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Bajaj Finance FD Interest Rates

Bajaj Finance Fixed Deposit Rates 2020

Last Updated 04th Jul 2020

Bajaj Finance offers best FD rate of 7.10% on term deposits for a tenure of 36 months to 60 months. Current Bajaj Finance FD rates for senior citizens range from 7.15% to 7.35%. Fixed Deposits rates of Bajaj Finance are a function of many factors such as monetary policies of RBI, economic growth rate, credit demand and liquidity position of the bank.

Tenure FD Rates Senior Citizen FD Rates
12 months to 23 months 6.90% 7.15%
24 months to 35 months 7.00% 7.25%
36 months to 60 months 7.10% 7.35%

Bajaj Finance Fixed Deposit (FD)

Bajaj Finance FDs are one the best investment option available for depositors who are looking to invest in a fixed income instrument and earn higher returns than savings account. Key Features of Bajaj Finance FD are:

  • Deposit Amount: Bajaj Finance FD can be opened with an amount as a low ₹ 25,000 to up to No Limit.
  • FD Tenure: Ranges between 12 months to 60 months.
  • Interest Rate Range: 6.90% p.a. to 7.10% p.a.
  • Senior Citizens FD Rate: 7.15% to 7.35% p.a.
  • Highest Interest Rate: As per today’s rate, Bajaj Finance’s highest interest rate on FD is 7.10% offered for a tenure of 60 months.
  • Safety of SBI Deposits: Bajaj Finance is a HFC and hence, its deposits are not covered under insurance. However, deposits of bank_type_name are rated by rating agencies, which give a good understanding of your savings. AAA or AA rated deposits are considered have the highest safety
  • Loan against FD: As per the policy of Bajaj Finance. To be confirmed at the time of opening a FD.
  • Auto Renewal Facility: Available
  • Nomination Facility: Available
  • Popular FD Schemes: Regular Fixed Deposit, Bajaj Finance Tax Saving Fixed Deposit

Bajaj Finance Best FD Plan

We need to compare tenure wise FD rate of Bajaj Finance to choose the tenure at which it provides the highest interest rate. Bajaj Finance FD rates are best for the deposits with a tenure of 36 months to 60 months, wherein the current FD rate of interest is 7.10% p.a

If one is looking to invest in long term deposits, Bajaj Finance FD interest rates with tenure of 5 years to 60 months are a good choice with interest rates on deposits with a tenure of 60 months at 7.10%. Senior citizens are offered special rates from bank with highest deposit rates of 7.35% p.a. on long term FDs.

Fixed Deposits of Bajaj Finance have a higher interest rate compared to their saving deposits. Benefits of opening a FD account in Bajaj Finance are:

  • Interest on deposit is paid only at the time of the maturity
  • Nomination facility available
  • Extra interest of 0.25% to 0.50% payable to the senior citizens
  • Availability of auto renewal facility on the deposit
  • Earn higher returns on the money deposited

Documents required to open Fixed Deposit Account in Bajaj Finance

  • Latest photograph
  • Identity Proof: PAN Card, Voter ID Card, Passport, Driving License
  • Address Proof: Telephone Bill, Electricity Bill, Bank Statement With Cheque

FD in Bajaj Finance – Premature Withdrawal

Premature closure of Term Deposit with Bajaj Finance is along with the lower interest rate of 1 than the contracted rate. The penal provisions for premature closure on Bajaj Finance FD are subject to change from time to time and may also vary with deposit schemes.

Loan against Fixed Deposit Bajaj Finance

Bajaj Finance offers loan up to 90% against its own deposit. Note that Bajaj Finance will not give you loan against FD of any other bank. Bajaj Finance offers Loan against FD at the rate of 7.9% to 8.1%

Illustration - Mr. Rahul has opened a fixed deposit of ₹ 1,00,000 for 2 years in Bajaj Finance. The borrower later decided to take loan against his FD. The bank has approved a credit limit of 90% against his FD at 10% interest rate. Now, if the borrower draws ₹ 90,000 on the first of the month and then repays the money on the 1st of next month, then he is supposed to pay the interest on ₹ 90,000 availed for 1 month only. The amount he repays after 1 month is ₹ 90,744. So, the interest charged on the loan taken is ₹ 744.

FD Account Opening Process at Bajaj Finance

To open a Fixed Deposit account in Bajaj Finance, you can visit the official website and login to your account. Choose Fixed Deposit option from the menu and select the Type of FD you want to open and proceed. After this, you have to fill the deposit amount and select ‘Senior Citizen’ option if you are above 60. You have to choose the tenure of deposit and interest payout frequency. Click on Submit to open the Bajaj Finance FD after reading the terms and conditions.

Nomination Facility on Bajaj Finance FD

Bajaj Finance offers nomination facility on Fixed Deposit to claim the amount in case of the death of the depositor. An individual, single or joint account holders can appoint a nominee. Only one person can be appointed as nominee. You can fill nominee details while opening a Bajaj Finance fixed deposit. Nominee has to submit his/her identification proof at the time of claim.

Bajaj Finance Fixed Deposit Scheme

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

Who is eligible?

  • 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

FAQs

What is the highest FD rate for Bajaj Finance?

You can earn a maximum interest of 7.10% on Bajaj Finance fixed deposit.

Are there any special rates for senior citizens FD of Bajaj Finance?

Yes, senior citizens get a higher rate on their deposits compared to FD rates. The rate of regular FD are in the range of 6.90% to 7.10%. Compared to this, the rate of senior citizens FD are in the range of 7.15% to 7.35%.

Is there any minimum amount that I have to give for opening a Fixed Deposit with Bajaj Finance?

The minimum deposit amount required to book an FD with Bajaj Finance is ₹ 25,000.

Can I deposit additional amount in my 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 Latest photograph, Identity Proof: PAN Card, Voter ID Card, Passport, Driving License, Address Proof: Telephone Bill, Electricity Bill, Bank Statement With Cheque.

Is it possible to change the tenure of my existing fixed deposit account with Bajaj Finance?

No, it is not possible to alter the tenure selected for the fixed deposit account once the account is opened. However, you may close your existing fixed deposit account and can open a new account with a desired tenure of your choice.

What are the implications of opening an FD bank account without having PAN?

Following are the implications for the customers opening an FD account with Bajaj Finance without their PAN card

  • TDS will be deducted at the rate of 20% as against 10% under section 206AA
  • NO TDS credit from the Income Tax department
  • NO TDS certificate will be issued
  • Form 15G/H and other exemption certificates will be invalid and penal TDS will apply

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

Current interest for FD in Bajaj Finance ranges between 6.90% - 7.10%.

Can a customer open a FD account online in Bajaj Finance?

Yes, you can submit your application for opening a FD account on the website of Bajaj Finance. After submitting the application, you will be contacted by the bank’s representative for further process which includes filling an application process and submitting KYC documents.

In how many years FD will double in Bajaj Finance?

The interest rate on FD depends upon the tenure you choose. To know the time period in which your FD amount will get doubled, you need to divide 72 with the 7.10%. For Bajaj Finance FD the number of years in which your FD will get doubled is; 72/7.10 = 10


Bajaj Finance News - Jul 2020
  • 2020-05-05 : Bajaj Finserv revised its FD rates
    Bajaj Finserv changed its FD rates. The FD rate for 12 to 23 months is 7.40%, for 24 to 35 months it is 7.45% and it is 7.50% for 36 to 47 months. Further, the fixed deposit rates for 48 to 60 months is 7.60%. The revised rates are in effect from 5 May 2020.
  • 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.
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