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Senior Citizens Fixed Deposit Interest Rates in Bajaj Finance

Updated 11 Jan 2024

Financial security becomes all the more important as you age. Private banks have prioritised senior citizens' financial security through good measures. One of the silver linings that senior citizens is that they are open to earning higher rates of interest on their FDs in comparison to the general public.

 

Bajaj Finance's competitive interest rates ensure their senior citizen customers are satisfied.

Features of Bajaj Finance Senior Citizen FD

  • Enhanced Interest Rates: Senior citizens typically receive a bonus interest rate on top of the regular FD rates. The specific rate hinges on the bank's current offerings.
  • Qualification: Only individuals 60 or older can establish a senior citizen FD account.
  • Duration: Depositors can choose from a diverse range of FD durations, usually between 7 days and 10 years.
  • Early Withdrawal: Although penalties may apply, senior citizens often benefit from more accommodating terms for premature FD closures.
  • Borrowing Options: Senior citizens can secure loans against their FDs like other depositors.
  • Beneficiary Assignment: The bank allows a beneficiary to inherit the FD funds after the account holder's passing.
  • Tax Deduction at Source (TDS) Implications: Earnings from interest are taxable under Indian tax regulations. Yet, by submitting Form 15H, eligible senior citizens can avoid TDS deductions.
  • Automatic Renewal: IDBI, among other banks, possibly features an automatic renewal mechanism, ensuring the FD's continuation post-maturity unless directed otherwise.
  • Deposit Limits: The deposit range for a senior citizen FD can differ. While a minimum threshold is often set, a maximum limit might be absent.
  • Unique Offerings: Periodically or based on bank initiatives, exclusive perks or attributes tailored for senior citizens may be presented.

Bajaj Finance FD Interest Rate for Senior Citizens

TenorRegular CitizensSenior Citizens
12 months to 14 months7.4 %7.65 %
15 months7.45 %7.7 %
15 months 1 day to 23 months7.5 %7.75 %
18 months7.4 %7.65 %
22 months7.5 %7.75 %
24 months to 24 months7.55 %7.8 %
25 months to 35 months7.35 %7.6 %
30 months7.45 %7.7 %
33 months7.75 %8 %
44 months8.35 %8.6 %
36 months to 60 months8.05 %8.3 %

Note: Bajaj Finance offers special FD interest rates on the tenure of 15, 18, 22, 30, 33 and 44 months.

Eligibility Criteria

  • The account holder must be at least or above the age of 60 at the time of opening the FD account.
  • They typically need to be residents to open a senior citizen FD.
  • NRIs can also open senior citizen FDs through NRE and NRO accounts.

Documents Required

Identity Proofs

  • Aadhar Card
  • Passport
  • Driver’s License

 

Address Proof

  • Gas Bill
  • Utility Bill
  • Bank Statement
  • Cancelled Cheque

Age proof is mandatory to avail of a Senior Citizen FD account.

FAQs

How much extra interest do senior citizens get on their FDs?

The additional interest can vary, but senior citizens usually receive a rate of 0.50% higher than the regular rates. However, this can change based on the bank's policies.

Can a senior citizen avail of this benefit on joint accounts?

For joint accounts, if the first account holder is a senior citizen, then the senior citizen FD rate is typically applied.

Is the higher interest rate for senior citizens applicable on Tax-saving FDs as well?

Yes, the preferential rate for senior citizens generally applies to all types of FDs, including Tax-saving FDs.

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Disclaimer: Wint Wealth makes no guarantee or warranty on the accuracy of the data provided on this site, the information displayed is subject to change and are provided on an as-is basis. Nothing contained herein is intended to or shall be deemed to be investment advice, implied or otherwise. You are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions. We accept no liability for any loss arising from the use of information contained on this website.

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