A fixed deposit (FD) is an excellent option for people who don’t want to take high risks. The duration flexibility of the best-fixed deposit scheme is one of its finest qualities. It allows you to handle numerous FDs with different terms and deposit rates.
You can start an FD account at the bank where you already have a savings account or any other bank offering the best-fixed deposit interest rates. It is entirely your choice; however, the approach may differ since your KYC and other verification requirements must be completed if you go to a bank without prior interaction. You can easily find the best-fixed deposit interest rates in India at Kuvera.
To make things easier, you can look at Bajaj FD rates, one of the highest in the industry and popular among investors. Further, Bajaj Finance’s senior citizen’s FD rates are 0.25% more than the standard FD rates.
We discuss the characteristics and benefits of the Bajaj FD rates in this article.
About Bajaj Finance Ltd:
Bajaj Finance Limited, established in 1987, has a vast range of financial products and services. It offers consumer credit, small company finance, rural lending, and mortgage lending. It was rated BBB- by S&P Global Ratings on January 31st, 2019, with a short-term issuer credit rating of A-3.
It is one of India’s leading suppliers of consumer lifestyle items, digital gadgets, personal loans, and other technologies. It also received an FAAA security rating from CRISIL, the highest rating possible. The company’s FD rated as FAAA shall be considered the safest per the terminology.
The company’s corporate headquarters is located in Pune. There are also more than 33,000 retail outlets and 300 customer service centres. As a result, the company owns 100% of Bajaj Housing Finance Limited and 100% of Bajaj Financial Securities Limited.
Bajaj Finserv Limited, the parent company, is a financial services organisation with a wide geographic footprint in the country. They provide various financial products such as life and health insurance policies, fixed deposits, life insurance pensions, and mutual funds.
Bajaj Finance FD Rates 2022:
Investors in Bajaj Finance FDs get interest payments depending on the frequency of interest payments.
- Maturity – The interest and principal will be paid at the end of the term. Interest will be accrued on an annual basis and compounded. Taxes will be levied on the maturity amount received by the investors due to the interest portion.
- Monthly – On the last day of each month, the interest on the FD investment will be paid.
- For all accounts, quarterly interest payments are made on June 30th, September 30th, December 31st and March 31st.
- Half-yearly – Interest is paid every six months, on September 30th and March 31st. It is due on March 31st each year for the accrued interest.
The interest rate on Bajaj Finserv Fixed Deposits is higher for older citizens. TDS is payable on interest earned on FDs that exceeds INR 5,000. No TDS will be deducted if you submit a form 15G or 15H.
Comparison of Bajaj Finance FD Rates with other Banks[Source]
|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|
Features of Fixed Deposits with Bajaj Finance
If you are looking for higher returns than those offered by a bank savings account, you can go for Bajaj Finance fixed deposits. It ensures a steady flow of funds at a predetermined interest rate.
Bajaj Finance Fixed Deposit Accounts provide the following features:
- The length of the contract may be selected between 12 and 60 months.
- Bajaj Finance requires a minimum deposit of INR 25,000 to open an FD account. There is no limit to how much you can save.
- Bajaj Finance FD rates range between 6.90 per cent and 7.10 per cent.
- Bajaj Finance offers favourable interest rates to anyone over the age of 50. The annual percentage rate of interest ranges from 7.15 to 7.35 per cent.
- Bajaj Finance, a Housing Finance Company, is secure for holding your deposits. HFC deposits are not covered by insurance. HFC deposits, on the other hand, are examined by rating agencies. The ratings accurately reveal the savings. For example, AA or AAA ratings deposits are considered the safest.
- Up to 75% of the FD’s value may be borrowed through Bajaj Finance.
- Depositors have the option of early withdrawal in the event of an emergency. However, this only applies once the first three-month lock-in period has been completed.
- Depositors have the option of selecting the recipients of their Bajaj Finance funds.
- Bajaj Finance has the option of automatically renewing the FD account.
- Depositors may open a fixed deposit account with Bajaj Finance at any time. Filling out the online application form on the company’s website is another option for depositors who want to begin investing in the FDs.
How to invest in a fixed deposits on Kuvera:
Step 1: Visit our website or download the Kuvera app to sign up.
Step 2: Comply with the KYC requirements by providing your PAN, Aadhaar, and video-based in-person verification. This will take less than two minutes.
Step 2: Select the ‘Invest’ option from “Home”
Step 3: Select ‘Fixed Deposits’
Step 4: You’ll discover several fixed deposit options on Kuvera, sorted by duration, bank, tenure and so on. Click on any FD to see its lock-in duration, interest rate, and minimum deposit.
Step 5: Select the fixed deposit you want to invest in, and tap on “Start FD”.
Step 6: Enter your primary bank account details – IFSC code, account number and account type.
Step 7: You will need to fill in details of your Fixed Deposit, as well as register the account where the maturity amount will be credited, if you didn’t choose to auto-renew. After filling in the details, confirm the details and agree to the Terms and Conditions.
Step 8: Check to see if the funds were withdrawn from your account and download a Deposit Receipt by logging in to your Kuvera app or website. The app will store all your documents, including receipts.
Fixed deposits have remained the investor’s preference, especially considering other investment avenues’ uncertainties and risks. The annual percentage rate of interest ranges from 7.15 to 7.35 per cent. Depositors have the option of early withdrawal in the event of an emergency. This only applies once the first three-month lock-in period has been completed. You can take advantage of Kuvera’s excellent investment opportunities and see your hard-earned money grow. You may also easily buy stocks and bonds on RBL Bank Price Target. Therefore, start your investments now!