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Bajaj Finance FD - Scheme, Eligibility, Documents

Bajaj Finance Fixed Deposit Highlights

Last Updated 19th Jul 2021

Bajaj Finance fixed deposit is a reliable, secure and beneficial investment option that offers various benefits such as guaranteed returns, Government insurance, loan borrowing facility and flexible fixed deposit tenure.

Interest Rate 5.65% to 6.50%
Minimum Tenure 1 year
Maximum Tenure 5 years
Deposit Amount Rs. 25,000
Maximum Deposit No Limit
    Earn upto 6.95% on FD APPLY NOW

    Bajaj Finance FD

    Bajaj Finance is one of the leading fixed deposit providers in the country. The Bank offers FD with flexible tenures ranging between 1 year to 5 years. Apart from that, Bajaj Finance FD offers regular returns on fixed deposits ranging between 5.65% to 6.50%. For senior citizens, the interest rates on fixed deposits range between 5.90% to 6.75%. In addition to that, Bajaj Finance fixed deposit plans offer tailor-made fixed deposit products for different kinds of fixed deposit investors.

    Types of Bajaj Finance Fixed Deposit Schemes

    Different type of Bajaj Finance term deposit products offered to the investors are listed as follows:

    Regular Fixed Deposit

    Description:

    • Under this regular fixed deposit scheme, the customers will grow their savings with a greater flexibility along with assured returns and higher stability on your investment.
    • Rated AAA by CRISIL and ICRA
    • One of the largest NBFCs in India
    • Assured returns and high stability
    • Complete Online paperless process
    • Higher interest rate for senior citizens

    Eligibility:

    • Resident Indian citizens, Hindu Undivided Family (HUF), Sole proprietorship and partnership firms.
    Bajaj Finance Tax Saving Fixed Deposit

    Description:

    • Under this scheme, the bank provides the flexibility to earn higher returns on your investment along with other additional benefits.
    • Tax exemption on principal amount of up to Rs. 1.5 lakh in a year
    • Lock-in period of 5 years and no withdrawal allowed before the maturity date
    • Claim tax benefits on your deposit with a fixed deposit receipt issued by the bank

    Benefits of Bajaj Finance FD

    Bajaj Finance fixed deposit is a popular investment option due to a number of benefits it provides to the FD investors. Some of these are mentioned below:

    • Guaranteed returns: The best thing about Bajaj Finance FD is that it offers guaranteed and assured returns to the investors. The return offered on a fixed deposits is regulated by the Bank on a monthly, or quarterly basis, as per the Bank’s choice. Currently, Bajaj Finance offers FD rates up to 6.50%. The interest rates offered on Bajaj Finance FD is not only assured but also way higher than a savings account.
    • Insured by the Government: The Deposit Insurance and Credit Guarantee Corporation offers deposit insurance of ₹ 5 Lakh to fixed deposits across all banks. As Bajaj Finserv is a HFC, deposits are not covered under insurance. However, credit rating agencies give ratings to your deposits, which give a good understanding of savings. Investing in a fixed deposits with the highest rating of AAA, rated by ICRA and CRISIL, is a reliable investment option.Thus, Bajaj Finance term deposit is safe and secure, as the funds are backed by the government no matter what the current situation of the Bank is.
    • Loan against FD: The investment made in an FD scheme is not only a reliable investment option but can also act as an asset. This is because Bajaj Finance fixed deposit allows one to borrow a secured loan against Bajaj Finance FD. Benefits of Loan Against FD of Bajaj Finance are as follow:
      • Loan against FD of Bajaj Finance offers the loan amount upto 90%-95% of the FD amount.
      • The interest charged on the loan against FDs are generally low and are 2% to 3% higher than the FD interest rate.
      • Loan against FD of the Bajaj Finances flexible repayment options.
      • The processing fee of Loan Against FD in the Bajaj Finance is nil.
      • It is a hassle-free loan and does not require the depositor to break the FD.
    • Flexible tenures: Bajaj Finance FD offers the investors the flexibility to choose the investment tenure as per their convenience. Bajaj Finance offers fixed deposit for a minimum tenure of 1 year up to a maximum tenure of 5 years. Bajaj Finance offers different interest rates across FD tenures.
    • Flexible investment: Apart from the flexibility of tenure, Bajaj Finance fixed deposit offers the flexibility of funds to FD investors as funds can be invested with a minimum amount of Rs. 25,000. Apart from that, one can invest in the Bajaj Finance FD up to a maximum of No Limit.

    Premature Withdrawal Terms and Conditions

    Though a fixed deposit with Bajaj Finance means depositing funds for a fixed period of time in expectation of a regular return. However, keeping in view the instability in the markets, the Bank allows premature withdrawals of funds from a fixed deposit. This means that investors can withdraw their funds before the date of maturity to fulfil their urgent financial conditions.

    Withdrawing funds prematurely from Bajaj Finance will attract an interest rate lowered by 1 below the effective rate on the date of booking the FD. The penalty charged on fixed deposits is valid only on fixed deposits with a tenure greater than seven days. In case of premature withdrawal of Bajaj Finance fixed deposits with tenure less than seven days, the bank does not pay any interest.

    Eligibility Criteria for Bajaj Finance FD

    Bajaj Finance FD facility can be availed by the following type of investors:

    • Indian Citizens
    • Members of HUFs or the Hindu Undivided Family
    • Business firms
    • Local governing bodies
    • Government departments
    • Employees of private limited companies
    • Trust accounts

    Documents for Bajaj Finance FD

    Bajaj Finance fixed deposit requires one to submit the following documents:

    • Passport size photographs
    • Identity proofs such as Aadhar card, passport, PAN card, and driving license.
    • Address proofs such as passport, ration card, utility bills such as water, gas or electricity bill.
    • Age proof such as birth certificate, matriculation passing certificate, and Voter ID card.
    • Bank account details such as passbook and account number.

    Credit Card Against Bajaj Finance FD

    Credit Cards againstBajaj Finance FD are secured credit cards. They are availed against the amount deposited in the term deposits. They are an ideal option for individuals with low CIBIL score and salary. Below mentioned are the important features of Credit Cards against Bajaj Finance FD:

    • The limit offered on the credit card depends upon the amount deposited in the fixed deposits. Generally, banks offer around 80% of the deposit amount as the total credit limit on the card.
    • Credit Cards against the fixed deposits require minimum documentation.
    • The minimum tenure of the term deposits should be 6 months to avail credit card against it.
    • Secured Credit cards also offer discounts, cashback and rewards.
    • The cardholder continues to earn the same applicable interest rate on FD.

    FAQs

    What is the loan against FD repayment tenure in Bajaj Finance?

    Loan against FD is the  facility which allows the investor to avail the loan against the amount deposited in the term deposit. Bajaj Finance offers the loan against FD facility to the FD investors with a repayment tenure of up to 5 years.

    What is the minimum investment for FDs under Bajaj Finance?

    Bajaj Finance Fixed Deposit is one of the safest investment avenues and it can be availed with a minimum deposit of Rs. 25,000.

    What is the minimum amount for a fixed deposit in Bajaj Finance?

    The minimum amount required for a fixed deposit investment in Bajaj Finance fixed deposit is Rs. 25,000.

    What is the current interest rate on FD in Bajaj Finance?

    Currently, Bajaj Finance offers an interest rate ranging between 5.65% to 6.50% on its fixed deposits.

    What is the penalty for early withdrawal in Bajaj Finance?

    Bank charges penalty on premature withdrawal of fixed deposits. The penalty for early withdrawal ranges between 0.5% to 1% in most cases, based on the loan amount and tenure.

    What is the minimum FD tenure for which a fixed Deposit account can be opened in Bajaj Finance?

    Bajaj Finance fixed deposit can be opened with a minimum tenure of 1 year. The tenure of the Bajaj Finance fixed deposits ranges from 1 year to 5 years.

    Can I deposit additional amount in my Bajaj Finance FD account?

    No, you cannot deposit any additional amount in your existing FD account as you are allowed to deposit only once at the time of opening the account. If you want to invest any additional amount in FD, you are required to open a new FD account.

    Who is eligible for opening an FD account in Bajaj Finance?

    All resident individuals, HUFs, NRIs, Firms including minors are eligible to open a fixed deposit account.

    What documents are required to open an FD account in Bajaj Finance?

    The documents required to open an FD account in Bajaj Finance includes KYC documents and Passport size photos.

    In how many years FD doubled in the Bajaj Finance?

    The time Bajaj Finance fixed deposits will take to double the initial amount will depend upon the rate of interest offered on the FD. You can calculate the maturity amount of the Bajaj Finance FD at MyLoanCare by entering the amount you want to deposit and the interest offered on FD.

    Can an NRI open a Bajaj Finance fixed deposit account?

    No, Non-Resident Individuals are not allowed to invest in Bajaj Finance schemes. It means that they are not eligible to invest in fixed deposits.

    Is the Bajaj Finance safe for FD?

    Yes, the Bajaj Finance is one of the safest avenues for any investments. Bajaj Finance is backed by the Government of India and the returns on any investment including fixed deposits are guaranteed.

    Is it wise to take a loan against FD from the Bajaj Finance?

    Yes, opting for a Loan Against FD is an excellent decision. The reasons to take loan from Bajaj Finance are:

    • It offers the loan upto 90%-95% of the FD amount.
    • The interest levied on the loan against FDs are generally low and are 2% to 3% higher than the FD interest rate.
    • Loan against FD offers flexible repayment options.
    • The processing fee of Loan Against FD is Nil.
    • It is a hassle-free loan and requires minimum documentation.
    • Loan against FD helps the depositors to avoid the option of premature withdrawal.

    However, there might be a chance that the alternative credit option is offering lower rates with better facilities. In that case, individuals must compare and decide on the credit option.


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    Bajaj Finance News - Jul 2021
    • 2021-03-22 : Revised fixed deposit rate for Bajaj Finance
      Bajaj Finance hiked its fixed deposit rates for the month of March. The FD rate for 12 to 23 months now stands at 6.15%, for 24 to 35 months it is 6.60%. Further, the fixed deposit rates for 48 to 60 months is 7%. The FD interest rates for senior citizens are in the range of 6.40% to 7.25%.
    • 2020-03-05 : Bajaj Finance revised its FD rates
      Bajaj Finance changed its FD rates. The FD rate for 12 to 23 months is 7.60%, for 24 to 35 months it is 7.65% and it is 7.70% for 36 to 47 months. Further, the fixed deposit rates for 48 to 60 months is 7.80%. The revised rates are in effect from 5 March 2020.
    • 2019-12-06 : Bajaj Finance revised FD Rates
      With effect from December 7, 2019, Bajaj Finance is set to revise its interest charges on fixed deposits. The revised rate for 12-23 months is 7.60%, the rate for 24-35 months is 7.90%, and for 36-60 months, the rate is 8.10%. Further, for senior citizens, the rates vary by 25 basis points and thus are 7.85%, 8.15%, and 8.35%, respectively, for 12-23 months, 24-35 months, and 36-60 months.
    • 2019-10-29 : Bajaj Finance earns revenue worth Rs 1204 crores in the second quarter
      Bajaj Finance declared that its net profit increased to 71 percent to Rs 1204 crores and its total income rose to Rs 14,224 crores. The Bank claims that it earned a large revenue from interests earned on deposits and from retail financing on home and personal loans.
    • 2019-09-03 : Revised FD rates for Bajaj Finance
      Bajaj Finance has revised its FD rates with effect from September 3, 2019. The revised interest rate for a tenure of 12-23 months is 8 percent; for a tenure of 24-35 months the rate is 8.05% and the rate of interest for 36-60 months is 8.35%. Also, the rates for senior citizens are revised, which vary by 35 bps.
    *Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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