A fixed deposit (FDs) is the preferred investment when it comes to meet a long term goal. A secure future for your little ones is an essential goal – whether in terms of education or marriage. The first step towards this future is finding avenues with guaranteed returns on your savings at a predefined rate of interest over a fixed period.
Start Early Investing
Whether it is a mutual fund, fixed deposit, or any other savings scheme, you need to start investing early. This helps you reap high returns on maturity to meet your financial goal. Education levels have changed dramatically and the cost of various new courses is on the rise. Also, planning for marriage or wedding at a later stage is going to be tough without a financial backing. Over the period of 15 to 20 years, the capital can also multiply by working of compound interest.
Start an FD in your Child’s Name
The potential of fixed deposits should be explored to invest in a planned manner in the name of your children which will also involve zero risk. You will just see growth of your savings once deposited in fixed deposits regardless of any changes in the market situation. Market forces will not affect the interest rates after you have made a deposit at a pre-determined interest rate. If you have deposited in a company FD like Bajaj Finance FD and choose a longer tenor, you will earn one of the highest fixed deposit rates in India, up tp 6.85%. You have flexible choices about tenor and amount invested in FDs. Let us define several benefits of fixed deposits and how you can maximize your FD returns.
Benefits of Bajaj Finance Child FD
- High rate of interest
You have saved for your kid and kept it in a savings account to receive interest @4%. It is not a good return on a corpus to be built for the future. You can invest in Bajaj Finance Fixed Deposit to earn higher interests. Earn up to 6.85% on your savings in an FD. Hence, earn more, be more profitable to ensure a safe future for your child. With CRISIL’s FAAA/Stable rating and ICRA’s MAAA/Stable rating, Bajaj Finance FD offers you highest safety of your investment.
- Flexibility
FD accounts are flexible in terms of tenor, investment amount and frequency of periodic payouts. So, you can plan your investment as per requirement easily. You can start investing in Bajaj Finance FD with Rs.25,000 for 12-60 months. Moreover, Bajaj Finance FD also allows you to choose the frequency of periodic interest payouts as monthly, quarterly, half yearly or yearly.
- Easy investment process
Invest in Bajaj Finance FD online in an easy process. Fill your basic details, and companies’ representatives will contact you for further help. Choose the option for doorstep services and save yourself from long queues.
- Know your returns in advance
You can calculate returns on an FD account before starting investing through Bajaj Finance FD calculator. It is an online tool where you can estimate how much you should invest today to earn interest as per your expectations. You just need to enter – customer type – senior/non-senior, investment amount, investment tenor. You will get maturity amount and interest amount for both cumulative FDs and non-cumulative FDs within seconds using this automatic tool.
The Bottom Line
Thus, apart from setting aside a large chunk of savings for your child – make your savings grow with time. Gifting an FD is like gifting an asset accumulating funds for you and it will be helpful for your children in meeting their financial goals. Use laddering as a technique to ensure you have a continuous stream of repayments on maturity each month. You can make different fixed deposits for each financial goal and ensure to have different maturity dates. Fixed deposits will surely help you to achieve your goal of growing your savings for your child.
