Bajaj Markets, an online financial marketplace, offers a practical solution for parents planning their childrens 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.
Build an education fund with FDs!
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 childs 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 childs future education needs. Individuals can visit the official website or download the app to get started with booking an FD.
About Bajaj Finserv Direct
Bajaj Finserv Direct, a subsidiary of Bajaj Finserv, is one of the fastest-growing fintech companies in India. It has two primary arms, Bajaj Markets, a financial marketplace, and Bajaj Technology Services, a techfin service provider.
Bajaj Markets is a marketplace that offers multiple financial products across all categories – Loans, Cards, Insurance, Investments, Payments, Pocket Insurance, and VAS. Bajaj Markets has partnered with trusted financial brands to offer “India ka Financial Supermarket”. A one-stop destination where its customers can explore a host of products that can help them achieve their financial life goals.
Having started its journey as a fintech, Bajaj Finserv Direct has also built a very strong business as a techfin. Through Bajaj Technology Services it offers a wide gamut of digital technology services which span Custom Applications, Enterprise Applications, Data & Analytics, Gen AI, Cloud Services and Digital Agency.
Visit the Bajaj Markets website or download the Bajaj Markets’ app from the Play Store or App Store to experience “India ka Financial Supermarket”.
