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Bajaj Finance Fixed Deposit Rates

Asefa Hafeez
bajaj-finance-fixed-deposit

For people who don’t want to take high risks, a fixed deposit (FD) is an excellent option. The duration flexibility is one of its finest qualities. It allows you to handle many FDs with different terms and deposit rates.

 

You may start an FD account at the bank where you already have a savings account or any other bank that offers the best-fixed deposit interest rates. However, to start and FD in a bank where you don’t have a bank account, you will need to go through the paper work for KYC. 

 

Investing online in Bajaj FD is easy with Kuvera. You can book an FD within minutes by linking your primary bank account to the Kuvera account. You can pick a convenient tenure and get the best rate. Currently, Bajaj Finance offers a 7.45% interest rate for a 3 year, 8 month tenure. You can earn 5.75% interest even with a one-year tenure with Kuvera. 

 

 

Read on to find more about Bajaj Finance fixed deposit rates. 

 

Because of its higher interest rate, Bajaj Finance fixed deposits are among the most popular fixed deposits. Bajaj Finance’s senior citizens’ FD rates are 0.25 percent more than standard FD rates.

 

How do FDs work?

 

Fixed deposit schemes offer the security of a fixed sum and a consistent income flow. If you have a substantial amount of money you do not intend to spend for a long time, you may invest in an FD account with the best fixed deposit interest rates. As best fixed Deposit Rates in India are not market-linked, they are not affected by market fluctuations. FDs provide a fixed rate of interest for the length of the arrangement.

 

It is now relatively easy to open a savings account. You may use internet banking. You may circumvent the KYC procedure and transfer cash from your savings account if you create an FD account at the same bank where you have a savings account.

 

FDs are handy for emergency requests or financial emergencies since the money is readily available. You may borrow a loan against your FD but understand the terms and conditions beforehand.

 

After maturity, you may transfer the FD money to your savings account or renew it for India’s Best Fixed Deposit Rates. The funds will be reinvested as a fixed deposit in the second situation. Please remember that if you prematurely terminate your FD, you will get less of the best-fixed deposit interest rates, and a penalty will be deducted from your FD balance. 

 

Consider all advantages and disadvantages of the interest rates different banks give for FDs before making a final decision.

 

About Bajaj Finance Ltd

 

Bajaj Credit Limited is a non-banking credit company of Bajaj Finserv Limited (NBFC). Bajaj Loan Limited, founded in 1987, is the most diverse non-bank finance organization. The firm provides consumer credit, SME financing, business lending, rural lending, mortgage lending, and investment products.

 

On January 31st, 2019, S&P Global Ratings assigned the business a long-term issuer credit rating of BBB- and a short-term issuer credit rating of A-3. They are the largest distributor of consumer lifestyle products, technology, digital devices, and personal loans in India. Furthermore, their SMEs are growing quicker than the industry average. CRISIL has assigned the highest degree of security to its fixed deposits, FAAA.

 

Pune is the company’s headquarters. It also has over 33,000 distribution sites and 300 customer service locations. In addition, the business owns 100% of Bajaj Housing Finance Limited and 100% of Bajaj Financial Securities Limited.

 

The parent company, Bajaj Finserv Limited, is a diversified financial services organisation with a pan-India presence. The services provided by the firm are general insurance, loan services, life insurance, health insurance, fixed deposits, life insurance pensions, and mutual funds.

 

Bajaj FD Rates 2022

 

Investors get interested in Bajaj FD rates depending on the scheme’s interest payment frequency.

 

Sl no. Tenure  Interest Rate (Per Annum) Minimum Deposit Lock-in period
1 3 Years, 8 Months 7.35%  INR 15000 3 months
2 3 Years 7.20%  INR 15000 3 months
3 2 Years, 9 Months 6.95% INR 15000 3 months
4 2 Years, 6 Months 6.70% INR 15000 3 months
5 2 Years 6.60% INR 15000 3 months
6 1 Year, 10 Months 6.30% INR 15000 3 months
7 1 Year, 6 Months 6.15%  INR 15000 3 months
8 1 Year, 3 Months 6.05%  INR 15000 3 months
9 1 Year 5.85%  INR 15000 3 months

*As on 21st June, 2022. Subject to Change.

 

 

 

 

Senior folks’ fixed deposit interest rate is greater for Bajaj Finserv Fixed Deposits. The interest on FDs is taxable, and if the amount exceeds INR 5,000, TDS is levied. TDS will not be deducted if form 15G or 15H is presented.

 

Why Should You Invest in the Fixed Deposits in India?

 

 

 

The best-fixed deposit rates in India booked at account opening are locked in until maturity, regardless of the FD card rate changes. For example, if a person opens a three-year bank fixed deposit at 6% p.a., the interest rate will be selected for three years. Consequently, the best-fixed deposit schemes have significantly more income certainty than other modest saving programmes.

 

 

Fixed deposits with specified banks are insured by the DICGC deposit insurance system, which an RBI subsidiary maintains. In the case of failure, insurance covers cumulative bank deposits, including fixed deposits, recurring deposits, savings accounts, and current accounts, up to INR 5 lakh per bank and depositor.

 

 

Many banks and non-bank financial companies provide 5-year tax-free fixed-rate deposits with a 5-year lock-in period and the best-fixed Deposit Rates in India. The primary component of up to INR 1.5 lakh may be claimed as a tax deduction under Section 80C of the Income Tax Act each fiscal year. In contrast, the interest component is taxed at the depositor’s marginal tax rate.

 

Benefits of Bajaj Finance FD

 

 

Bajaj Finance offers a Systematic Deposit Plan (SDP). SDP is a monthly investment option that allows depositors to make small monthly payments. Each deposit has a maturity period ranging from 12 to 60 months. Furthermore, the deposit will be subject to the interest rate in force on the day it is made. In addition, each SDP deposit is treated as a separate fixed deposit.

 

 

Bajaj Finance is the only Indian NBFC with a worldwide rating of ‘BBB,’ according to S&P Worldwide. Bajaj Finance Fixed Deposits are among the safest investment options accessible to investors. Furthermore, CRISIL and ICRA have given Bajaj Finance FDs the highest stability ratings, FAAA and MAAA, respectively. As a consequence, proving the investment’s security.

 

 

Bajaj Finance offers term deposits ranging from 12 to 60 months. Consequently, investors may choose the tenure that best suits their financial needs.

 

 

Depositors may open Bajaj Finance FD accounts online. The online FD application process is straightforward and saves depositors time. The online method removes the need to deal with paperwork or stand in queues.

 

 

In an emergency, Bajaj Finance offers the option of borrowing against an FD. Furthermore, one may request a loan online instead of going to the bank. On the other hand, Borrowers may only borrow up to 75% of their deposit amount.

 

 

You may invest in FDs using your debit card at Bajaj Finance. Please remember that this is only available in a limited number of locations.

 

 

Depositors may invest in several deposits with a single check payment. They may also choose the length and frequency of interest payments for each deposit. In addition, in an emergency, a single deposit may be made without impacting the other accounts.

 

 

Bajaj Finance offers fixed deposit solutions to non-resident Indians (NRIs), Overseas Citizens of India (OCIs), and Persons of Indian Origin (PIO). NRO account users may also pick between 12 and 36-month terms. Furthermore, considering the low-interest rates, an NRI FD is an excellent investment.

 

Features of Bajaj Finance Fixed Deposit Rates

 

For investors seeking better returns than a bank savings account, the Bajaj Finance Fixed Deposit account is one of the greatest investing alternatives. The fixed deposit program from Bajaj Finance provides guaranteed income at a set interest rate.

 

The following are the main characteristics of a Bajaj Finance Fixed deposit account:

 

 

 

 

 

 

 

 

 

 

 

 

Comparison of Bajaj FD Rates with other Banks

 

Bank Name Interest Rate Tenure Minimum Deposit Amount
Bajaj Finance Ltd. 6.79% – 7.35% 1 – 5 yrs INR 25,000
SBI Bank 2.90% – 6.20% 1 – 10 yrs INR 1,000
ICICI Bank 2.50% – 6.30% 1 – 10 yrs INR 10,000
Axis Bank 2.75% – 6.15% 1 – 10 yrs INR 5,000
HDFC Bank 2.75% – 6.25% 1 – 10 yrs INR 5,000
Bank of Baroda 2.90% – 6.30% 1 – 10 yrs INR 1,000
IDFC Bank 3.00% – 7.50% 1 – 10 yrs INR 10,000
Kotak Mahindra Bank 2.50% – 4.50% 1 – 10 yrs INR 5,000
Canara Bank 5.30% – 5.40% 1 – 10 yrs INR 1,000

*With effect from May 10, 2022

 

How to invest in Bajaj Finance Fixed Deposit

 

Bajaj Finance Fixed Deposits may be purchased both online and in person.

 

 

 

 

Step 1: Download the Kuvera app or visit our website and sign up.

Step 2: Complete your KYC with PAN, Aadhaar, and In-person verification through video. It is mandatory to complete KYC compliance under the Prevention of Money Laundering Act, 2002, and the rules framed there under, read with the SEBI Master Circular on Anti Money Laundering (AML) Standards/ Combating the Financing of Terrorism (CFT) /Obligations of Securities Market Intermediaries.

Step 2: Select the ‘Invest’ option from “Home“

Step 3: Select ‘Fixed Deposits’, and see the categories listed, or check ‘All Fixed Deposits.’

Step 4: You will be directed to a list of all fixed deposits available in Kuvera. By clicking on every FD, you can check its tenure, interest rate, and minimum deposit required. To be sure, check the lock-in period of the fixed deposit. 

Step 5: Select the fixed deposit you want to invest in, and tap on “Start FD”.

Step 6: You will directed to provide your primary bank account details – IFSC code, account number and account type. 

 

FAQs

 

 

Yes, you may withdraw your FD assets before they mature. There is a three-month commitment necessary. However, the investor may withdraw their FD investment after the expired lock-in period. On the other hand, the investor will get a lower interest rate than the original. Instead, investors might borrow against their fixed deposit investment. Bajaj Finance offers a loan for 75% of the fixed deposit’s value.

 

Mortgages, commercial loans, and student loans may be obtained via an FD. A loan’s interest rate varies based on the bank and the kind of loan. One may always utilize the loan EMI to calculate one’s loan EMI calculator. The loan EMI calculator can calculate EMIs for a mortgage, personal, or car loan. By altering the interest rates on auto, personal, and property loans, this EMI calculator may also be utilised in many different circumstances.

 

 

Bajaj Finance offers a monthly interest payment option as one of its interest payout options. Monthly interest payments enable the investor to earn interest on the last day of each month. On the other hand, the interest payments will be deducted from the investment for the next month. For example, if an investor invests in a Bajaj Finance Fixed Deposit on January 28th, interest will be paid on February 28th, March 31st, etc.

 

 

A Bajaj Finance FD requires a minimum deposit of INR 15,000. The maximum deposit amount is not specified. It may be kept for 12 to 60 months.

 

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