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Understanding the Benefits of Diverse Payment Channels while investing in Fixed Deposits

Byadmin

Feb 20, 2024
Diverse Payment Cannels
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Investing in fixed deposits (FDs) is one of the most popular ways to earn a stable income. These are low-risk investments, and you can earn good returns on your investment over a fixed tenure. FDs usually have a fixed rate of interest that is determined at the time of investment. However, with the advent of technology, there are various payment channels that one can choose from to invest in FDs. In this article, we will discuss the benefits of diverse payment channels while investing in Fixed Deposits.

What is a Fixed Deposit?

Fixed deposits are typically low-risk investments that are offered by banks and other financial institutions. The investment is made for a fixed tenure, and in return, the investor earns a fixed rate of interest. The rate of interest on a fixed deposit is generally higher than a savings account, making it an attractive investment option. The interest is compounded annually, and at maturity, the investor can either reinvest the principal amount and the accumulated interest or take it back.

The fixed deposit interest rate generally varies from bank to bank and depends on the tenure of the deposit. Typically, the longer the tenure of the deposit, the higher the interest rate will be. The FD rate of interest also depends on the deposit amount, and most banks offer preferential rates to senior citizens.

Benefits of investing in Fixed Deposits

Here are some benefits of investing in fixed deposits:

1. Low-risk investment: There is virtually less chance of losing your investment as long as you keep your money invested in a reputed bank or financial institution.

2. Comparatively secured returns: When you invest in a fixed deposit, you know exactly how much interest you will earn on your investment. This means that you can plan your finances better and meet your financial goals.

3. Flexible tenures: Fixed deposits offer flexible tenures ranging from a few months to several years. This flexibility allows you to invest in a fixed deposit that suits your financial needs and goals.

Payment channels for investing in Fixed Deposits

With the advent of technology, there are several payment channels available to invest in fixed deposits. In addition to the traditional method of visiting a bank branch and filling out a form, you can now invest in FDs through online platforms, mobile apps, and more. Here are some payment channels available to invest in fixed deposits:

1. Mobile apps: Mobile apps like the Bajaj Finserv app allow you to invest in fixed deposits through your smartphone. You can easily create an account, choose a tenure and deposit amount, and invest in an FD with just a few clicks. You can also keep track of your investments and earnings through the app.

2. Internet banking: Most banks now offer internet banking services that allow you to invest in fixed deposits online. You need to log in to your bank’s internet banking portal, select the deposit amount and tenure, and complete the payment process.

3. ATM: Some banks also offer the facility to invest in fixed deposits through their ATMs. You need to visit the ATM, enter your details, and choose the investment amount and tenure. You can then make the payment and receive a confirmation.

4. Phone banking: Some banks also offer the facility of investing in fixed deposits through phone banking. You need to call the bank’s customer care and follow the instructions to invest in an FD.

Benefits of investing in Fixed Deposits through diverse payment channels

1. Convenience: Diverse payment channels make it easier and more convenient to invest in fixed deposits. You don’t need to make a physical visit to the bank branch and fill out paperwork. You can invest in an FD from the comfort of your home or office, using your smartphone or laptop.

2. Time-saving: By using diverse payment channels, you can save a lot of time that you would otherwise spend visiting the bank branch. You can invest in an FD within minutes and get a confirmation instantly.

3. Secure: All payment channels for investing in fixed deposits are secure and safe. Banks and financial institutions use advanced encryption technology to ensure that your personal and financial information is not compromised.

4. Easy tracking: When you invest in an FD through online platforms or mobile apps, you can easily keep track of your investments and earnings. You can view your investment history, interest earned, and maturity dates from one place.

Bajaj Finserv App is a mobile app that allows you to invest in fixed deposits and other financial products with ease. The app is user-friendly and allows you to manage your investments effortlessly. Here are some reasons why you should consider using the Bajaj Finserv app to invest in fixed deposits:

1. Convenience: The Bajaj Finserv App is designed to be convenient to use. You can invest in fixed deposits through the app anytime, anywhere, with just a few clicks.

2. Secure: The Bajaj Finserv App uses state-of-the-art encryption technology to ensure that all your personal and financial information is secure. You can invest in fixed deposits with confidence, knowing that your information is safe.

3. Comprehensive: The Bajaj Finserv App offers a range of financial products, including fixed deposits, mutual funds, insurance, and more. You can manage all your investments from one place.

4. Customer support: Bajaj Finserv App offers 24/7 customer support to help you with any queries or issues you may have. You can reach out to their customer support team through chat, email, or phone.

Competitive interest rate: Bajaj Finance Fixed Deposit provide attractive FD rate of interest of up to 8.85% p.a.

Conclusion

In conclusion, investing in fixed deposits is a great way to earn a stable income while keeping your investments safe. By using diverse payment channels like mobile apps, internet banking, ATM, and phone banking, you can invest in fixed deposits with ease and convenience. The Bajaj Finserv App is one such payment channel that offers a range of financial products and makes investing in fixed deposits effortless. Use the app to invest in fixed deposits, earn guaranteed returns, and achieve your financial goals.

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