Investing in a Fixed Deposit enables you to take control of your savings and investments. Apart from earning decent returns on investment, it is also one of the most risk-free investment options in the market. Two of the great advantages of an FD over other investment options is that – it facilitates better financial planning and offers greater tax benefits. Moreover, you have the flexibility of choosing your tenor from 1 year to 5 years.

Cumulative Fixed Deposit accounts have a fixed rate of interest that must be paid at maturity. In this case, you get the principal amount along with the compounded interest at the end of the period. Whereas, Non-Cumulative doesn’t have any such terms on interest pay outs and you can get interim interest on monthly, quarterly or annual basis.

Features of Bajaj Finance Fixed Deposits

Fixed Deposit offered by Bajaj Finance can be availed on a minimum investment of Rs. 25000. These FDs can be purchased in tenors ranging from 12 months to 60 months. It offers opening FD in both Cumulative and Non-Cumulative types with attractive interest rates ranging from 8.40% to 8.75%. Here is a detailed breakdown of all the types:

For a tenor of 12-23 months, the cumulative interest rate is charged at 7.60%. The interest rate is set at 8.15% for 24-36 months and 8.40% for 36-60 months. The non-cumulative interests for a tenor of 12-23 months at the same minimum amount can be availed at a monthly interest rate of 7.35%. The quarterly interest rate is set at 7.39%, half-yearly at 7.46% and yearly at 7.60%.

Investing in a Fixed Deposit with Bajaj Finance

If you want to open a Fixed Deposit with Bajaj Finance, here are the simple steps you need to follow:

1. Visit the Bajaj Finance website and fill up the online application form. After that, you need to deposit the amount you want to deposit in the account via net banking, cheque or fund transfer. The amount must be a minimum of Rs. 25000 and can go up to 10 Lakhs. The cheque must be payable to Bajaj Finance Limited – Fixed Deposit Account 00070350006378. The cheque must be crossed with “A/C Payee”.

2. You can access the application form you just filled up by saving it in the PDF format. After that, a representative from Bajaj Finance will contact you for further documentation.

3. The next step you need to follow is to duly sign the application form. You also need to paste your passport size photographs on hard copies of that application form. Apart from that, keep all your important documents like identity proofs, address proofs, etc. handy for smooth verification process.

4. The representative will ask you to submit all your documents with a CTS compliant cheque. All you need to do is submit the documents with that and your FD account has been booked.

Bajaj Finance also provides additional tenor scheme with a tenor of 15 months. Here, the minimum amount is 1 Lakh and a cumulative interest rate of 7.85% is offered. Whereas, for non-cumulative fixed deposits of the same amount, the monthly interest rate offered is 7.60% and half-yearly rate is 7.71%.

Senior citizens can avail additional benefits by availing Bajaj Finance Fixed Deposits as they are offered an additional 0.35% over the normal interest rate. You can even avail a loan against Fixed Deposit if you need immediate funds in case of emergencies. These loans are charged with a lower interest rate, as your FD will work as a collateral in this case.