8th Aug 2024 Pune, Maharashtra, India Bajaj Markets, an online financial marketplace, offers a practical solution for parents planning their children’s further education. It has partnered with leading issuers to provide Fixed Deposits (FDs) offering interest rates of up to 9.40% p.a. This savings tool could help those saving up in advance for expenses like books and supplies, tuition fees, accommodation, travel expenses, and more.
Here’s a look at the cumulative interest rates offered by FD issuers on Bajaj Markets:
|
FD Issuer |
Highest Interest Rate (p.a.) |
Maximum Tenor |
Minimum Deposit Amount (Rs.) |
| Bajaj Finance | 8.65% | 60 months | 15,000 |
| Shriram Finance | 8.97% | 60 months | 5,000 |
| Mahindra Finance | 8.35% | 60 months | 5,000 |
| PNB Housing Finance | 7.95% | 120 months | 10,000 |
| Ujjivan Small Finance Bank | 8.75% | 120 months | 1,000 |
| YES BANK | 8.50% | 120 months | 10,000 |
Disclaimer: The interest rates mentioned above are as of 30th July 2024.
Fixed deposits are low-risk investments that offer a fixed interest rate for a specified tenor. Here are some features of FDs and how they benefit parents and students:
- Guaranteed Returns: FDs provide steady returns, helping parents confidently plan for substantial educational expenses like tuition fees or study materials
- Flexible Tenor: Tenor options range from 7 days to 10 years, allowing parents to align investments with their child’s education milestones
- Higher Interest Rates: FD interest rates are typically higher than savings accounts, ensuring better growth of savings for college or university expenses
- Interest Payout Options: Monthly, quarterly, half-yearly, and annual payouts offer regular income to manage tuition fees and living costs depending on the amount deposited
- Loan Against FD: Loans against FDs in financial emergencies ensure quick access to funds and provides financial security for unexpected educational expenses
For instance, if parents invest Rs. 1,00,000 in an FD with a 9% p.a. interest rate for a tenor of 5 years, they could earn Rs. 53,862 in interest. This means the total maturity amount would be Rs. 1,53,862. This predictable growth helps in planning for substantial educational expenses like tuition fees or accommodation. Parents can use an FD calculator to estimate the maturity amount and total interest earned.
With these options, parents can easily book a fixed deposit that suits their financial goals. They can browse FD interest rates on Bajaj Markets to find the most favourable investment for their child’s future education needs. Individuals can visit the official website or download the app to get started with booking an FD.