Frequently asked questions
A fixed deposit is a savings option that helps you earn interest on savings parked with a financier of your choice. You can choose to get returns periodically or at maturity. The interest rates are typically higher than savings accounts because the money is locked in for a specific period and cannot be withdrawn at the will of the depositor, except in specific scenarios in which the customer is ready to bear the penalty for premature withdrawal.
All residents over 18 years can invest in Bajaj Finance Fixed Deposit through both online and offline mode. Minors, NRIs and non-individuals who want to invest in Bajaj Finance FD, kindly connect with our representative or write to us at email@example.com.
Bajaj Finance offers cumulative and non-cumulative interest payment options.
- In a non-cumulative fixed deposit scheme, the interest is payable monthly, quarterly, semi-annually, or yearly. This scheme will be convenient if you require periodic interest payments.
- In a cumulative fixed deposit scheme, the interest is payable at maturity along with the principal and is compounded annually. This scheme is suitable for individuals who do not require periodic interest payouts. The final payout at maturity will be subject to deduction of tax, wherever applicable.
Yes. Senior citizens (i.e., persons above 60 years of age) will get additional interest rate benefits up to 0.25% p.a. on deposits of up to Rs. 5 Crore.
No, there is no benefit on renewal of 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 of the new rate, you can invest in a new deposit with us.
Offered by one of the most reputed brands in India, Bajaj Finance Fixed Deposit has a host of benefits:
- Minimum deposit size is Rs. 15,000. The maximum deposit limit is Rs. 5 Crore
- Rated FAAA/ Stable by CRISIL and MAAA/ Stable by ICRA, which means the highest safety of your money
- Attractive and assured rates of interest for your money to grow periodically
- Tenors from 12 to 60 months, carrying different interest rates to suit everyone’s needs
- Branch presence across over 1,000+ locations in India
- Access to all product details on our customer portal – Experia
- The flexibility of payment options through electronic or physical modes
- Special rates are applicable for senior citizens
We are a service-oriented organization with a complete focus on delivering the best experience. Our customers get these benefits:
- Easily accessible touchpoints
- Simple and transparent policies
- A readily available fixed deposit online calculator which will help you plan your investment
- 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
No, there is no benefit on the renewal of the deposit.
Offline FD applicants can deposit a cheque or transfer via RTGS/ NEFT.
Online FD applicants can transfer through UPI, RTGS/ NEFT, or netbanking.
Note: Transfer via debit card is not accepted.
No. You cannot open a fixed deposit by making a cash payment.
Here are the documents that an individual requires while opening a fixed deposit account:
1. One recent photograph
2. PAN or Form 60
3. Certified copy of any 1 of the below mentioned officially valid documents (OVDs):
- Driving license
- Voter's ID card
- NREGA job card
- Aadhaar card
Bajaj Finance does not levy any charges or processing fees on opening a fixed deposit account.
Bajaj Finance Fixed Deposit investments are not eligible for the benefit of tax deductions under section 80C.
Payment of the interest amount varies as per the following schemes:
Non-cumulative - This scheme allows you to choose interest payouts on the following frequencies:
- Monthly option – In this case, you can get the interest payout on the last date of every month.
- Quarterly option – If you choose this option, the interest will be paid at the end of each quarter, i.e., on June 30, September 30, December 31, and March 31
- Half-yearly option – In this case, interest deposits are made twice a year – on September 30 and March 31
- Annual option – The interest gets accumulated for the year and paid on March 31
Cumulative scheme – You will receive the compounded interest for the entire tenor of the FD on maturity. You must, however, note that the maturity amount will be subject to a tax deduction, wherever applicable.
For these details, you can refer to your FDR or account statement, available on our customer portal – Experia.
For duplicate FD receipt, please submit a written request - duly signed by all the FD account holders - at our branch or raise your request at firstname.lastname@example.org.
For any request to change the nominee name, please download the form available here . Fill it with tour details and submit a signed copy to our branch/your regional manager (relationship manager)/broker. We will then make the necessary changes to our records.
The TDS certificate will be emailed to the depositor every quarter.
The depositor will receive the fixed deposit receipt by courier within three weeks of creating their fixed deposit account.
You can track your Fixed Deposit Receipt by using IVR no.- 8698010101. You can also view or download the virtual copy of FD Receipt available on our Customer Portal - Experia.
The interest amount will be credited to your bank account basis the scheme you have selected. After the interest is credited, you will receive a communication via SMS/email. Refer to your statement of account for the payment details.
The maturity amount is transferred via NEFT or RTGS to the bank account the depositor mentions in the application form. You will only receive the amount on the date of maturity. If the electronic account transfer bounces, the depositor will be informed through a phone call, email, and a written letter requesting that he update the bank account details registered with us.
Download the relevant form from here and submit it along with a copy of your FDR and cancelled cheque.
If you have not received your interest on a fixed deposit, then follow these three steps to ensure it is credited:
Step 1: Please ensure that you have carefully checked the bank statement of the account 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 above. If confirmed that you are liable to receive interest but have not, proceed to step 3.
Step 3: Please reach out to us via one of the avenues listed here , mentioning the FDR no. and the month/ quarter/ year you have not received the interest.
Three months after booking an FD, customers can get a loan of up to 75% of the deposit amount. You have to pay just an additional 2% p.a. over the interest rate over the booking rate of the FD. The tenor will be the residual maturity of the FD.
For loans up to Rs. 4 lakh, you can visit our customer portal – Experia. Please get in touch with your relationship manager/branch if you require a loan against FD greater than Rs. 4 lakh.
No, there will be no impact on the FD. Your outstanding dues will be adjusted against FD maturity proceeds, and the balance will be paid to you.
No, the FD will have no impact, and the outstanding dues can’t be adjusted against the FD. However, you can choose to liquidate the FD prematurely to repay the outstanding dues.
No, it’s a term loan.
Yes, repaying your existing loan against FD in full makes you eligible for a new loan against FD.
No. Income tax deduction is not applicable on the EMIs paid on loan against fixed deposit.
No. Bajaj Finance Limited (BFL) provides loans against Bajaj Finance Fixed Deposits only.
You can renew your FD in three ways:
- By visiting our portal
- By visiting your nearest BFL branch along with your FDR (recommended, but not mandatory) at least 2 days before maturity
- By logging a renewal request with your relationship manager at least two days before maturity
We require only the FD renewal form. You may attach the original FDR with it (recommended, but not mandatory).
No. You don’t have to submit KYC documents and photos again at the time of FD renewal.
Yes, you can change the name of the nominee, but not the co-applicant.
You can get in touch with your regional manager (relationship manager)/ broker or drop a mail by clicking here.
You can get in touch with your regional manager (relationship manager)/ broker or drop a mail by clicking here. Please mention your FDR number mandatorily.
Yes, under Section 194A of the Income Tax Act, 1961, if the interest earned from fixed deposits across all NBFCs exceeds Rs. 5,000, it is taxable. The total interest earned by the depositor is calculated after consolidating all his fixed deposits. TDS will be calculated by Bajaj Finance and paid to the government every quarter. If the depositor provides 15G/15H during the application stage, he will be exempt from paying tax on the interest. However, if the aggregate amount of interest paid or payable during the financial year exceeds Rs. 2.5 lakh for customers below the age of 60, and Rs. 5 lakh for senior citizens and super senior citizens (aged 80 years and above), then Form 15G/15H will not be valid, and tax will be deductible.
- 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.
- Broker: Download Form 15 G/H from our website and submit it to your broker, who in turn will send it to us.
- Branch: Download Form 15 G/H from our website and submit it at your nearest Bajaj Finance Limited branch.
TDS is deducted quarterly for modes of payment except monthly.
You can get in touch with your regional manager/ broker or drop a mail by clicking here.
The lock-in period for any FD is three months, before which you cannot withdraw the FD. For premature withdrawal, the penalty slabs are as under:
- 0-3 months: No withdrawal permitted except in death cases
- 3-6 months: No interest is payable on the deposit. Only the principal is payable
- >6 months: After 6 months but before the maturity date, there are two conditions of prematurity in this scenario.
1. If the customer wants to premature his FD between 12 – 60 months, interest paid is 2% p.a. lower than the ROI of the completed tenor of the deposit.
2. If the customer wants to premature his FD between 6 – 12 months, in this case, the interest applicable will be 3% p.a. lesser than the minimum ROI offered.
Yes, the co-applicant must submit a written request, the death certificate and the FDR to the regional manager/ broker. We will transfer the FD proceeds (post-deduction of TDS) to the bank account registered with us within 8 days of receipt of the application.
Yes, TDS will be deducted if the FD is withdrawn prematurely.
In case of death of the primary applicant with no nominees/joint depositors, the legal heir has to submit the following documents:
- Application for the deceased individual’s claim (mandatory)
- Notarized copy of the death certificate (mandatory)
- Succession certification/letter of administration/probate of the will (recommended, but not mandatory)
- The legal heir/representative will need to submit an indemnity bond (mandatory)
No. The co-applicant cannot add a new primary application during the renewal of FD after the previous FD has matured.
No. While you cannot replace the deceased co-applicant’s name, it can be removed from the FD by providing valid documents.
In both the above scenarios, the new karta will require to produce the following documents:
- 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 including the list of coparceners, signed by the Karta and the adult coparceners
- Aadhaar and PAN of the new Karta
Yes, that’s because Bajaj Finance Limited cannot legally continue to pay interest and deduct TDS on the PAN of a deceased individual.
In such a scenario, the depositor must inform Bajaj Finance Limited of the change in their citizenship status in writing and submit the relevant documents. We will then change the citizenship status of the depositor to NRI, and taxation guidelines will apply accordingly.
No. All physical FD applications must be submitted along with a cheque, which Bajaj Finance Limited will bank. If a partner is assisting you, please submit the CMS pay-in-slip (available on the partner portal) along with the cheque.
Yes. If you choose to make an electronic fund transfer via RTGS, NEFT, or IMPS, please mention the transaction ID on your application form.
To invest in a NRI FD, the payment must only be credited from an NRO (non-resident ordinary) account. If you accidentally transfer the funds from an NRE account, you will need to inform us of the same. You will then be required to provide the details of another bank account (NRO/saving account), and we will return the funds to this account.
Yes, you will receive a refund if your FD isn’t booked within 15 days.
You will receive a refund of the principal amount along with the interest rate equal to the 12 month ROI under the cumulative scheme.
Here are two cases when your money will be refunded:
- If deposits of the customer are put on hold due to reasons like (incomplete documents, blurred documents, incomplete bank details, etc.)
- If we receive the deposit amount directly (through UPI, Net Banking, NEFT)
However, there shall be no refund in case of deposits not booked due to technical errors.
Your fixed deposit application may get booked when:
- The application form is incomplete
- The KYC documents are not submitted
- There’s a mismatch in UTR payment details between the actual UTR number versus the one written in the application form
You will receive a refund in your account if these details are not resolved or rectified within 15 days of the fund transfer.
If your deposit does not get booked with us, the amount will be credited back to your account within 15 days of the fund transfer. However, this policy is not applicable for NRI and corporate FD customers. For NRI deposits, the refund period is 45 days, and for corporate deposit customers, the refund period is 30 days. The refund period may exceed 15 days in case of the following situations:
- If the refund due date falls on a holiday (the refund will be processed on the next working day, in this case)
- For cases held due to internal issues, e.g., operational or technical errors
- If the originating bank account details have not been received
The refund processes vary as per the modes of payment. Here’s an overview:
- IMPS – It is mandatory to provide the correct IFSC and account number for claiming the refund. Bajaj Finance Limited will conduct a Re.1 transaction in your bank account through IMPS, using the IFSC of your bank’s central office/treasury. Post verification, the refund can be processed.
- UPI – You would need to provide your bank account details, along with a copy of the bank account statement or a cancelled cheque. The refund will be processed on verification of your bank account details..
- Cheque/ TPT fund transfer/ NEFT/ RTGS – Bajaj Finance Limited will conduct a Re.1 transaction in your bank account through IMPS, using the IFSC of your bank’s central office/ treasury. After the verification of the account, the refund can be initiated.
- NRO FD – You need to provide the correct IFSC and account number to claim the refund. A Re.1 transaction will be conducted by Bajaj Finance Limited through IMPS, using the IFSC of your bank’s central office/treasury. After verifying the account, the refund will be processed.
- Online billdesk payment – The amount will be refunded to your account, as per details shared by the billdesk. You may be required to verify your account details for account validation.
From December 1, 2020, taxes will be deducted (if applicable) on the PAN level. Suppose a customer has five deposits with Bajaj Finance Limited. In that case, BFL will calculate the total tax to be deducted on these five deposits and deduct this entire tax from the interest paid out through any of these deposits.