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Bajaj Finance Fixed Deposit

Updated 06 Dec 2023

Bajaj Finance Ltd., a subsidiary of Bajaj Finserv Ltd., is a Non-Banking Financial Company that accepts deposits (NBFC-D). It is registered with the Reserve Bank of India (RBI) and is categorised as an investment and credit company.

 

Bajaj Finance is in the business of lending and accepting deposits. It has a significant presence in rural as well as urban India. Its lending portfolio is diversified across retail, Small and Medium Enterprises (SMEs), and commercial customers. Bajaj Finance is a 35-year-old enterprise with 66.05 million customers.

 

Investing in fixed deposits is considered to be one of the safest. Bajaj Finance offers fixed deposits with a 12-60 month tenure. However, they offer higher interest rates on special tenure of 15, 18, 22, 30, 33, and 44 months.

Types of Bajaj Finance Fixed Deposits

The following are the types of Fixed Deposits offered by Bajaj Finance:

  1. Term Deposits
  2. Systematic Deposit Plan
  3. NRI Fixed Deposits
  4. Senior Citizen FDs

Benefits of Bajaj Finance Fixed Deposit

The following are the benefits of investing in FD schemes offered by Bajaj Finance:

  • Convenient: Bajaj Finance offers end-to-end online opening of fixed deposit accounts.
  • Minimum amount: You can open FD with Bajaj Finance with a minimum of ₹15,000
  • Interest Payouts: Bajaj Finance offers flexible interest payouts - monthly, quarterly, semi-annually, and annually.
  • Safety: It enjoys a ‘AAA’ rating from credit rating agencies like CRISIL and ICRA.
  • Extra Benefit to senior citizens: Senior citizens enjoy an additional interest rate over non-senior citizens.

Features of the Bajaj Finance Fixed Deposits

Term Deposits Scheme

  • The minimum investment amount is ₹15,000.
  • You can open it online.
  • The tenure ranges from 12 to 60 months.
  • Flexible interest payout - monthly, quarterly, semi-annually, and annually.
  • You can also receive a full payout (principal + interest) at maturity.
  • Higher FD interest rates for senior citizens.
  • Highest credit rating of ‘AAA’ from credit rating agencies like CRISIL and ICRA.
  • Higher FD interest rates on the special tenure of 15, 18, 22, 30, 33, and 44 months.
  • Based on the tenor, the interest rate ranges from 7.35% to 8.4% for the general public, and 7.65% to 8.6% for senior citizens.

Systematic Deposit Plan

  • This monthly deposit plan is offered in two schemes - Single Maturity Scheme (SMS) and Monthly Maturity Scheme (MMS).
  • The minimum investment is ₹5,000 per month.
  • The tenure ranges from 12 to 60 months.
  • You can opt for a monthly FD interest rate payout or full payout (principal + interest) at maturity.
  • Higher FD interest rates on the special tenure of 15, 18, 22, 30, 33, and 44 months.
  • Higher FD interest rates for senior citizens.
  • Highest credit rating of ‘AAA’ from credit rating agencies like CRISIL and ICRA.
  • Based on the tenor, the interest rate ranges from 7.35% to 8.4% for the general public, and 7.65% to 8.6% for senior citizens.

NRI Fixed Deposits Scheme

  • The interest rate is as high as 8.30%.
  • The tenure of Fixed Deposit ranges from 12 to 36 months.
  • You have to make the payment through cheque or RTGS/NEFT from an NRO bank account.
  • You get the option to choose a flexible payout option for interest payments on monthly, quarterly, half-yearly, or annually.
  • Based on the tenor, the interest rate ranges from 7.35% to 8.4% for the general public, and 7.65% to 8.6% for senior citizens.

Senior Citizen Fixed Deposits Scheme

  • The interest rate ranges from 7.39% to 8.60% per annum.
  • You can start your FD at the convenience of your home via the online application procedure.
  • An additional rate of 0.25% is offered to senior citizens.
  • Based on the tenor, the interest rate ranges from 7.65% to 8.6% for senior citizens.

Eligibility Criteria to Open a Fixed Deposit with Bajaj Finance

  • Resident Indians
  • Sole proprietorships
  • Partnership firms and companies
  • Hindu Undivided Families (HUFs)
  • Clubs, associations, societies, and family trusts

Documents Required

The following are the documents required to open an FD with Bajaj Finance:

 

Identity Proof

  • Aadhaar card
  • Passport
  • Driving licence
  • Voter ID

Address Proof

  • PAN Card 
  • Utility Bills 
  • Electricity Bills 
  • Bank Statement 

How To Open A Bajaj Finance FD Account?

Below is a step-by-step guide to opening an FD account with Bajaj Finance:

  1. Visit the Bajaj Finserv website and click on 'Open FD'.
  2. Enter your 10-digit mobile number and verify the OTP sent to your phone.
  3. Fill in the investment amount, and choose the investment tenure and the payout frequency. Enter your PAN card and date of birth.
  4. Complete your KYC: If you are an existing customer, confirm the details available, or edit to make any changes. For new customers, complete your KYC using Aadhaar.
  5. A declaration will be displayed. Please read it carefully and agree to the terms and conditions. Enter your bank details and proceed to pay.
  6. Complete your investment using NetBanking/UPI or NEFT/ RTGS.

Once your fixed deposit is booked, you will receive the Fixed Deposit Acknowledgement (FDA) on your registered email address and as a link on your mobile number. You will receive an Electronic Fixed Deposit Receipt (e-FDR) to your email ID within 3 working days (subject to documents being in the correct order).

How To Close A Bajaj Finance FD Account?

Bajaj Finance fixed deposit provides a premature withdrawal option to all depositors, which allows them to close the FD before the scheduled maturity date. You can close the FD both Online and Offline:

 

Close FD Online

  1. Visit the Bank Website.
  2. Log in using your ID and password.
  3. Choose the option of Premature Closure of Fixed Deposit.
  4. Enter your FD number and Submit the Cancellation Request.

Close FD Offline

  1. Visit the Bank Branch
  2. Fill up and Submit the Premature FD Closure Form.
  3. Submit this form with ID proof.

Bajaj Finance Fixed Deposit Scheme Premature Withdrawal Terms and Conditions

In case of premature withdrawal, the following penalty will be charged:

  • In case of premature withdrawals, Bajaj Finance can levy a penalty of 1%.
  • No interest will be paid on the closure of FD within less than 7 days of opening.

FAQs

What is a fixed deposit?

Fixed deposit is an investment avenue wherein investors can invest a specific amount for a specified period at a fixed interest rate. Fixed deposits are offered by banks and NBFCs (Non-Banking Financial Companies).

What is the tenure for investing in a Bajaj Finance FD?

Bajaj Finance offers you to choose any tenure from 12 to 60 months. The interest rate for each investment varies based on the tenure the investor selects. Bajaj Finance has also introduced a special tenure of 15, 18, 22, 30, 33, and 44 months.

What is the minimum amount for investing in a fixed deposit?

The minimum investment amount to open a fixed deposit with Bajaj Finance is ₹15,000.

How many deposits can I make with Bajaj Finance Fixed Deposit?

There is no limit on the number of fixed deposits you can have with Bajaj Finance.

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Bajaj Finance

Calculate Bajaj Finance FD Returns

₹1,00,000
6%
365
days
daysmonthsyears
Maturity Amount₹1,06,000

Understanding Fixed Deposit

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