Bajaj Finance Best Investment Plans

Fixed Deposit FAQs

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than money parked in savings accounts owing to the fact that the money is locked in for a specific period and cannot be withdrawn at will of the depositor, except in certain scenarios in which customer is ready to bear the prematurity penalty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

Persons of unsound mind 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 fd@bajajfinserv.in

Annual rate of interest valid for deposits up to Rs.5 crore (w.e.f 07 December 2019)

For new customers:

Tenor in Months Minimum deposit (in Rs.) Cumulative Non-Cumulative
Monthly Quarterly Half-yearly Annual
12 – 23 25,000 7.60% 7.35% 7.39% 7.46% 7.60%
24 – 35 7.90% 7.63% 7.68% 7.75% 7.90%
36 - 60 8.10% 7.81% 7.87% 7.94% 8.10%

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 (i.e. persons more than 60 years of age, subject to provision of proof of age): Additional interest at the rate of 0.25% p.a. will be provided on per Deposit amount of up to ₹5 (five) crore;

• Individual customers having a customer ID in BFL system: Additional interest to the existing customer at the rate of upto 0.10% p.a. will be provided on Deposit amount of up to ₹5 (five) crore. It is clarified that said additional benefit of 0.10% is applicable on deposit made after gap of 15 days from the date of creation of existing deposit. For example, if the first deposit is created on 1st Jan XXXX, to avail additional benefit of upto 0.10%, the latest FD need to be created on or after 15th Jan XXXX;

• Existing Policy holder of Bajaj Allianz Life Insurance Company Ltd. (subject to submission of proof of policy document): Additional interest at the rate of upto 0.10% p.a. on Deposit amount of upto ₹5 (five) crore;

• Employees of Bajaj Group Companies listed below will get an additional rate of upto 0.10% p.a. (Bajaj Holdings and Investment Ltd., Bajaj Auto Ltd., Bajaj Finserv Ltd., Bajaj Finance Ltd., Maharashtra Scooters Ltd., Bajaj Allianz General Insurance Co. Ltd., Bajaj Allianz Life Insurance Co. Ltd., Bajaj Housing Finance Ltd., Bajaj Financial Securities Limited, Bajaj Finserv Direct Ltd., Mukand Ltd. and Bajaj Electricals Ltd.) per deposit up to ₹5 Crore;

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 0.10% (not 0.10%+0.10%=0.20%) over and above the card rate.

My loan/FD with BFL has been closed/matured. Will I still get 0.10% existing client benefit while investing in an FD?

Yes

I am an EMI card holder. Will I still get 0.10% existing client benefit while investing in an FD?

Yes

I have availed auto loan from Bajaj Auto Finance Ltd. Will I still get 0.10% existing client benefit while investing in an FD?

No.

Are there any benefits on renewal of FD?

Yes. Additional rate of 0.10% p.a. (for deposit size up to ₹5 Crore) is applicable over and above special category benefit. For e.g, if a senior citizen wants to renew his deposit for 48 months in annual cumulative mode, he will get 8.35%+0.25%+0.10% = 8.80% on renewal.

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 1000 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

Will I need to provide any referral for opening a Fixed Deposit account?

No referrals required.

What are the various modes through which I can make my payment?

Cheque, Debit card (select branches only) or RTGS/NEFT

Can I open a deposit account by cash payment?

No

What are the various documents I need to submit for opening a Fixed Deposit account?

For individuals:
1. Recent Photograph
2. VID (Virtual Identification Number)/ Aadhaar Card /Proof of Application for Enrolment of Aadhaar
3. Pan card
Or
3. 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

For Sole Proprietorships:
1. Recent Photograph of proprietor
2. VID (Virtual Identification Number)/ Aadhaar Card /Proof of Application for Enrolment of Aadhaar of proprietor
3. Pan card of proprietor
Or
3. Form 60 of proprietor + 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
4. Pan card of Sole Proprietorship
5. Any 2 of the below mentioned documents of Sole Proprietorship:
• Registration certificate
• Certificate/license issued by the municipal authorities under Shop and Establishment Act
• GST or Income tax returns
• GST certificate (provisional/ final)
• Certificate/registration document issued by Professional Tax Authorities
• License/certificate of practice issued in the name of the proprietary concern by any professional body incorporated under a statute
• Complete Income Tax Return (not just the acknowledgement) in the name of the sole proprietor where the firm's income is reflected, duly authenticated/acknowledged by the Income Tax authorities
• Importer-Exporter Code issued by Directorate General of Foreign Trade
• Utility bill, which is not more than two months old, of any service provider (Electricity, water, piped gas, postpaid mobile, telephone bill)

For HUFs:
1. Recent Photograph of Karta
2. VID (Virtual Identification Number)/ Aadhaar Card /Proof of Application for Enrolment of Aadhaar of Karta
3. Pan card of Karta
Or
3. Form 60 of Karta + 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
4. Pan card of HUF
5. Deed
6. Utility bill, which is not more than two months old, of any service provider (Electricity, water, piped gas, postpaid mobile, telephone bill) of HUF

For Registered partnerships:
1. Recent Photograph of all partners
2. VID (Virtual Identification Number)/ Aadhaar Card /Proof of Application for Enrolment of Aadhaar of all partners
3. Pan card of all partners
Or
3. Form 60 of all partners + 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
4. Pan card of registered partnership
5. Deed
6. Utility bill, which is not more than two months old, of any service provider (Electricity, water, piped gas, postpaid mobile, telephone bill) of registered partnership
7. Power of attorney granted to attorney holder to transact on its behalf
8. Registration certificate

For unregistered partnerships:
1. Recent Photograph of all partners
2. VID (Virtual Identification Number)/ Aadhaar Card /Proof of Application for Enrolment of Aadhaar of all partners
3. Pan card of all partners
Or
3. Form 60 of all partners + 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
4. Pan card of registered partnership
5. Deed
6. Utility bill, which is not more than two months old, of any service provider (Electricity, water, piped gas, postpaid mobile, telephone bill) of registered partnership
7. Power of attorney granted to attorney holder to transact on its behalf

For registered trusts:
1. Recent Photograph of all trustees
2. VID (Virtual Identification Number)/ Aadhaar Card /Proof of Application for Enrolment of Aadhaar of all trustees
3. Pan card of all trustees
Or
3. Form 60 of all trustees + 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
4. Pan card of trust
5. Deed
6. Utility bill, which is not more than two months old, of any service provider (Electricity, water, piped gas, postpaid mobile, telephone bill) of trust
7. Power of attorney granted to attorney holder to transact on its behalf
8. Registration certificate

For Unincorporated Association/Body of Individuals/Unregistered Trusts:
1. Recent Photograph of all authorities
2. VID (Virtual Identification Number)/ Aadhaar Card /Proof of Application for Enrolment of Aadhaar of all authorities
3. Pan card of all authorities
Or
3. Form 60 of all authorities + 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
4. Pan card of entity
5. Deed
6. Utility bill, which is not more than two months old, of any service provider (Electricity, water, piped gas, postpaid mobile, telephone bill) of trust
7. Power of attorney granted to attorney holder to transact on its behalf
8. Registration certificate
9. Resolution of managing body

For School:
1. Copy of resolution
2. Copy of Memorandum and Articles of Association / Bye-law
3. Certified true copy of registration certificate [in case of society registered under Societies Registration Act, 1860 or any other corresponding law in force in State or a Union Territory]
4. VID (Virtual Identification Number)/ Aadhaar Card /Proof of Application for Enrolment of Aadhaar of all authorities
5. Pan card of all authorities
Or
5. Form 60 of all authorities + 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
6. For proof of address of the society, any of the following should be obtained
• Copy of Certificate issued by Registrar of Co-op Societies.
• Bank certificate from existing banker.
• Bank statement of accounts for the preceding 3 months.
• Registration certificate having address issued by the Central / State or any other local government authority

For Companies:
1. Certificate of incorporation/registration and Memorandum & Articles of Association
2. Resolution passed by the Board of Directors authorizing its personnel to enter into transactions/agreements and to open and operate bank accounts on its behalf, their names and specimen signature(s)
3. PAN allotment letter/PAN card of the company
4. Latest telephone/electricity bill or bank account statement and a cancelled cheque
5. An officially valid document (PAN,passport, driving license,Voter’s identity card, Aadhaar Card) identify the directors, employees and persons authorized for such transactions and their addresses.
• Valid passport

For Co-operative banks:
1. Banking License issued by RBI
Or
1. Registration Certificate issued under Society’s Act.
2. Certified “True and Updated” copy of rules & by-laws
Or
2. Memorandum/Articles of Association of the Bank signed by any of its director.
3. Duly signed Board Resolution, along with details of authorised signatories.
4. Copy of PAN Card of the bank
5. KYC of authorized signatories - One recent passport size colour photograph, Aadhaar No./ Proof of application towards enrolment for Aadhaar and PAN/Form 60

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.

image

Is there any charge/processing fee levied for opening a Fixed Deposit account?

There are no charges levied to open your Fixed Deposit account.

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/forms-centre 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 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 wecare@bajajfinserv.in 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.

I already have an outstanding loan (e.g. home loan) with BFL and have invested in BFL FD. However, I am unable to service the loan taken. Will my FD be impacted?

No there will be no impact on the FD. The outstanding dues can’t be adjusted against FD. You may choose to premature the FD and repay the outstanding dues.

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.

Can I avail any sort of income tax deduction on the EMI I pay on loan against FD?

No

Can I avail loan from you against FD of some other NBFC/bank?

No. BFL provides loan against BFL FDs only.

How to renew my FD?

You can renew your FD in the following 3 ways:
• By visiting https://customer-login.bajajfinserv.in/Customer?SOURCE=FD_DETAILS
• 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) However, if you have tick-marked auto-renewal in your application form, then you need not submit any document

Do I need to submit the KYC documents along with my photo once again at the time of FD renewal?

No

During renewal, can we change name of nominee or co-applicant?

Yes, name of nominee can be changed, but not co-applicant.

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 fd@bajajfinserv.in or give a call to 020-71124281 (chargeable). You can also invest online by clicking on https://www.bajajfinserv.in/fd-application-payment/fixed-deposit-online-application-form

I have just submitted my FD application form and I need to know the status of my application. Whom should I get in touch with?

You can get in touch with your RM/broker, or drop a mail to fd@bajajfinserv.in or give a call to 020-71124281 (chargeable)

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 wecare@bajajfinserv.in 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

How frequently is TDS deducted?

Quarterly.

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 wecare@bajajfinserv.in. 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

The primary applicant has expired within a few days of investing in FD. Will BFL still deduct TDS in case of premature withdrawal?

Yes.

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)
• 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)

If the primary applicant dies, then on maturity, can co-applicant request to renew the FD by adding new primary applicant?

No. Such deposit cannot be renewed.

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

In one deposit, A=primary applicant and B=joint applicant. Now, in another FD, if B=primary applicant (and A may/may not be a joint applicant), does B have to submit his KYC documents again?

No, as long as the B’s KYC documents are valid, B need not submit his KYC documents again

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.

Fixed Deposit Calculator

investment amount

Please enter investment amount

Please enter investment amount

investment rate

Please enter investment rate

investment tenor

Please enter investment tenor

fixed deposit returns

  • Interest rate :

    0%

  • Interest payout :

    Rs.0

  • Maturity by :

    --

  • Maturity amount :

    Rs.0

Please fill below details for quick investing

FULL NAME*

Please enter first name

MOBILE NUMBER*

Please enter mobile number

CITY*

Please enter city

EMAIL ID*

Please enter email id

CUSTOMER TYPE*

Please enter customer type

INVESTMENT AMOUNT*

Please enter investment amount

Please enter investment amount