A fixed deposit not only protects your capital from market volatilities but can also provide you with an opportunity to earn a monthly interest income. Some FD providers allow you to withdraw the interest gains after every month and this can prove to be useful for those who need financial support to carry out their regular expenses. It also provides an ease to senior citizens who might not be receiving a monthly pension sufficient enough to manage their expenses.
For instance, Bajaj Finance provides you with a monthly interest payout option if you prefer investing in Bajaj Finance non-cumulative FD. However, you also have other options such as yearly, six-monthly, and quarterly interest payout options at your disposal. To calculate the monthly FD payout, you will need to use an FD calculator and follow these steps:
Step 1: Find a suitable FD scheme
Firstly, you will have to find an FD scheme that comes with the monthly interest payout option. You may also explore multiple financiers who provide this option so that you can compare the better alternative as per your investment plans.
Step 2: Go to the FD calculator page
On zeroing in on the FD provider, you can reach their FD calculator page from your mobile or laptop. Here, you will have to enter the deposit amount, tenor, and choose non-cumulative FD to proceed further. Some financiers also provide a special FD interest rate to specific customers.
For example, Bajaj Finance FD provides additional FD rates of 0.10% and 0.25% to online investors and senior citizens respectively. Therefore, you need to select the appropriate customer category on the Bajaj Finance FD calculator to predict your returns accurately.
Step 3: Calculate the returns
Once you are satisfied with all the selections and values submitted by you, press the ‘Calculate’ button and the FD calculator will show the amount that the monthly interest payout option will generate.
Bajaj Finance FD shows the amount generated by the non-cumulative FD after every month, quarter, year, and six months and it also shows the returns of cumulative FD so that you can decide as per your investment goals and requirements. Investing in Bajaj Finance FD is also a good decision because it provides an interest rate of up to 6.75%. Apart from a high-interest rate, you can also benefit from its following features:
Higher returns to senior citizens
By providing an excess FD rate to senior citizens, Bajaj Finance FD helps them to earn sufficient returns and manage their post-retirement expenses. They can also utilize the monthly interest payout option for taking care of their monthly bills and expenses. These benefits make it a much more convenient and practical investment option for senior citizens as compared to the Senior Citizen Saving Scheme and other investment options that are meant for senior citizens.
Suppose that you are a senior citizen and invest Rs. 35,00,000 in this FD scheme. The interest payout options that you will be receiving on depositing your corpus for 5 years are given below:
|Periodic Payout Option||Generated Interest|
Here, you can see that the interest generated is good enough to support your monthly expenses. You can also choose the other periodic payout options at your convenience.
Online deposit and safety
Bajaj Finance FD has become the go-to option of millennials when it comes to FDs, as it provides a convenient and seamless online investment procedure. For investing online, you just have to submit your online FD form and the documents can be verified online by using the cKYC document verification procedure. Also, the payment of the deposit can be done via UPI, net banking, and debit card (in certain locations).
Investing money in Bajaj Finance FD is risk-free as your deposits don’t depreciate with changing market conditions. The high credit ratings offered to this investment scheme by CRISIL and ICRA make it a safe option to park your savings.
You cannot forecast an emergency but you can be prepared for it in advance. Bajaj Finance FD prepares you for any financial emergency by providing uncomplicated premature withdrawal rules according to which you can withdraw your deposits anytime once they complete the minimum tenor of 3 months.
Moreover, you also have the loan against FD option wherein you can apply for as much as 75% of your FD value as a loan amount without providing any collateral. This makes Bajaj Finance FD a true savior in times of distress.