Bajaj Finance FD is a fixed deposit scheme offered by Bajaj Finance to its customers. It enables anyone who is a resident of India to open an FD account with a minimum deposit of Rs. 25,000. This scheme is also applicable to NRIs, individuals of Indian origin, and overseas citizens of India who can use an NRO account to invest in any of its FD plans. Let’s learn more about this FD scheme in 6 important steps:
Step 1: The Application process
To invest in the Bajaj Finance FD scheme, you can now apply online through an online FD form. You can also submit your KYC online by sharing your CKYC number. Also, you will get a 0.10% additional FD interest rate as a reward for choosing the online investment process. Senior citizens will get a 0.25% excess FD rate irrespective of whether they choose the online or offline investment method.
The option of auto-renewal will be provided in the online form itself and you will also be able to make the payment for the FD via debit cards in select locations of India.
Step 2: Types of FDs (Cumulative & Non-Cumulative FDs)
Bajaj Finance allows you to invest in both cumulative and non-cumulative FDs. The cumulative FDs will pay the interest directly at maturity whereas the non-cumulative FDs will pay the interest at regular intervals.
With non-cumulative FDs, you will be able to choose from monthly, quarterly, yearly, or six-monthly interest payouts as per your financial requirements.
Step 3: Interest Rates & Tenor
An FD rate of up to 6.75% is offered by Bajaj Finance. It is one of the highest fixed deposit rates in India and good enough to fetch you sufficient FD returns at maturity.
A minimum tenor of 12 months and a maximum tenor of 60 months can be set for your deposits. This means that you get a flexible tenor range with the Bajaj Finance FD scheme.
Step 4: Choice of investing in multiple FDs
Also, you need not invest all your savings in one go as the multi-deposit feature enables you to split your corpus and invest it into multiple FDs to ladder your investments smoothly.
Moreover, you can also prefer to select different tenors and FD types for each of your deposits. A single cheque can be submitted against all these deposits and this makes the entire process hassle-free.
Step 5: Early withdrawals
For withdrawing your FDs prematurely, you just need to wait for three months from the date of investment. However, you will need to pay a nominal penalty in case of early withdrawals.
Step 6: Loan against FDs
If you need funds urgently, you can easily apply for a loan up to 75% of your FD value. Also, there won’t be any need to submit collateral as you would be procuring a loan against your FDs. This means that your FDs can help you in times of crisis and you also don’t have to go through the process of early or premature withdrawals.
Also, it is a safe and stable instrument as the Bajaj Finance FD scheme has received MAAA/stable ratings from ICRA and FAAA/stable ratings from CRISIL. These are the highest credit ratings and signify that your investments are safe when you choose to invest in its FD plans.
Bajaj Finance Fixed Deposit scheme is a comprehensive and user-friendly investment option. It provides an interest rate of up to 6.75% and offers a seamless online application procedure. Moreover, a flexible tenor range and option to invest in cumulative and non-cumulative FDs simultaneously with the help of its multi-deposit feature make it one of the better options in the market. You don’t have to think of disturbing your FDs prematurely as a loan against FDs is offered by Bajaj Finance. It is also a safe and stable investment platform as credit rating agencies have rated it highly for securing the deposits of customers.