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Emergencies can come out of nowhere and leave even the most strategic and financially stable individuals blindsided. A contingency fund is the best hope of getting through it, as dipping into savings can prove problematic. This is because emergencies often require more funds than anyone can anticipate.For instance, in the case of a medical problem, one must account for the cost of treatment, recovery, subsequent medications, and specialised therapy. So, having a large enough fund parked safely is the best way to be prepared for such occurrences.Unfortunately, building a contingency fund is no easy task. It could take months, and even with diligent saving habits, inflation could erode a lot of its value over time. The best way to put money aside for such needs is to invest in a safe instrument like Bajaj Finance Fixed Deposit. Its stability, combined with the high FD rates and easy liquidity options, helps investors build a corpus effectively.Read on to know more about how to make the most of this to build an emergency fund.Invest early without having to save a significant amountRegardless of the goal, investing as early as possible will always be beneficial as you stand to gain the benefits of compounding interest. It allows one to stay invested for longer, effectively adjusting for inflation in the process. With the Bajaj Finance FD, one can get returns up to 6.80 per cent p.a, while senior citizens can earn up to 0.25 per cent more. Investors can enjoy benefits such as a minimum deposit amount of just Rs. 25,000.Choose to stay invested for a longer tenorTo build a contingency fund via investing, one should consider opting for a longer tenor. Bajaj Finance allows investors to choose a flexible investment window between 12 and 60 months. Investors should ideally select a maximum tenor of 60 months to make most of the compounding effect. Here, interest compounding benefits are most noticeable and work efficiently toward one's end goal.The applicable vary based on the investor type and the chosen tenor. As a citizen below 60, one can get interest rates up to 6.80 per cent, whereas senior citizen investors can get up to 7.05 per cent on their deposits. Here's an example of a citizen under 60 investing in an FD for different tenors:As the table suggests, the longer one stays invested, the better it is for them. The difference between a one-year and five-year investment is significant and can make all the difference when building an emergency fund.Avail of the loan against FD facility for instant liquidityWhen one invests in a Bajaj Finance FD, they don't have to worry about lengthy lock-in periods. The money is only locked in for three months, after which investors can withdraw it at any time to fund emergencies. To avoid penalty charges from early withdrawal, investors can also avail of an easy loan against their FD from Bajaj Finance, up to 75 per cent of the FD value.While other investment options are also available, this FD is one of the most promising financial tools available in the market. With both FAAA and MAAA ratings from CRISIL and ICRA, respectively, investors get the surety they need when building a rainy-day fund. What's more, these ratings allow one to invest for a long tenor without worrying about market volatility or the risk of default. Investors can also skip the long queues and lengthy documentation by choosing to book a from the comfort of their homes.This story is provided by NewsVoir.will not be responsible in any way for the content of this article. (ANI/NewsVoir)( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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