Fixed Deposits

Bajaj Finserv offers Fixed Deposit scheme to its customers with attractive rates of interest and high credit ratings by the leading rating agencies of the country. Let us look at the features and benefits of the Fixed Deposit scheme offered by Bajaj Finserv in details.
 

Features and Benefits of the Fixed Deposit scheme

  • The deposit is rated FAAA / Stable by CRISIL  and MAAA (Stable) by ICRA making it the safest deposit scheme with utmost security of the money invested against any volatility
  • Individuals can choose their deposit tenure from 12, 18, 24, 36, 48 or 60 months
  • Senior citizens are eligible for special interest rates above @ 0.25% of the basic interest rate
  • Bajaj employees are entitled to an additional 0.10% interest rate per annum for deposits of up to Rs.1 crore
  • Deposits are available on a cumulative and a non-cumulative basis.
  • Auto credit of maturity proceed on maturity to the customer’s account
  • No TDS shall be deducted if the interest earned on the deposits is up to Rs.5000
  • Availability of concierge services for selected customers
  • Subsequent deposits are accepted with a minimum amount of Rs.50, 000 across all branches in multiples of Rs.1000
  • Minimum deposit tenure is 12 months
  • The maximum deposit tenure is 60 months
  • Individuals can cancel the deposit prematurely before the end of the tenure
  • In case of premature cancellation after 3 months but before 6 months, no interest shall be payable.
  • Loans can be availed against deposits above Rs.1 crore up to a maximum amount of 75% of the deposit amount.
  • Renewal of the deposit can be done at least 7 days prior to the maturity
  • For National Capital Region and for greater Mumbai, the minimum amount of deposit is Rs.1.5 lakhs under both cumulative and non-cumulative schemes, for Chennai, Kolkata, Bangalore, Hyderabad, Pune and Ahmedabad, the minimum deposit amount is Rs.1 lakh under both the schemes, for other regions where the company has branches, the minimum amount of deposit is Rs.50, 000 for cumulative scheme and Rs.1 lakh for non-cumulative scheme. There is no limit on the maximum amount that can be invested

Rate of Interest

  • The deposits earn a rate of interest based on their tenure and their type. The interest rate is as follows:

 

Tenure

 

Cumulative

Non Cumulative

Monthly

Quarterly

Half Yearly

Annual

12-35

8.00%

7.72%

7.77%

7.85%

8.00%

36-60

8.05%

7.77%

7.82%

7.89%

8.05%

Eligibility Criteria

The following can apply for a Fixed Deposit from Bajaj Finserv

  • Resident Individuals
  • Hindu Undivided Family (HUF)
  • Sole Proprietorship firms
  • Partnership Firms
  • Companies including Group Companies
  • Clubs, Associations and Societies
  • Family Trust

Documents Required

The following documents are required to be submitted to open a Fixed Deposit account:

For individuals

  • Latest Photograph
  • Certified copy of the Proof of Address which can be any one documents among Passport, Voter’s ID Card, Driving License, Aadhar Card, NREGA Job Card duly signed by the State Government Officer
  • Certified copy of the Proof of Identity which can be any one documents among Passport, mandatory PAN Card, Voter’s ID Card, Driving License, Aadhar Card, NREGA Job Card duly signed by the State Government Officer
  • Certified copy of the Proof of Signature which can be any one documents amongPassport, PAN Card or Driving License

For Private Limited or Public Companies

  • PAN Card
  • KYC Grid Address Proof
  • Certificate of Incorporation
  • Memorandum and Articles of Association
  • Authorized Signatories List with specimen signatures
  • Board Resolution for opening the Fixed Deposit Account
  • ID Proof of Authorized Signatories as per the KYC Grid of ID Proof requirement

For Partnership Firms

  • PAN Card
  • KYC Grid Address Proof
  • Certificate of Registration
  • Partnership Deed
  • Authorized Signatories List with specimen signatures
  • ID Proof of Authorized Signatories as per the KYC Grid of ID Proof requirement

For Hindu Undivided Families (HUFs)

  • PAN Card of the HUF
  • KYC Grid Address Proof
  • Self-attested copy of PAN Card in the HUF’s name is mandatory
  • Deed of Declaration of HUF
  • Bank Passbook / Bank Statement / Demat Statement in the name of the HUF
  • KYC of all adult members of the HUF as per the KYC Grid

For Statutory Board or Local Authority

  • PAN Card
  • KYC Grid Address Proof
  • Authorized Signatories List with specimen signatures
  • Self-certification of Letter Head

For Registered Societies

  • PAN Card
  • KYC Grid Address Proof
  • Copy of Registration Certificate under Societies Registration Act
  • List of Managing Committee Members
  • Committee Resolution for persons authorized to act as authorized signatories with specimen signatures
  • True copy of Society Rules and Bye Laws certified by the Chairman or Secretary

Fixed Deposit Earning Calculator

The company provides the facility of calculating the earning on the invested deposits through its Fixed Deposits Calculator. Below are some calculated earnings on different deposits:

  • A new customer wanting to invest Rs.5 lakhs for tenure of 18 months with an annual interest payout frequency will earn a total amount of Rs.570, 563 on maturity at a rate of interest of 9.20% per annum under the cumulative scheme. The same deposit under a non-cumulative scheme with an annual interest payout facility will earn Rs.569, 000 on maturity.
  • An existing customer investingRs.10 lakhs in the deposit for tenure of 36 months will be eligible for a rate of interest of 9.35% on a cumulative basis giving a total yield of Rs.13, 07, 544 on maturity. The same deposit for the same term with a quarterly payout of interest under a non-cumulative scheme will earn an interest rate of 9.05% making the maturity yield of Rs.12, 71, 500.
  • A senior citizen depositing Rs.25 lakhs for a period of 60 months under a cumulative scheme with an annual interest payout will attract a rate of 9.50% per annum and the maturity yield will be Rs.39, 35, 597 after 5 years. The same deposit under a non-cumulative scheme with a half-yearly interest payout will attract a rate of interest of 9.30% per annum making the maturity amount equal to Rs.36, 62, 500.
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