29,860 and total amount will be Rs.1,29,860. In mere seconds the calculator will give you all the details you need before investing.

    So, without much ado, get your finances on course in 2019 by opening a new fixed deposit. With interest rates running up to 9.10% and FAAA/stable CRISIL rating, Bajaj Finance Fixed Deposit guarantees you both high and assured returns. With just Rs.25,000 required to open an account, you are just a step away from seeing your savings grow.

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