Welcome to this detailed guide on Bajaj Finance FD Rates for 2023! Fixed deposits are one of the most popular and secure investment options in India because of the high returns and low risk involved. With Bajaj Finance, you can get the best FD rates in the market. In this guide, we will explore the different FD rates available from Bajaj Finance, their features, and more. So, let’s get started and learn all about the amazing FD rates that Bajaj Finance has to offer in 2023!
Bajaj Finance Fixed Deposit Interest Rates 2023
The Bajaj FD rates for 2023 are divided into multiple categories below:-
Interest Rates on Domestic Deposits from Rs 15,000 to Rs 5 crore w.e.f. 04 March 2023
The Bajaj Finance FD interest rate on domestic deposits from Rs. 15000 to Rs. 5 crores is represented in a tabular form below:-
| Tenure (in months) |
Interest Rate (% p.a.) |
|
| Regular Citizens | Senior Citizens | |
| 12 – 14 | 7.4 | 7.65 |
| 15 | 7.45 | 7.7 |
| 16 – 17 | 7.5 | 7.75 |
| 18 | 7.4 | 7.65 |
| 19 – 21 | 7.5 | 7.75 |
| 22 | 7.5 | 7.75 |
| 23 | 7.5 | 7.75 |
| 24 | 7.55 | 7.8 |
| 25 – 29 | 7.35 | 7.6 |
| 30 | 7.45 | 7.7 |
| 31 – 32 | 7.35 | 7.6 |
| 33 | 7.75 | 8 |
| 34 – 35 | 7.35 | 7.6 |
| 36 – 43 | 7.65 | 7.9 |
| 44 | 7.95 | 8.2 |
| 45– 60 | 7.65 | 7.9 |
NOTE: Bajaj Finance offers special FD interest rates on the tenure of 15, 18, 22, 30, 33, 39 and 44 months.
Interest Rates on Domestic Deposits from Rs 15,000 to Rs 5 crore w.e.f. 04 March 2023 (Non-cumulative)
Bajaj FD Rates on domestic deposits from Rs. 15000 to Rs. 5 crores (Non-Cumulative) w.e.f. 4th March 2023 is as follows:-
| Tenure (in months) |
Interest Rates (% p.a.) |
|||
| Monthly | Quarterly | Half Yearly | Annual | |
| 12 – 14 | 7.16 | 7.2 | 7.27 | 7.4 |
| 15 | 7.21 | 7.25 | 7.32 | 7.45 |
| 16 – 17 | 7.25 | 7.3 | 7.36 | 7.5 |
| 18 | 7.16 | 7.2 | 7.27 | 7.4 |
| 19 – 21 | 7.25 | 7.3 | 7.36 | 7.5 |
| 22 | 7.25 | 7.3 | 7.36 | 7.5 |
| 23 | 7.25 | 7.3 | 7.36 | 7.5 |
| 24 | 7.3 | 7.35 | 7.41 | 7.55 |
| 25 – 29 | 7.11 | 7.16 | 7.22 | 7.35 |
| 30 | 7.21 | 7.25 | 7.32 | 7.45 |
| 31 – 32 | 7.11 | 7.16 | 7.22 | 7.35 |
| 33 | 7.49 | 7.53 | 7.61 | 7.75 |
| 34 – 35 | 7.11 | 7.16 | 7.22 | 7.35 |
| 36 – 43 | 7.39 | 7.44 | 7.51 | 7.65 |
| 44 | 7.67 | 7.72 | 7.8 | 7.95 |
| 45 – 60 | 7.39 | 7.44 | 7.51 | 7.65 |
NRI Fixed Deposit Interest Rates on deposits from Rs. 15,000 to Rs. 5 crores w.e.f. March 4, 2023
The NRI Bajaj Finance FD interest rate on deposits from Rs. 15000 to Rs. 5 crore is as follows:-
| Tenure (in months) | Interest Rate (% p.a.) | |
| 12 – 14 | 7.4 | |
| 15 | 7.45 | |
| >15-17 | 7.5 | |
| 18 | 7.4 | |
| 19-21 | 7.5 | |
| 22 | 7.5 | |
| 23 | 7.5 | |
| 24 | 7.55 | |
| 25-29 | 7.35 | |
| 30 | 7.45 | |
| 31-32 | 7.35 | |
| 33 | 7.75 | |
| 34-35 | 7.35 | |
| 36 | 7.65 |
Special FD NRE FD Interest Rates w.e.f. 22 December 2022
| Tenure (in months) | Interest Rate (% p.a.) |
| 15 | 7.45 |
| 18 | 7.4 |
| 22 | 7.5 |
| 30 | 7.45 |
| 33 | 7.75 |
Types of Bajaj Finance FD Schemes
Below mentioned are the different types of Bajaj Finance FD schemes:-
- Bajaj Finance Regular Fixed Deposit: Bajaj Finance Fixed Deposit offers competitive interest rates, flexibility to choose deposit tenure, and the safety of your funds.
- Bajaj Finance Tax Saver FD: Invest in Bajaj Finance Tax Saver FD to save taxes and earn higher returns. It offers attractive interest rates and flexible tenure options.
- Bajaj Finance Senior Citizen FD: Bajaj Finance Senior Citizen FD provides attractive interest rates with flexible tenure options for senior citizens to earn higher returns.
- Bajaj Finance NRE FD: Bajaj Finance NRE FD offers attractive rates of interest for Non-Resident Indians to earn higher returns on their deposits.
Features and Benefits of Bajaj Finance FD
The features and benefits of Bajaj Finance FD are as follows:-
- Offers attractive interest rates of up to 7.40% that will help you easily multiply your savings.
- You can opt for a tenure between 12 and 60 months (5 years) as per your financial needs and requirements.
- The minimum deposit amount required to open a fixed deposit account with Bajaj Finance Ltd. is INR 15,000.
- Bajaj Finance is one of India’s largest Non-banking Financial Institution with a Credit rating for the Fixed Deposit program being FAAA/Stable by CRISIL & MAAA (Stable) by ICRA.
- Bajaj Finance offers multiple deposit facilities, where you, as a depositor, can invest in multiple deposits through a single cheque payment.
Loan Against Bajaj Finance FD
Bajaj Finance allows customers to take out loans secured against their Fixed Deposit. Up to 75% of the value of an FD can be borrowed, and these loans can be used for home, business, or education purposes. The interest rate will depend on the type of loan.
Bajaj Finance FD Interest Payment Procedure
The interest earned on Bajaj Finance FDs is determined by the payment frequency of the scheme’s interest.
-
Maturity
The principal amount, plus the interest accrued, will be paid upon maturity. The interest will be compounded annually, and the total amount received at maturity will be subject to taxation.
-
Monthly
The interest on the FD investment will be paid on the last day of the month following the month of the investment.
-
Quarterly
The Bajaj Finance FD interest is paid on the last day of June, September, December, and March.
-
Half-yearly
The interest payment of Bajaj Finance FD is done on the last day of September and March.
-
Annually
The payment of interest is made on 31st March.
NOTE: Bajaj Finserv offers higher interest rates for senior citizens on their fixed deposits. The interest income is taxable, and any income that exceeds Rs. 5,000 is subject to TDS. However, by submitting forms 15G or 15H, senior citizens can avail of an exemption from TDS.
Premature Withdrawal of Fixed Deposits
The Bajaj Finance FD allows depositors to withdraw the FD amount before its maturity date. The premature withdrawal allows depositors to access their funds before the end of the maturity date. Also, remember that one can withdraw funds after the end of the lock-in period. However, like other FDs, premature withdrawal is subject to a penalty.
Have a look at the pointers below to learn more about premature withdrawal from a Bajaj Finance FD scheme:-
- The minimum lock-in period for Bajaj Finance FD is 3 months. You are not allowed to withdraw the Fixed Deposit before this duration prematurely.
- The payment of interest will not be made if premature withdrawal is made after 3 months but before 6 months of FD investment.
- Premature withdrawal made after 6 months is subject to an interest rate that is 2% lower than the applicable Bajaj Finance FD rates.
- If the Bajaj Finance FD rate is not fixed, investors will receive payout at rates 3% lower than the interest rates.
How to Invest in Bajaj Finance FD?
Investing in Bajaj Finance Fixed Deposit is easy and quick. Below mentioned are the two modes of opening FD with Bajaj Finance.
Invest via Online Mode
To open Bajaj Finance FD via online mode; you need to open Bajaj Finance’s official website or download its application. Later, you just have to follow the steps below:
Step 1: Tap on the ‘Invest Online‘ button to open the online form.
Step 2: Enter all the required details, such as your phone number, Date of Birth (DOB), and OTP.
Step 3: If you are an existing Bajaj Finance customer, you’ll be required to only enter the details. And, if you’re a new customer, you’ll have to verify all basic details through KYC or by uploading the necessary documents.
Step 4: Select the deposit amount, tenure, interest payout type, and the required bank details.
Step 5: Finally, pay the amount through net banking or UPI.
On successful payment, your Fixed Deposit will get booked with Bajaj Finance. You will receive an acknowledgement through an e-mail or SMS.
Invest via Offline Mode
In order to open a Fixed Deposit account with Bajaj Finance, you have to visit the nearest branch and fill out the necessary form.
Eligibility to Open Bajaj Finance FD
Individuals such as Indian residents, NRIs, and persons of Indian origin are allowed to open Fixed Deposit with Bajaj Finance. On the other hand, if we talk about non-individuals, then Joint Stock Companies, Partnership Firms, Hindu Undivided Families (HUFs), Registered Societies, and Public and Private Limited Companies are also eligible to open a fixed deposit with Bajaj Finance, either online or offline.
Documents Required to Open Bajaj Finance FD
Check out the list of documents required to open Bajaj Finance Fixed Deposit.
For Individuals
- Address and Identity Proof
- Passport-size photograph
- PAN
For Hindu Undivided Family (HUFs)
- KYC documents
- Deed of declaration
- Bank account statement.
- Single PAN for a stipulated HUF
For Partnership Firm
- Certificate of Registration
- Partner’s ID proof
For Joint-Stock Companies
- Memorandum of Association
- Article of Association
- Certificate of Incorporation
- Board Authorisation
NOTE: Statutory Boards and Registered Societies can submit the cumulative agreement and required PAN information to open a Bajaj Finance FD account for fixed deposit investment.
Final Note
In conclusion, investing in Bajaj Finance FD is a great way to get attractive returns with low risk. The Bajaj Finance FD rates are highly competitive and attractive. With the attractive Bajaj FD rates, you, as an investor, can be sure of getting a good return. Moreover, the FDs are also safe and secure. Therefore, for everyone looking for a safe and secure investment option, Bajaj Finance FD is a good choice.
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Frequently Asked Questions (FAQ’s):-
Ans: Yes, you can avail of a loan against the FD offered by Bajaj Finance. The loan amount equals 75% of the FD principal amount. The loan can be availed at competitive interest rates and can be repaid in monthly installments.
Ans: You need to deposit a minimum of ₹15,000 to open a Bajaj Finance FD.
Ans: One can raise a request for premature withdrawal of FD after 3 months from the date of opening. In case you withdraw FD after 3 months but before 6 months from the date of deposit, you’ll get the principal amount only, and no interest will be paid. However, if you withdraw FD after 6 months, the interest payable will be 2% less than the interest applicable to a public deposit.
Ans: Yes, Bajaj Finance offers Tax Saving FD to its customers.
Ans: The tenure for Tax Saving FD in Bajaj Finance is minimum 5 years.
Ans: For a secure future and a hassle-free experience for your loved ones, Bajaj Finance Limited offers the facility to add nominee details when investing in a Fixed Deposit (FD).
