Bajaj Finance Ltd. (commonly known as Bajaj Finance) is a subsidiary of Bajaj Finserv Ltd. and was incorporated on 25th March 1987. The organisation is classified as an NBFC (Non-Banking Financial Company) that engages in lending and accepting different types of deposits.
This NBFC lends to individuals, SMEs, and retail businesses in rural and urban areas of India. Bajaj Finance has 72.98 million customers and has the highest Stable/ AAA domestic credit rating for long-term borrowings.
One of the most common deposits offered by Bajaj Finance is fixed deposits. Even though they only have two FD schemes, Bajaj Finance FD rates are competitive in the market compared to other Indian NBFCs. It offers security on the amount you deposit and allows you to earn interest monthly, quarterly, half-yearly and annually.
In this article, we will provide you with a comprehensive guide about Bajaj Finance FD and its related aspects.
| Minimum Deposit | ₹15,000 |
| Maximum Deposit | ₹5 crores |
| Minimum Tenure | 12 months |
| Maximum Tenure | 60 months |
| Interest Rates | 4.70% – 8.60% (including interest rate for special periods and senior citizen rates) |
| Lock-in Period | 3 months |
| Senior Citizen | 7.65% – 8.60% (as per special period)7.60% – 8.30% (as per regular period) |
| General Citizen | 7.40% – 8.35% (as per special period)7.35% – 8.05% (as per regular period) |
Bajaj Finance FD Rates 2024
| Tenure | General Citizen | Senior Citizen |
|---|
Features and Benefits of Bajaj Finance FD
If you intend to invest in any of their schemes, you must review the Bajaj Finance fixed deposit rates as well as all of the features and benefits of the schemes as listed below:
- Credit ratings received by Bajaj Finance from ICRA and CRISIL are high, ensuring the highest security of your deposits.
- The end-to-end process of applying for a fixed deposit account with Bajaj Finance is online.
- Senior citizens (individuals above 60 years of age) can avail the benefit of an additional 0.25% interest rate on their application for fixed deposits.
- You can choose from monthly, quarterly, half-yearly and annual payout options.
- The organisation offers special tenure on fixed deposits. Bajaj Finance FD interest rates on special tenures of 15, 18, 22, 30, 33 and 44 months are higher than the rates for regular periods.
- You can take a loan against your fixed deposit account with Bajaj Finance.
How to Book Bajaj Finance FD?
To open your Bajaj Finance FD account hassle-free, follow the steps below.
- Step 1: Visit the official website of Bajaj Finance and log in to your account using your valid credentials.
- Step 2: Select the ‘Open FD’ option at the top of the page and navigate to the online application form of FD.
- Step 3: Enter your registered mobile number and verify the same with the OTP received on your phone.
- Step 4: Enter the amount you want to invest in the FD, tenure, and pay-out frequency. You also need to enter your date of birth and PAN card details to complete this step.
- Step 5: Complete the KYC section if you are a new customer of Bajaj Finance. Existing customers only need to confirm all the details available with Bajaj and modify them as per requirement. KYC for new customers must be completed using an Aadhaar Card.
- Step 6: A declaration will be available on your screen. Read it carefully and agree to the terms stated.
- Step 7: Enter all your bank account details and proceed to payment.
- Step 8: Complete your FD booking process by paying the amount using NEFT/ RTGS or UPI/ Net Banking.
Once your fixed deposit account is booked, you will receive the Fixed Deposit Acknowledgement (FDA) on your linked mobile number and registered email ID. You will also receive an Electronic Fixed Deposit Receipt (e-FDR) within 3 working days from the completion of the booking.
Documents Required to Book Bajaj Finance FD
Here is the list of documents you need to produce while applying for a Bajaj Finance fixed deposit account.
- Properly filled FD application form
- PAN card
- Identity Proof – Aadhaar card, Diving licence, Passport, Voter ID card
- Address Proof – Passport, Utility bills, Government ID card
- Age proof – Aadhaar card, school passing certificate, ration card, etc.
- Passport sized photograph
- Bank account details – account number, IFSC code, and branch name.
Eligibility to Open Bajaj Finance FD
To open a fixed deposit account with Bajaj Finance, the eligibility criteria you need to fulfil are:
- Applicant type: Indian residents, Partnership companies and firms, Sole proprietorship firms, Hindu Undivided Family (HUF), Associations, clubs, family trusts and societies.
- Age (in case of individual applicants): 18 years or more.
*Note: In the case of NRIs (Non-Residenmt Indians), OCIs (Overseas Citizens of India) and IPOs (Persons of Indian Origin) can contact the representatives of Bajaj Finance to know the exact eligibility and documents required to open an FD scheme.
Types of Bajaj Finance FD Schemes
There are mainly two different types of fixed deposit schemes offered by Bajaj Finance. Along with the basic conditions, Bajaj Finance FD rates for these plans are available for different types of tenures.
Let us check the following section to understand the FD schemes offered by Bajaj Finance.
1. Regular Fixed Deposit Plan
The Bajaj Finance Fixed Deposit stands out due to its high safety and credibility ratings, which ensures the security of your deposited funds. In addition to conventional interest rates, Bajaj Finance offers higher rates for special tenures.
Moreover, this fixed deposit scheme is also available for senior citizens who can avail of higher interest rates.
- Minimum Amount: ₹15,000
- Maximum Amount: ₹5 crores
- Tenure: 12 months to 60 months
- Interest Rates: For senior citizens – 7.65% – 8.60% (as per special period) and 7.60% – 8.30% (as per regular period). For general citizens – 7.40% – 8.35% (as per special period) and 7.35% – 8.05% (as per regular period).
- Eligibility: Indian residents
2. Systematic Deposit Plan
This is a monthly savings scheme offered by Bajaj Finance to save and grow your investment for the future. This scheme allows you to enjoy the flexibility of minimal monthly investments and the security of a fixed deposit account. Bajaj Finance FD rates in this scheme are available for regular and special periods.
- Minimum Amount: ₹5,000
- Maximum Amount: ₹5 crores
- Tenure: 12 months to 60 months
- Interest Rates: For general citizens – 7.40% – 8.35% (as per special period) and 7.35% – 8.05% (as per regular period). For senior citizens – 7.65% – 8.60% (as per special period) and 7.60% – 8.30% (as per regular period).
- Eligibility: All Indian residents over 18 years old.
Once you understand all of the terms and features of fixed deposits offered by Bajaj Finance, selecting the best plan becomes simple. Bajaj Finance FD rates are different for different tenures, so make sure to choose a tenure that aligns with your financial goals.
Moreover, NRIs can also book a fixed deposit account with Bajaj Finance, but they need to talk with Bajaj Finance representatives and get a clear idea of what plan they can opt for and how to commence with the process.
FAQs
If you choose the regular fixed deposit option, you need to pay a minimum of ₹15,000 to book your FD. In the case of a systematic deposit scheme, you need to pay a minimum amount of ₹5,000.
There are four interest payout options available for your Bajaj Finance FD account. They are – monthly, half-yearly, quarterly and annually.
Yes. Senior citizens get an additional benefit of 0.25% on the interest rate. Due to this, the maximum FD interest applicable for senior citizens is 8.60%.
You may withdraw the amount of your fixed deposit before the end of the term. However, there is a 3-month lock-in period on all Bajaj Finance FD accounts.
Yes, the interest earned on your Bajaj Finance fixed deposit account is taxable.
Disclaimer
This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.
