Bajaj Finserv announces Fixed Deposits for NRI; offers guaranteed returns
- Bajaj Finance Ltd NRI FD comes with a high interest rate, safe investment, multiple deposits among other attractive features
- Offers flexible tenor options between 12 and 36 months
Chennai, August, 2019: Bajaj
Finance Ltd, a deposit accepting Non-Banking Financial Institution (‘NBFC’) and
a lending arm of Bajaj Finserv group, has announced its new offering of Fixed Deposit to
NRIs enabling them to benefit from high returns of up to 8.95%. Bajaj Finance Fixed Deposit for NRIs offers flexible tenor options between 12 months and 36 months, along with
multi-deposit and easy renewal facilities. NRIs can easily invest in a Bajaj
Finance Fixed Deposit by making a deposit from their NRO account.
Commenting on the launch, Mr Sachin Sikka, Chief Business Officer
– Retail & Corporate Liabilities said, “We aim to cater the NRI investors
seeking to invest in Indian market to generate higher returns. Fixed deposit
are the safest investment option and regulatory environment is fairly conducive
for NRIs to make such investments. Bajaj Finance Fixed deposit has the highest
stability ratings which indicates safety of investments.”
As per reports by the World Bank, India has remained the top
receiver of remittances in 2018 with $79 billion. An amount of INR 800 billion
is parked in NRO accounts, in the form of savings account balances, earning
very low returns. With volatility in global markets, NRIs could consider traditional
investment avenues like Fixed Deposits back home.
Key feature of Bajaj Finance Fixed Deposit
High FD interest rates
Bajaj Finance Fixed Deposit offers high returns, which are
unaffected by market fluctuations. For new NRI customers investing for 36
months in a cumulative fixed deposit, interest rate can go up to 8.60%;
interest rates for existing customers can go up to 8.85% and up to 8.95% for
senior citizens.
Highest safety of investment
Bajaj Finance Limited was assigned a long-term rating of ‘BBB-/Stable’,
which is equivalent to India’s sovereign rating, and a short-term rating of
‘A-3’ by S&P Global Ratings this year. Bajaj Finance Fixed Deposit also has
the highest stability ratings of FAAA by CRISIL and MAAA by ICRA, which
indicates the highest safety of the investment.
Flexible Tenor
NRIs planning to invest in a Bajaj Finance Fixed Deposit, can
choose a tenor of 1 to 3 years. Those willing to invest for a longer time frame
can consider laddering fixed deposits to get higher returns, along with
intermittent liquidity.
Investors can also consider forecasting their returns, using the
handy fixed
deposit calculator
before they start investing. It could help plan their investments, so that they
can choose tenor and invest as per their convenience.
Multi-deposit
NRIs can invest in multiple NRI fixed deposits at the same time,
with a single cheque. This helps them doing away with the hassle of filling
separate application forms, and making different payments.
Renewal
Savvy investors, wishing to stay invested in a Bajaj Finance FD
for a longer period, can opt for the renewal option, at the time of investment
itself. Subsequently, they can also get
0.10% renewal benefit.
Taxation of investment
While investors may be able to reap several
benefits by investing in a fixed deposit, investors must also consider taxation
of their investments. Here’s a look at
the TDS rates applicable for NRI fixed deposit in India.
If annual interest on deposit is less than Rs.50 lacs
|
If annual interest on deposit is more than Rs.50 lacs, but less
than 1 Cr
|
If annual interest on deposit is more than Rs.1 Cr
|
|
31.2%
|
34.32%
|
35.88%
|
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