Bajaj Markets teams up with Ujjivan for 8.25% interest on Fixed Deposits

Digital FD partnership: Bajaj Markets, a subsidiary of Bajaj Finserv, has entered into a partnership with Ujjivan Small Finance Bank to facilitate the digital booking of the bank's fixed deposits through Bajaj Markets' digital platform. This collaboration aims to provide high interest rates on Ujjivan Small Finance Bank's fixed deposits, allowing customers to earn interest of up to 8.25 per cent, with an additional 0.50 per cent interest specifically offered to senior citizens.

Accessible investment options

Investors can start with a minimum investment of Rs 1,000, ensuring accessibility for a wide range of individuals. The investment also offers flexibility, allowing investors to choose between maturity payouts or quarterly returns. Notably, individuals can invest in fixed deposits without the need to open a savings account. The various tenor options available cater to customers' specific financial objectives.

Elderly individuals can benefit from higher interest rates, and tax-conscious investors can explore tax-saving fixed deposits. Bajaj Markets simplifies the application process with swift online bookings and a fixed deposit calculator for easy planning and comparison of different schemes.

Rising FD rates

In response to the year-end surge in credit demand, many banks are gradually increasing their fixed deposit rates. This strategic adjustment aims to enhance the appeal of deposit rates, particularly in light of the Reserve Bank of India's heightened provisioning requirement for unsecured loans. Bajaj Markets aims to provide a secure and hassle-free method for individuals to build wealth through fixed deposits, offering options not only from Ujjivan Small Finance Bank but also from other prominent banks and NBFCs.

While the rise in fixed deposit rates is gradual, conservative investors may find this an opportune moment to allocate some of their funds into such deposits. Investors are advised to carefully consider the investment tenure, with a focus on the current peak rates, especially within the one- to two-year period, as many banks offer their most favourable rates during this timeframe. However, it is crucial for investors to assess liquidity factors before committing to extended investment durations.