Frequently Asked Questions on Fixed Deposit
What is a Fixed deposit scheme?
A Fixed Deposit scheme is a savings option which helps you earn interest on your money parked with Bajaj Finance Ltd at periodic intervals either through simple or compounded interest on the principal amount. The rates of interest are typically higher than money parked in savings accounts owing to the fact that the money is locked in for a specific period and cannot be withdrawn at will of the depositor, except in certain scenarios in which customer is ready to bear the prematurity penalty
Who can invest in BFL fixed deposit scheme
Individuals, Companies, HUFs, Body of Individuals, Association of Persons, Societies, Trusts, Sole Proprietorships, Partnerships, Societies (both residential as well as credit co-operative), Clubs, Schools, Universities etc can invest
Who cannot invest in BFL fixed deposit scheme
NRIs, Foreign Citizens, Person of Indian Origins (PIOs), charitable trusts and entities qualifying under section 11(5) of Income Tax Act cannot invest in BFL FD scheme.
Which interest payout options are available
We offer cumulative & non-cumulative interest payment options.
• In a 'Non-cumulative’ fixed deposit scheme, the interest is payable on a monthly, quarterly, semiannually and yearly basis. This scheme will be convenient if you require periodical interest payment.
• In a 'Cumulative’ term deposit scheme the interest is payable at the time of maturity along with the principal and is compounded annually. This scheme is suitable for an individual who does not require periodic interest payment and acts as a money multiplier scheme. The interest will be compounded annually and the final payout will be subject to deduction of tax, wherever applicable.
What are the interest rates offered by BAJAJ FINANCE LIMITED?
For rates above Rs.5 Cr, please drop a mail to [email protected]
For rates upto Rs.5 Cr, the card rate of Interest per annum (effective from 1st Oct’18) is as under:
|Tenor in Months
||Minimum deposit size (in Rs.)
|12 – 23
|24 – 35
|36 – 60
|Special tenors scheme
Will any special rates be applicable for specific category of applicants?
Yes, below-given specific category of applicants will be eligible for special rates over and above the card rates of interest as mentioned below:
• Senior Citizens (more than 60 years of age, subject to provision of proof of age) – Additional rate of 0.35% p.a. for deposit size up to ₹5 Crore
• Bajaj Group Employees – Additional rate of 0.25% p.a. (Bajaj Holdings and Investments Ltd, Bajaj Auto Ltd, Bajaj Finserv Ltd, Bajaj Finance Ltd, Maharashtra Scooters, Bajaj Allianz General Insurance Co Ltd, Bajaj Allianz Life Insurance Co Ltd, Bajaj Finserv Direct Ltd, Bajaj Housing Finance Ltd, Mukand Ltd and Bajaj Electricals Ltd) for deposit size up to ₹5 Crore
• Bajaj Finance Ltd existing loan customers – Additional rate of 0.25% p.a. for deposit size up to ₹5 Crore
• Bajaj Finance Ltd existing FD customers – Additional rate of 0.25% p.a. for deposit size up to ₹5 Crore (Investor needs to have a gap of 2 months between first and last deposit)
Note that only one of the above special category benefit is allowed per transaction. Which means if a Bajaj Group employee is also a loan customer, he will get only 0.25% (not 0.25%+0.25%=0.50%) over and above the card rate mentioned in Q2.
I am an EMI card holder. Will I still get 0.25% existing client benefit while investing in an FD?
An EMI card holder will get 0.25% existing client benefit only if he has used the card at least once, which means a LAN (loan account number) has to get created in our records.
Are there any benefits on renewal of FD?
Yes. Additional rate of 0.25% p.a. (for deposit size up to ₹5 Crore) is applicable over and above special category benefit.
BFL has just changed the FD rates. Will those new rates be applicable to my existing deposit
No. Since you have locked in your money with us at a specific rate, you will continue to receive that rate till maturity. If you wish to avail the new rate, we suggest you invest in a new deposit with us.
What are the benefits of BFL Fixed Deposit?
An investment in one of the most reputed brands in India, BFL FDs offers a host of benefits:
• Minimum deposit size of Rs.25000. There is no maximum amount limit
• Rated FAAA/Stable by CRISIL and MAAA/Stable by ICRA, which means highest safety of your money
• Attractive and assured rates of interest for your money to grow periodically
• Choose a tenor of any number of months from 12 to 60 carrying different rates of interest to suit everyone’s needs
• Branch presence across over 800 locations in India
• Access to all product details on our Customer Portal – Experia
• Flexibility of payment option through electronic or physical modes
• Special rates for senior citizens, existing customers and group employees
What are the service facilities that will be offered to me?
We are a service oriented organization with complete focus on delivering the best service experience. Some of the key highlights being:
• Easily accessible touch points
• Simple and transparent policies
• A readily available Fixed Deposit online calculator which will help you plan your needs
• Detailed SMS and email communication to customers while booking a Fixed Deposit, from request to maturity
• Scanned copy of all the documents submitted by you, available online for easy access
• An overall experience to delight
What are the various documents I need to submit for opening a Fixed Deposit account?
1. Recent Photograph
2. VID (Virtual Identification Number)/ Aadhaar Card /Proof of Application for Enrolment of Aadhaar
3. Pan card Or Form 60 + any 1 of the below mentioned OVDs (Officially valid documents):
• Valid passport
• Valid driving license
• Voter's ID card
• NREGA job card
• Letter containing name and address issued by National Population register
A senior citizen having PAN and Aadhaar has shifted to a rented accommodation. The rent agreement is in the name of their son, and the agreement does not contain the senior citizen’s (parent’s) name. In such a case, which documents are needed from the senior citizen to process his FD?
Apart from PAN and Aadhaar, the senior citizen should fill his “Current/Correspondence Address” and simply has to tick “No” for “Is Current/Correspondence Address same as Permanent Address?” in page 1 of the FD application form as shown in screenshot below. He need not submit a proof of his correspondence address as the onus/responsibility is on the customer.
Can I show this FD investment for tax exemption?
BAJAJ FINANCE LIMITED FD investment cannot be shown as an investment under section 80C for tax deduction benefit.
When will my interest amount be paid?
Non-Cumulative - Interest will be paid to a customer based on scheme interest payment frequency
Monthly option - Last date of each month. The first interest will be paid on the last day of the subsequent month in which the FD is procured. E.g. If the customer has initiated the FD on 25th March and has requested for a monthly interest, the same will be paid on the subsequent month end that is 30th Apr, 31st May and so on.
Quarterly Option - June 30, September 30, December 31 and March 31
Half Yearly Option - September 30 and March 31
Annual Option - March 31 Cumulative scheme - The interest will be compounded annually and the maturity amount will be subject to deduction of tax, wherever applicable. Interest will be paid on maturity.
Where can I find my FD details like amount, tenor, interest %?
You can refer to your FDR or Statement of Account, available on our customer portal, Experia for details.
I have lost my FD certificate /Receipt and require a new one
The original FD receipt is couriered to your address updated in our records. In case a duplicate FD receipt is required, please submit a written request duly signed by all the FD account holders at our branch.
I wish to add a nominee/change the nominee details on my FD.
For any request to change the nominee name, fill/submit the nomination form available on https://www.bajajfinserv.in/fixed-deposit-terms-and-conditions duly signed and submit it to our branch/your RM/broker, basis which changes will be made in our records
When will TDS certificate be provided to the depositor?
The TDS certificate will be emailed to the depositor every quarter.
How soon will I receive my Fixed Deposit receipt?
The depositor will receive the Fixed Deposit receipt by courier maximum within 3 weeks of creation of his deposit account
I am unable to track my Fixed Deposit Receipt. Please assist.
FDR tracking system will be made available shortly on our website. In the meanwhile, a virtual copy of the FD certificate is available online on our Customer Portal – Experia, hence the same can be viewed online.
What is the interest amount that will be credited to my account?
Basis the scheme availed by the customer the interest amount will be credited to the customer’s bank account registered with us. Post interest credit to a customer’s account, communication for the same is sent to the customer via SMS/email.
Refer to your Statement of Account for the details on the interest scheme availed and interest payable details.
How will the maturity amount be transferred?
The maturity amount will be transferred to the bank account mentioned by the depositor in the application form through National Electronic Fund Transfer/Real Time Gross Settlement modes only. The entire amount shall be transferred on the date of maturity of the deposit. In case of electronic account transfer bounce, the depositor will be intimated through phonecall, email and written letter requesting him to update the bank account details registered with us.
I need to change my Bank account details?
Download change of bank details form from https://www.bajajfinserv.in/fixed-deposit-terms-and-conditions and submit it along with a copy of FDR and cancelled cheque to your RM/broker.
I have not received my interest on FD
Step 1: Please ensure that you have carefully checked the bank statement of the account which is registered with us. If confirmed that you have not received interest, then proceed to step 2.
Step 2: Please check the interest deposit date mentioned in question 21 above. If confirmed that you are liable to receive interest, but have not received, then proceed to step 3.
Step 3: Please drop a mail to [email protected] mentioning the FDR no and the month/quarter/year for which interest has not been received.
If I require money can you give me loan against my FD?
Post 3 months of being on our books, our deposit customers can avail a loan, which will be a maximum of 75% of the deposit amount at a rate which is 2% higher than the rate of interest at which the deposit has been created. Tenor will be the residual maturity of the FD.
How to apply for loan against FD?
Please get in touch with your RM/branch in case you require loan against FD
If I am unable to service the loan taken against FD, will my FD be impacted?
No there will be no impact on the FD. All outstanding dues will be adjusted against FD maturity proceeds and the balance will be paid to the depositor.
Is loan against FD an overdraft facility?
No, the EMI component consists of principal and interest.
I have just repaid my entire loan against FD. Can I avail loan against FD once again?
Yes, repaying earlier loan against FD entirely makes you eligible for a fresh loan against FD.
How to renew my FD?
You can renew your FD in the following 3 ways:
• By visiting https://mysite.bajajfinservlending.in/FDRenewal.aspx
• By visiting your nearest BFL branch along with your FDR (recommended, but not mandatory) at least 2 days before maturity
• By requesting your RM at least 2 days before maturity
Which documents are needed to renew my FD?
We require only FD application form. You may attach original FDR with it (recommended, but not mandatory)
I am a new investor and I want to invest in BFL FDs. Whom should I get in touch with?
You can get in touch with your investment advisor, or drop a mail to [email protected] or give a call to 020-71124281 (chargeable). You can also invest online by clicking on https://mysite.bajajfinservlending.in/FDHome.aspx
I am an existing investor in BFL FD, but I still have a query. Whom should I get in touch with?
You can get in touch with your RM/broker, or drop a mail to [email protected] or give a call to 020-39574151 (toll free). Please mention your FDR number mandatorily.
Is the interest on FD taxable? What is the taxable amount?
Yes, under Section 194A of the Income Tax Act, 1961, in case of interest earned from investments in fixed deposits across all NBFCs exceeds Rs. 5,000, interest income is taxable. At a PAN Card level for the depositor, his interest income will be arrived at after consolidating all his Fixed Deposits. TDS will be calculated by Bajaj Finance and paid to the government quarterly. In case the depositor provides 15G/15H during the application stage, he will be exempted from paying tax on his interest income. However, if the aggregate amount of interest paid or payable during the financial year exceeds Rs.2,50,000 for non-senior citizens, Rs.3,00,000 for senior citizens and Rs.5,00,000 for super senior citizens (aged 80 years and above), then form 15 G/H will not be valid and tax will be deductible
Where can I get and submit form 15 G/H?
1. Experia: Log in to our customer portal Experia > Account Information > My relations > Fixed Deposit Details > View Details (for each deposit) > Form 15 G/H. Click on the checkbox to submit your form online, fill in the required details, generate and enter OTP and submit the declaration.
2. Broker: Download Form 15 G/H from our website and submit it to your broker, who in turn will send it to us.
3. Branch: Download Form 15 G/H from our website and submit it at your nearest Bajaj Finance Limited branch or courier to:
Tata Consultancy Services
Electronic Sadan No 3, 2nd Floor
Pune - 411026
In spite of submitting form 15 G/H, my TDS got deducted. Whom should I get in touch with?
You can get in touch with your RM/broker, or drop a mail to [email protected]. We will initiate refund if case is genuine.
Can I withdraw this FD before the tenor expiry? If yes, what is the impact on interest?
The lock in period for any FD is 3 months, before which the FD cannot be withdrawn. For premature withdrawal there are penalty slabs as under:
• 0 -3 months - FD cannot be withdrawn (not applicable in death cases)
• 3 -6 months - No interest is payable on the deposit. Only the principal is payable
• >6 months - interest payable is 2% lower than the interest rate applicable for the period for which the deposit has run for. In case of no interest specified for the period run, interest payable will be 3% lower than the lowest rate at which Bajaj Finance accepts deposits.
The primary applicant has expired. Can the co-applicant in the FD request for pre-maturity?
Yes, the co-applicant merely has to submit a written request, the death certificate and the FDR to your RM/broker. The FD proceeds (post deduction of TDS) will be credited to the bank account registered with us within 8 days of receipt of application
If the primary applicant expires and there is no nominee or joint holder, what documents are required from the legal heir who wishes to pre-mature the FD?
In case of death of the primary applicant with no nominees/joint depositors, the legal heir has to submit the below documents:
• Application for deceased’s claim (mandatory) (click here to download)
• Notarized copy of the death certificate (mandatory)
• Succession Certification/Letter of Administration/Probate of the Will (recommended, but not mandatory)
• Indemnity Bond taken from the legal heir/representative (mandatory) (click here to download)
If the co-applicant dies, can his name be replaced with another co-applicant during renewal?
No, the dead co-applicant’s name cannot be replaced with another co-applicant. However, by providing valid documents, the dead co-applicant’s name can be deleted from the FD.
If a Karta dies in an HUF, can the new Karta be made the primary applicant without prematuring the FD? If yes, what are the documents required? What documents are required from the new Karta who wishes to pre-mature the FD?
In both the above scenarios, the below documents are required:
• Proof of death of depositor
• Declaration/Affidavit/Indemnity from the members forming part of the HUF declaring the eldest coparcener as the new Karta of the HUF.
• Fresh Deed of declaration of HUF with List of coparceners signed by Karta and adult coparceners
• Aadhaar & PAN of the new Karta
If the primary applicant dies, then is it mandatory to inform BFL about the death?
Yes, that’s because BFL cannot continue to pay interest and deduct TDS on the PAN of a dead person
Can an NRI be a co-applicant in any FD?
No, we dont accept FDs in which co-applicants are NRIs
Depositor has turned into NRI after depositing with us. What happens to his deposit?
The deposit can remain with us till maturity. If on the date of renewal, he is still an NRI, then he cannot renew the deposit and it has to be matured. The maturity proceeds should go to his NRO account only. If on the date of renewal, he becomes an Indian citizen again (for whatever reason), then he can renew his deposit.