Bajaj Finserv offers a 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 and Bajaj Finance FD Rates below.
Bajaj Finserv FD Rates 2020
Regular Citizens Fixed Deposit Rates
| Tenor in months | Minimum Deposit Amount (in Rs.) | Cumulative Interest Rate | Non-Cumulative Interest Rate | |||
| Monthly | Quarterly | Half-Yearly | Yearly | |||
| 12 – 23 | 25,000 | 7.60% | 7.35% | 7.39% | 7.46% | 7.60% |
| 24 – 35 | 7.65% | 7.39% | 7.44% | 7.51% | 7.65% | |
| 36 – 47 | 7.70% | 7.44% | 7.49% | 7.56% | 7.70% | |
| 48 – 60 | 7.80% | 7.53% | 7.58% | 7.65% | 7.80% | |
Note: Figures mentioned in the above table are subject to change without prior information. The above-mentioned interest rates of Bajaj Finance (now Bajaj Finserv) are applicable with effect from 5th March 2020.
Senior Citizens Fixed Deposit Rates
| Tenor in months | Minimum Deposit (in Rs.) | Cumulative | Non-Cumulative | |||
| Monthly | Quarterly | Half Yearly | Yearly | |||
| 12 – 23 | 25,000 | 7.85% | 7.58% | 7.63% | 7.70% | 7.85% |
| 24 – 35 | 7.90% | 7.63% | 7.68% | 7.75% | 7.90% | |
| 36 – 47 | 7.95% | 7.67% | 7.72% | 7.80% | 7.95% | |
| 48 – 60 | 8.05% | 7.77% | 7.82% | 7.89% | 8.05% | |
Note: Figures mentioned in the above table are subject to change without prior information. The above-mentioned interest rates of Bajaj Finance (now Bajaj Finserv) are applicable with effect from 5th March 2020.
Bajaj Group Employees, Bajaj Finance Ltd. Customers and Bajaj Allianz Life Insurance Policyholders
| Tenor in months | Minimum deposit (in Rs.) | Cumulative | Non-Cumulative | |||
| Monthly | Quarterly | Half Yearly | Annual | |||
| 12 – 23 | 25,000 | 7.70% | 7.44% | 7.49% | 7.56% | 7.70% |
| 24 – 35 | 7.75% | 7.49% | 7.53% | 7.61% | 7.75% | |
| 36 – 47 | 7.80% | 7.53% | 7.58% | 7.65% | 7.80% | |
| 48 – 60 | 7.90% | 7.63% | 7.68% | 7.75% | 7.90% | |
NRI Fixed Deposit Rates
| Tenor in Months | Minimum deposit (in Rs.) | Cumulative Interest Rates | Non-Cumulative Interest Rates | |||
| Monthly | Quarterly | Half Yearly | Annual | |||
| 12 – 23 | 25,000 | 7.60% | 7.35% | 7.39% | 7.46% | 7.60% |
| 24 – 35 | 7.65% | 7.39% | 7.44% | 7.51% | 7.65% | |
| 36 | 7.70% | 7.44% | 7.49% | 7.56% | 7.70% | |
Note: Figures mentioned in the above table are subject to change without prior information.
Types of Bajaj Finserv Fixed Deposit Schemes
1. Bajaj Finserv Fixed Deposit Scheme
| Features & Benefits of Bajaj Finserv or Bajaj Finance 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 |
| Bajaj Group employees are entitled to an additional 0.10% interest rate per annum for deposits |
| Deposits are available on a cumulative and a non-cumulative basis |
| Account holders can also opt for auto renewal of their fixed deposit |
| Minimum deposit amount in Bajaj Finserv Fixed Deposit is Rs. 25000 |
| Individuals can prematurely withdraw their Bajaj Finserv fixed deposits. No interest will be payable if investor make premature withdrawal after 3 months but before 6 months |
| Bajaj Finserv Loan against fixed deposit facility is also available using which any investor can avail loan up to 75% of amount invested in a cumulative fixed deposit and up to 60% of the amount invested in a non-cumulative fixed deposit |
2. Bajaj Finserv Senior Citizens Fixed Deposit Scheme
| Features & Benefit of Bajaj Finserv Senior Citizen Fixed Deposit Scheme |
| Customers can invest with the minimum deposit amount of Rs. 25,000 |
| The investment tenure ranges from 12 to 60 months |
| Under this scheme, senior citizens can earn 0.35% higher Bajaj Finserv FD rate than the regular individuals |
| It ensures high stability as it has been rated ICRA’s MAAA (Stable) and CRISIL’s FAAA/Stable which is the highest safety rating in the industry |
| Customers can also avail monthly, quarterly, half yearly or yearly interest payout |
Bajaj Finserv Fixed Deposit Premature Withdrawal Facility
Bajaj Finserv or Bajaj Finance Fixed Deposit comes with a fixed lock-in period of 3 months. While there is no penalty on withdrawing money prematurely, one may incur losses in terms of earned interest. Hence, account holder should try only to opt for premature withdrawal in case of financial crunch or any emergency. Alternatively, one can take a loan against FD, and get the desired cash flow without losing out on the interest.
Bajaj Finserv Fixed Deposit Calculator
Bajaj Finserv FD Interest Rates Calculator can be used to check the interest and maturity amount that the depositor will get when the tenure ends. Fixed Deposit offer higher interest rates than savings accounts and is secure than other investment options (like mutual funds and stocks). Any individual who desire to invest in a fixed deposit account needs to provide the amount that he/she wish to invest, Bajaj Finserv FD rate and the deposit tenure that he/she wishes to invest for. After providing these details, the investor can check the potential returns and can compare it with other bank FD rates as well.
For example, a customer wants to invest Rs.5 lakh for a tenure of 18 months with an annual interest payout frequency. With Bajaj Finserv he/she will be able to earn a total amount of Rs. 5,58,070 (including Rs. 58, 070 interest) on maturity at a Bajaj Finserv FD rate of 7.60% per annum under the cumulative scheme.
Bajaj Finserv Loan against Fixed Deposit
Bajaj Finserv provides its customers with the facility of loan against fixed deposit up to 75% of the amount invested in a cumulative fixed deposit and up to 60% of the amount invested in a non-cumulative fixed deposit. Investors can also avail Bajaj Finserv loan against fixed deposit online up to Rs. 4 lakh.
Bajaj Finserv Fixed Deposit Eligibility Criteria
The following can apply for Bajaj Finserv Fixed Deposit –
- Resident Individuals
- Hindu Undivided Family (HUF)
- Sole Proprietorship firms
- Partnership Firms
- Companies including Group Companies
- Clubs, Associations and Societies
- Family Trust
Documents Required for Bajaj Finserv Fixed Deposit
The following documents are required to be submitted to open a Fixed Deposit account:
For Individuals –
- Recent passport size photographs
- Certified copy of the Proof of Address which can be anyone documents such as Passport, Voter’s ID Card, Driving License, Aadhaar Card, NREGA Job Card duly signed by the State Government Officer
- Certified copy of the Proof of Identity which can be anyone documents such as Passport, PAN Card (mandatory), Voter’s ID Card, Driving License, Aadhaar Card, NREGA Job Card duly signed by the State Government Officer
- Certified copy of the Proof of Signature which can be anyone documents among Passport, 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
How to Apply for Bajaj Finserv Fixed Deposit Account?
Investors can follow the below-mentioned steps to apply for a Bajaj Finserv Fixed Deposit Account:
Step 1: Investors can fill the online application form available at Bajaj Finserv’s official website and deposit the money via net banking, RTGS/NEFT or cheque
Step 2: The filled-out form can be accessed by clicking on ‘Save as PDF’ and the representative of Bajaj Finserv will get in touch for the collection of documents
Step 3: Print and sign the application form, affix the photographs, and keep the KYC documents ready
Step 4: Submit the documents with a CTS compliant cheque to the representative and the Bajaj Finserv FD account will be opened.
Alternatively, investors can visit Bajaj Finserv official website and get their fixed deposit accounts opened.
Frequently Asked Questions (FAQs)
Q. Can an account holder apply for a loan against FD with Bajaj Finserv?
Yes, an account holder can avail loan against FD with Bajaj Finserv up to 75% of the amount invested in a cumulative fixed deposit and up to 60% of the amount invested in a non-cumulative fixed deposit.
Q. Who all can invest in Bajaj Finserv fixed deposit scheme?
Customers who can invest in Bajaj Finserv fixed deposit scheme are as follows:
- Resident Individuals
- Hindu Undivided Family (HUF)
- Sole Proprietorship firms
- Partnership Firms
- Companies including Group Companies
- Clubs, Associations and Societies
- Family Trust
Q. What are the documents required for individuals to invest in Bajaj Finserv FD?
The documents required for individuals to invest in Bajaj Finserv FD are as follows:
- Recent passport size photographs
- Certified copy of the Proof of Address which can be anyone documents such as Passport, Voter’s ID Card, Driving License, Aadhaar Card, NREGA Job Card duly signed by the State Government Officer
- Certified copy of the Proof of Identity which can be anyone documents such as Passport, PAN Card (mandatory), Voter’s ID Card, Driving License, Aadhaar Card, NREGA Job Card duly signed by the State Government Officer
- Certified copy of the Proof of Signature which can be anyone documents among Passport, PAN Card or Driving License
Q. Who cannot invest in Bajaj Finserv fixed deposit scheme?
NRIs, Foreign Citizens, Person of Indian Origins (PIOs), charitable trusts and entities qualifying under section 11(5) of Income Tax Act cannot invest in Bajaj Finserv fixed deposit scheme.
Q. What is Bajaj Finserv Senior Citizen FD?
Bajaj Finserv offers a fixed deposit for senior citizens for individuals above 60 years of age and can earn comparatively higher interest rates than regular individuals.
Bajaj Finance Fixed Deposit News
| Bajaj Finserv revises its renewal rate to 0.10% |
| 8th May 2019 Bajaj Finserv has revised its renewal rate to 0.10% over and above the rate of interest at which the deposit is booked. The hike went into effect recently on May 8, 2019. |
| Bajaj Finance Hikes FD Interest Rates, Highest Rate now at 9.1% |
| 18th Oct 2018 Bajaj Finance has increased fixed deposit interest rates with effect from 17th October 2018 for the 36-60 month tenure. Likewise, renewal rates of fixed deposits have been hiked by 0.25%. For senior citizens, there is an additional 0.10% increase making it a 0.35% hike in..Read more |
| Bajaj Finance Ltd increases fixed deposit rate of interest up to 8.75% |
| 06th Jun 2018 Bajaj Finance Limited, the lending and investment arm of Bajaj Finserv, has announced an increase it its fixed deposit interest rates. It has hikes the FD interest rate for senior citizens from 8.40 percent to 8.75 percent and for the existing FD customers the rate is 8.65 percent. This interest rate will be offered under the cumulative option and under the non-cumulative option, it is offered on annualised basis. |