Fatherhood has changed. The role of a father is no more restricted to just being the caregiver or provider for his children and family. He is a friend, philosopher, and guide to his child as well. He is a role model for his children and his first best friend. Millennials, who are flush with their first earnings, look for meaningful gifts for their fathers on Father’s Day. The gift of a fixed deposit is a new, innovative, and exciting gifting idea.
What better way to do this, than to gift your father a Bajaj Finance FD this Father’s Day!
When a young adult, with his first earnings, gifts his dad an FD, it sends out a clear message. One, it is the acknowledgment of the sacrifices made by the father and secondly, it heralds the coming of age of the child and the gradual reversal of roles. The child is now asserting his independence and showcasing his ability to make wise and secure financial decisions. His financial maturity is reflected in the gift of an FD to his father.
Why FD is the best gift for your father
Investment options are many. However, a pragmatic and wise choice for a safe investor is Fixed Deposit. It offers a secure, steady, and low-risk investment option with a fixed tenure. Compounding interest advantage can also be availed. It is the best way to grow savings. The several benefits of an FD as a gift to your father include –
- Safety: The principal amount or your capital is safe and secure. It is not subject to equity market fluctuation and gives a steady and guaranteed income in the form of interest. It offers stability with MAAA (stable) rating from ICRA and a rating of FAAA/Stable from CRISIL.
- Lucrative interest rate: Most bank fixed deposits offer a rate of 7.7 % interest, which is much higher than saving bank account interest rates. However, Bajaj Finance Fixed Deposit (FD) offers a high interest of 8.6% to a new customer, seeking to invest for a 5-year tenor.
A senior citizen can earn an additional 0.35% interest on the same investment i.e., 8.95%. This high-interest rate is very comforting and will provide much security and assurance to your father in his retirement years.
- Cumulative and non-cumulative FD: If your father is in his forties or fifties, you can look into the cumulative FD option. This will compound interest and give a substantial return on investment at the end of the term of the FD. The corpus or the base investment will grow to larger amounts.
A retired dad, in his sixties, may prefer a non-cumulative FD. The interest on this kind of FD will be paid out regularly in monthly or quarterly payouts. This will help take care of monthly expenditure, to a large extent. Also, the additional Fixed Deposit rate, for senior citizens, comes in handy.
- Variable tenors and easy renewal: Flexible tenors ranging from 12 months to 60 months can help you lock your money to suit your needs. If you wish to gift your father a lavish holiday on his retirement, you can plan and lock in the money until his year of retirement.
Again, easy renewal, is a blessing for your father, if he wishes to renew the fixed deposit on its maturity. Bajaj Finance FD offers an additional 0.10% interest in returning and existing investors.
This Father’s Day, think out of the box and make your father proud by gifting him a fixed deposit. It will signal your unconditional love and support to him, in his twilight years.