Bajaj Finance FD Rates

The Bajaj Finance FD Rates (Fix deposit) is an investment instrument offered to customers. It allows them to park their savings with this Indian Non-banking financial company (NBFC). Lucrative interest rates are offered by this financial institution on investments that are immune to market volatility.

Bajaj Finance is a major investment sector player and offers its customers a diverse assortment of fixed deposit options. The NBFC also offers a wide range of financial products in the domain of consumer finance, Small and Medium-sized enterprises (SME), commercial lending, and wealth management to cater to the diverse requirements of its customers. The Bajaj Finance FD comes with attractive interest rates and can be quickly established with various online and offline procedures. Major credit agencies such as the CRISIL and ICRA have granted AAA ratings to the Bajaj Finance FD. The fixed deposit has been regarded as one of the most sought-after investment avenues for investors in India. As it offers assured returns to the investors with flexibility in the tenure. 

Bajaj Finance FD Rates 2023

Bajaj Finance offers lucrative interest rates to their investors who have parked their investments in fixed deposits. The following table showcases the interest rates offered by Bajaj Finance. 

Bajaj Finance FD Rates Highlights

The following table showcases the interest rates highlights of Bajaj Finance for the year 2023. 

Bajaj Finance Fix Deposit Schemes

The Bajaj Finance Fix deposit scheme is a lucrative investment option that can be availed by customers so that they can benefit from the assured returns. The Bajaj Finance FD comes in the following options: 

Regular Fixed Deposits

• The Regular fixed deposit is an investment avenue that ensures assured returns and security to the customers for the duration of their investment tenure.
• The Bajaj Finance FD has been regarded as one of the safest investment instruments available in the market as it boasts a AAA rating from the CRISIL and ICRA.
• The fixed deposit scheme offers much flexibility to the customers in terms of tenure as they can select from the 12,18, 24, 36, 48, or 60 months tenure offered.
• The depositors can also choose from the cumulative and non-cumulative options to meet their financial needs from the investment made.
• The depositor is also eligible to take a loan against the deposit after the completion of three months.

• The applicant can establish their Bajaj Finance FD account with a minimum deposit of Rs 15,000.
• The depositor can also announce a nominee of the Fixed deposits to shield the fund from unforeseen circumstances. 

NRI Fixed Deposits 

• The Non-Resident Indians, and persons of Indian Origin (PIOs) can also invest in the Bajaj Finance FD schemes.
• They can park their saving in the investment scheme through the NRO Bank account.
• The tenure of the investment generally ranges from One to Three Years. 

Features and Benefits of Bajaj Finance FD Rates

The Bajaj Finance Fixed deposit entails the following features and benefits for its depositors:

• The Bajaj Finance FD has been approved by the major credit agencies in India as it features:

• The depositor is free to select the suitable tenure that complements their investment goals. The tenure can range from anywhere between 12 to 60 months.
• The depositors stand to earn an interest up to 7.4% per annum on their investments.
• A minimum deposit of Rs 15,000 is required to establish the Bajaj Finance FD account. 
• The depositor can also avail of the multiple deposit facility provided by Bajaj Finance. The facility enables the depositor to invest in multiple FD accounts through a single payment.
• An additional interest rate of 0.25% per annum is offered to the senior citizens who invest in the scheme. 

Eligibility Criteria to Open a Bajaj Finance FD Rates

The Bajaj Finance Limited has set the following criteria for the applicants who are inclined to invest in the fixed deposit scheme:

• Any Indian citizen, Non-Resident Indian, Person of Indian Origin or any Indian citizen overseas can apply to establish a Bajaj Finance FD account.
• Organisations such as sole proprietorships, companies, partnership firms, Hindu Undivided Families (HUFs), societies, clubs, associations, and family trusts can also avail of the lucrative returns of this investment product.
• The applicants who have attained 18 can conveniently apply for the fixed deposit scheme online from the comfort of their homes.
• The minor, Non-resident Indians and organisations who want to park their savings in this investment scheme are required to reach out to the customer executive of Bajaj Finance. They can also mail to wecare@bajajfinserv.in to inquire about the application process.
• First-time customers are also required to submit their passport-size photograph and any one of the KYC documents of the applicant, such as the PAN Card, Aadhaar Card, Passport, driving license, and Voter ID. 

How to Calculate Interest on the Bajaj Finance FD Rates? 

The Bajaj Finance employs the following formulae while computing the Maturity amount, which is the sum of principal invested and the interest earned.

A = P (1+r/n) ^ n*t,

Where,

• A is the maturity amount that is to be received,
• P is the Principal amount invested in the scheme, 
• r is the Rate of Interest earned on the amount allocated in the scheme,
• t is the tenure of the investment in the scheme
• n is the frequency at which the interest is compounded 

Let’s take an example for a better understanding. Suppose you’ve deposited in the Bajaj Finance FD scheme of Rs 3 Lakhs. The interest rate on the deposit is 7.4% per annum. The tenure of the investment is 60 months.

By applying the above mentioned formulae,

A = 3,00,000 * {(1+(0.0720 / 1)]^ (1*5)}

Maturity Value = Rs 4,24,433 Interest Earned = Rs 4,24,433 - Rs 3,00,000 =  Rs 1,24,433

It is to be noted that to compute the interest earned from the FD scheme manually can be a tedious and an ineffective process. The interested individual can use the Bajaj Finserv FD calculator available online. The calculator comes with a straightforward interface that can be easily accessed even by first-time users. 

Procedure to use the Bajaj Finserv FD Rates Calculator 

The following steps should be followed to utilise the Bajaj Finserv FD calculator:

• The user shall select the customer type as the interest rate varies with respect to the age of the customer.
• The customer should then mention the investment amount and tenure on the Fixed deposits. 
• The user should ultimately select the payout option in the end. ‘At Maturity’ should be selected if they want to invest in a cumulative fixed deposit. Monthly, quarterly, and half-yearly payout should be selected if the user opts for a non-cumulative option.

Tax on Bajaj Finance FD Rates

The Bajaj Finance FD is eligible for TDS(Tax deducted at source) under the Income Tax Act,1961, in case the income earned from the fixed deposit exceeds the minimum limit. The percentage of tax levied on the investment is with respect to the following:

• In case the Depositor fails to provide their PAN details to the financial institution, rate of the TDS deducted:

For Indian Residents: 20% For NRIs: 30% along with the surcharges

Deposit Amount Limit in the Bajaj Finance FD Rates

Bajaj Finance FD allows the user to make lucrative returns on their investments. The amount limit set on the fixed deposit is as follows:

• There is no cap on the maximum amount that can be deposited with the Bajaj Finance Fixed deposit.
• A depositor can commence their Bajaj Finance Fixed Deposit account with a minimum deposit of Rs 15,000. 

Compare Bajaj Finance Fixed Deposit Returns with Top Banks 

The following table compares the interest rates offered by Bajaj Finance with other top banks. 

Procedure to Open a Bajaj Finance FD Account

Bajaj Finance has established an easily accessible procedure for users to easily commence their investment journey without any hassle. The interested investor can implement the following steps to establish their Bajaj Finance FD account.

STEP 1: Visit the official website of Bajaj Finance.

STEP 2: On the home page, navigate towards the ‘Investments’ tab. And click on ‘Invest Online’ on the fixed deposit tab.

STEP 3: The user will be redirected to the online investment form of the Bajaj Finance FD.

STEP 4: Fill out the form with all the relevant details.

STEP 5: Click on Generate OTP to complete the verification.

STEP 6: First-time customers are required to upload their KYC documents for the verification of basic details. However, you need not go through this process if you're an existing customer.

STEP 7: The applicant must choose the deposit amount, tenure, and other relevant details.

STEP 8: The investor can conclude their application by depositing net banking services or UPI.

The investor will receive a confirmation from Bajaj Finance via e-mail or phone within 15 minutes of making a deposit.