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12 January 2021

Know All About the Bajaj Finance FD in 5 Steps

Bajaj Finance Fixed Deposit offers several privileges to investors. Some of these are assured and higher returns up to 6.85%, multi-deposit facility, auto-renewal facility, loan against FD and many others. Here you will get to know Bajaj Finance FDs in five steps. Let us start.

Safety and Stability

From the establishment of the banking system to the present day, Fixed Deposits (FDs) have been in vogue among investors. Though there are a lot of investment avenues available in the financial market, low-risk nature of FDs and feature of assured returns make it a preferred investment.
Most of the investments are associated with the market and provide ever-fluctuating rates. A risk-averse investor seeking capital preservation and assured returns to secure his future, fixed deposit is the way to go. FDs ensure that you have money when you need them the most, so it secures your future.
Bajaj Finance FD is a highly stable and trustworthy investment. National and international rating agencies have accredited them with highest stability ratings. These are safe with CRISIL’s FAAA/stable rating and ICRA’s MAAA/stable rating.

With Bajaj Finance FD, you can even opt for a loan against FD or premature withdrawal of FD easily.

Different Types of Fixed Deposit with Bajaj Finance 

Deposits can be categorised on the basis of interest frequency and sometimes on the basis of deposit frequencies.

Cumulative Fixed Deposits

With Cumulative FDs, a depositor will get the benefits of compound interest. Here the interest amount is compounded over the tenor of the deposit. Interest is payable at maturity along with the principal amount. The longer the tenor, the higher the interest rates. These FDs are beneficial for investors who have spare money that they will require in future.

Non-Cumulative Fixed Deposits

With Non-Cumulative FDs, you will have the choice of receiving interest payouts on frequent intervals i.e. monthly, half-yearly or monthly. Such FDs are ideal for dependents on their investments for living expenses such as retirees.

Systematic Deposit Plan (SDP)

If you are an investor who does not have an accumulated amount but want to invest to get FD benefits then Bajaj Finance’s SDP option is for you. SDP scheme is a monthly saving tool where you can start investing Rs.5000, monthly. Your deposits will earn assured interest like FDs. You need to choose investment tenor i.e. 12-6 months and the number of deposits you want to make during the tenor i.e. 6-48 deposits. If you are a salaried person, SDP scheme helps you to be a disciplined investor because you need to make a deposit on the same date every month.

Interest Rate Benefit for specific customer category

Assured and higher returns on your fixed deposit help you to meet your financial goals on time. Bajaj Finance FD interest rates can grow your funds significantly. FD Rate benefits for different customer categories may vary. FD rates w.e.f. 02 Nov 2020 are up to 6.85% which is higher than bank FDs. Bank FD interest rates in India are between 4-6%.
Interest rate benefits for specific customer categories are as follows:

  • Additional 0.25% for senior citizens
  • Additional 0.10% for online customer
  • Additional 0.10% for existing customers on FD renewal

Bajaj Finance Fixed Deposit Calculator

Depositors can calculate their FD returns even before investing their money. If you are going to calculate manually, it will be really a calculative and hectic way. Bajaj Finance provides an online FD calculator which is ready to use. You need to enter details like customer type, amount to be deposited, tenor you have selected for FD. Just after entering these details, within seconds, you can view results for FD returns. The calculator will show the cumulative returns, non-cumulative returns, maturity date and amount as well.

Hence, investors can plan their investments according to their financial goals. They can ladder their FDs in such a way that every FD has a different maturity date and they can withdraw money in times of need without affecting their entire accumulated funds invested in FDs.

How to Open Fixed Deposit Account Online?

To invest in a Bajaj Finance FD online, follow these 4 easy steps:

  1. Go to the online application form here and choose from FD or SDP. Enter the Mobile number, date of birth and OTP
  2. A new customer needs to complete KYC by providing PAN or Aadhaar. And verify the entered information by accepting the ‘Terms and Conditions’.
  3. Enter the amount to be deposited, the term for FD, interest payout type and bank account details.
  4. Choose the mode to pay. You can pay by NetBanking or UPI.

After successful payment, you'll receive an acknowledgement through email and SMS as well. It is as easy as this. You have booked an FD within a few minutes. All your FD-related details including Fixed Deposit Receipt will be sent on your registered address.

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