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
  • The individual has the option to choose from 6 tenures offered by the company which are 12, 18, 24, 36, 48 and 60 months. The choice of tenure depends on the customer who chooses for how long would he want to stay invested and when will the funds be required
  • Senior citizens aged 60 years and above are allowed an additional rate of interest @ 0.25% per annum for deposits up to Rs.1 crore
  • Bajaj Group Employees including employees of Bajaj Auto Limited, Bajaj Finserv Limited, Bajaj Holdings and Investments Limited, Bajaj Electricals Limited, Bajaj Allianz Life Insurance Company Limited, Bajaj Allianz General Insurance Company Limited, Maharashtra Scooters Limited, Mukand Limited and Bajaj Finance Limited Live are entitles to an additional 0.10% interest rate per annum for deposits of up to Rs.1 crore
  • The deposits are available on a cumulative and a non-cumulative basis.
  • Cumulative deposits are those wherein the interest is calculated on a compounded basis annually and is reinvested with the principal to earn further interest. In non-cumulative deposits the interest is calculated and not reinvested with the principal and is paid out either monthly, quarterly, half-yearly or annually depending on the choice of the customer
  • The company has a vast presence across 200 locations in India
  • Ease of access to the Fixed Deposit account through Online facility provided by the company through Experia – an online Customer Portal
  • On maturity, the maturity proceeds are automatically credited to the customer’s account
  • If the interest earned on the deposits is up to Rs.5000 per customer, there will be no Tax Deducted at Source (TDS) on the interest earned and it will be exempt from tax
  • Availability of concierge services for selected customers
  • The deposit can be made either through electronic mode if the amount is Rs.50 lakhs and above or by physical modes
  • 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
  • Subsequent deposits are accepted with a minimum amount of Rs.50, 000 across all branches in multiples of Rs.1000
  • The minimum tenure of deposit is 12 months and the maximum tenure is 60 months. The customer can choose any tenure form the 6 pre-mentioned tenures ranging from 12-60 months
  • The customer can cancel the deposit prematurely before the end of the tenure only after 3 months of opening the deposit. This cancellation is also allowed at the sole discretion of the company.
  • In case of premature cancellation after 3 months but before 6 months, no interest will be payable and in case of cancellations after 6 months, the interest payable will be calculated at 2% lower rate than the original applicable rate of interest for the period for which the deposit was held. If there has been no pre-defined rate then interest will be payable at 3% lower than the interest rate
  • Loans can be availed against deposits above Rs.1 crore up to a maximum amount of 75% of the deposit amount. The rate of interest on loan will be 2% higher than the rate of interest applicable on the deposit
  • Renewal of the deposit can be done at least 7 days prior to the maturity of the deposit at the request of the customer post which renewal request will not be entertained

 

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

Rate of Interest

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

Tenure (in months)

Cumulative Deposits

Non-cumulative Deposits

Annual

Monthly

Quarterly

Half-yearly

Annually

12

8.55%

8.23%

8.29%

8.37%

8.55%

18-36

8.65%

8.32%

8.38%

8.47%

8.65%

36-60

8.65%

8.32%

8.38%

8.47%

8.65%

Applying for a Fixed Deposit from Bajaj Finserv

The company only provides for Fixed Deposit application from the branches of the company, through the company’s sales representatives and through the preferred distributing third party partners of Bajaj Finserv. The depositor is supposed to fill up the application form physically and submit the duly filled up form along with the required documents and the cheque of the deposit amount. The cheque drawn should be a CTS compliant payable at par cheque drawn in favor of ‘Bajaj Finance Limited Fixed Deposit Account 00070350006738’ and should be crossed ‘Account Payee Only’.

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 interestunder 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.


The following table tabulates the above date in a more concise manner.

Category

Amount of deposit

Tenure

Cumulative Scheme

Non-cumulative Scheme

Interest rate

Yield

Interest rate

Yield

New customer

5 lakhs

18 months

9.20%

570,563

9.00%

569,000

Existing Customer

10 lakhs

36 months

9.35%

13,07,544

9.05%

12,71,500

Senior citizen

25 lakhs

60 months

9.50%

39,35,597

9.30%

36,62,500