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Bajaj Finance FD Calculator

Bajaj Finance Fixed Deposit Calculator 2022

Last Updated 20th Dec 2021

Bajaj Finance FDs have tenures ranging from 36 months to 60 months with maximum rate of interest of 6.80%. Interest rates for senior citizens are higher than the normal rates and ranges upto 7.05%.

Tenure Interest Rate for General Public Interest Rate for Senior Citizens Max Maturity Amount per Lakh
12 months to 23 months 5.65% 5.90% ₹ 1,05,771 - ₹ 1,11,880
24 months to 35 months 6.40% 6.65% ₹ 1,13,540 - ₹ 1,21,211
36 months to 60 months 6.80% 7.05% ₹ 1,22,420 - ₹ 1,41,826
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Bajaj Finance Fixed Deposit Calculator

Bajaj Finance fixed deposit calculator helps you calculate maturity value of your deposited amount at the interest rate which is compounded quarterly. The amount of fixed deposits, interest rates on FD, deposit tenure and compounding frequency of interest together determine the maturity amount of the FD at the end of the tenure.

  • Deposit amount – This is the initial amount deposited by a customer in Bajaj Finance. Banks may allow a higher interest rate on larger deposits. Bajaj Finance offers a deposit amount in the range of Rs. 1,000 to No Limit.
  • Rate of Interest - Interest rate is the rate charged by the bank on your fixed deposit. Bajaj Finance offers a higher rate of interest on fixed deposits of longer tenure and lower interest rate on deposits of less than a year. Highest interest rate offered by Bajaj Finance is 6.80% for deposit amount below Rs. 5 crore corresponding to a deposit tenure of 36 months to 60 months.
  • Period of deposit - Bank offers low interest rate for short tenure FDs and higher interest rate for long tenure FDs. Bank offers a rate of 5.65% for a 36 months FD and a rate of 6.80% for a 60 months FD.
  • Interest Compounding Frequency - This determines the frequency at which interest is compounded. Compounding frequency can be monthly, quarterly, half yearly or annual frequency.
  • TDS applicability and TDS rate - A TDS of 10% of interest amount is applicable if you earn more than Rs 40,000 in a year from FD, which is called FD income. If you do not submit the PAN Card to the bank then TDS rate will be 20% of interest amount.
    • Illustration: Mr. A opens a FD account of ₹ 1,00,000 with a tenure of 360 days at an interest rate of 5.65%. In this case, the maturity amount at the end of 360 days will be ₹ 1,00,671 which includes the principal of ₹ 1,00,000 and interest of ₹ 671 is earned on the principal amount during the period. Similarly, you can calculate the interest and maturity amount for higher tenures by using FD calculators.

      Bajaj Finance calculates quarterly interest on its fixed deposits. You can also opt for a tax saving scheme to save tax on fixed deposit.

How to Use MyLoanCare FD Calculator

Here is a simple procedure to use MyLoanCare FD calculator:-

  • Go to the FD Calculator.
  • Fill the fields like Deposit Amount, Rate of Interest, Period of Deposit (In years or months), Interest compound frequency.
  • Click Calculate.
  • Result will be shown, which will consist of total maturity amount and total interest earned

Bajaj Finance Fixed Deposit Interest Rate Calculator – Interest Payment Options

  • Non Cumulative- In a periodic interest payout option, Bajaj Finance would transfer the interest earned at each interval (say, quarterly) to your bank account. The interest would remain the same across the life of the deposit. On maturity, unless the deposit is renewed, would transfer the principal amount to your bank account.
  • Cumulative- In case you opt for a Bajaj Finance cumulative deposit on maturity you would get a credit for the principal and interest earned net of TDS.

How is Bajaj Finance FD Rate Calculated?

Bajaj Finance calculates fd interest in two ways, one is cumulative and non-cumulative as discussed above. It is a decision made by you whether you want interest payout at the end of the tenure or monthly, quarterly, half-yearly or yearly. To earn more money you can go for a cumulative method because interest earned throughout the tenure is added to the principal amount and is compounded then. However, if you are looking for monthly income or so then you can go for non-cumulative.

Bajaj Finance FD Maturity Calculation for 5 Year

The interest earned on a fixed deposit in Bajaj Finance depends on the deposit amount, interest applicable, deposit tenure and the type of interest calculation frequency. Interest on Bajaj Finance FD can be calculated monthly, quarterly, half-yearly and annually.

Let’s understand how much interest you will earn if you invest ₹ 1,00,000 in Bajaj Finance FD for a 5-year tenure at an interest rate of 6.80% for depositors below 60 years and 7.05% for senior citizens.The maturity schedule of Bajaj Finance FD for 5 years is explained below in the table –

Maturity Schedule for ₹ 1,00,000 FD at 6.80% for Citizens below 60 years and at 7.05% for Senior Citizens for 5 years

Year Citizens below 60 Years of Age Senior Citizens above 60 Years
Interest Earned Closing Balance Interest Earned Closing Balance
2022 ₹ 6,975 ₹ 1,06,975 ₹ 7,239 ₹ 1,07,239
2023 ₹ 7,462 ₹ 1,14,437 ₹ 7,763 ₹ 1,15,002
2024 ₹ 7,982 ₹ 1,22,419 ₹ 8,325 ₹ 1,23,327
2025 ₹ 8,539 ₹ 1,30,958 ₹ 8,927 ₹ 1,32,254
2026 ₹ 9,135 ₹ 1,40,093 ₹ 9,573 ₹ 1,41,827

Bajaj Finance FD Calculator Formula

Along with an online FD Calculator, you can use the formula to do the mathematical calculation of the maturity amount and interest earned on Bajaj Finance FD.

A = P (1 + r/n) ^ n*t
In the above formula –

  • A - Amount received on maturity
  • P - Deposit amount
  • r - Annual interest rate
  • n - Number of times the interest is compounded
  • t is Investment tenure

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What is the highest interest earned on Bajaj Finance fixed deposit?

You can earn a maximum interest of 6.80% on Bajaj Finance fixed deposits.

How many years FD will double in Bajaj Finance?

The growth of Bajaj Finance FD depends on the rate of interest and tenure. There is a method called Rule 72, which computes the number of years it will take to double one’s amount invested in Bajaj Finance FD.You can also use Bajaj Finance fd calculator to calculate the maturity amount. Now to apply the rule, one needs the rate of interest we get on FD. Let’s say the interest offered on FD is 7.05%. Now applying the rule, just divide the number 72 by the rate of interest. So 72/7.05 = 10.21. So it will take a little more than 14 years for one’s investment to get doubled in Bajaj Finance.

What are the minimum and maximum amounts that I can invest in an Bajaj Finance FD?

The minimum investment limit in Bajaj Finance Fixed deposit account is ₹ 1,000 and there is no maximum investment limit on FD.

Can I withdraw my premature FD from Bajaj Finance?

Yes, you can withdraw your premature FD amount if you want money before the tenure ends. However, you might have to pay a penalty fee ranging from 1 of FD amount for premature withdrawal.

How can I calculate Bajaj Finance premature FD amount?

To calculate premature FD amount you can use Bajaj Finance bank fd calculator. All you have to put is the value of the invested amount, tenure, interest rate and premature penalty rate (if any).

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Bajaj Finance News - Jan 2022
  • 2021-12-01 : Bajaj Finserv Increase FD Rate
    Bajaj Finserv has revised Fixed Deposit Rates for regular and senior citizens. The highest FD rate is 6.80% for regular citizens, and Bajaj offers upto 7.05% on Senior Citizens FD.
  • 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.
*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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