Frequently asked questions

What is a fixed deposit scheme?

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higher than on money kept in savings accounts because the money is locked in for a specific period and cannot be withdrawn at the will of the depositor, except in specific scenarios in which the customer is ready to bear the penalty for premature withdrawal.

Who can invest in Bajaj Finance Fixed Deposit scheme?

Individuals, companies, HUFs, body of individuals, association of persons, societies, trusts, sole proprietorships, partnerships, societies (both residential and credit co-operative), clubs, schools, universities, etc. can invest in a Bajaj Finance Fixed Deposit scheme.

Which interest payout options are available?

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, and yearly. This scheme will be convenient if you require periodic 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 this option 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.
Will any special rates be applicable for specific category of applicants?

Yes, the below-given specific categories of applicants will be eligible for special rates, as mentioned:

  • Senior citizens (i.e., persons more than 60 years of age, subject to provision of proof of age) will get additional interest rate benefits up to 0.25% p.a. on deposits of up to Rs. 5 crore.
Are there any benefits on renewal of FD?

No, there is no benefit on renewal of deposit. 

Bajaj Finance Limited has 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 Bajaj Finance Fixed Deposit?

Offered by one of the most reputed brands in India, Bajaj Finance Fixed Deposit has a host of benefits:

  • Minimum deposit size is Rs. 25,000. There is no maximum amount limit
  • 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
  • Flexibility of payment options through electronic or physical modes
  • Special rates for senior citizens, existing customers, and group employees
What are the service facilities at Bajaj Finance Limited that will be offered to me?

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
Will I need to provide any referral for opening a fixed deposit account?

No, you need not provide any referral for investing in a Bajaj Finance Fixed Deposit.

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

You can make your payments via cheque, debit card (select branches only), or RTGS/NEFT.

Can I open a deposit account by cash payment?

No. You cannot open a fixed deposit by making a cash payment.

What are the various documents I need to submit for opening a fixed deposit account?

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):

  • Passport
  • Driving license
  • Voter's ID card
  • NREGA job card
  • Aadhaar card
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 their FD?

Apart from PAN and Aadhaar, the senior citizen should fill their “current/ correspondence address” and select “No” for “Is current/ correspondence address same as permanent address?” in page 1 of the FD application form. They need not submit any proof of their correspondence address.

Is there any charge/processing fee levied for opening a fixed deposit account?

There are no charges/processing fees levied when opening a fixed deposit account.

Can I show Bajaj Finance Fixed Deposit investment for tax exemption?

Your Bajaj Finance Fixed Deposit investment cannot be shown under section 80C for tax deduction.

When will my interest amount be paid?

Your interest amount will be paid as per the following schemes:
Non-cumulative - Interest will be paid based on the following frequencies:

  • Monthly option – Interest will be paid on the last date of each month. The first payment will be made on the last day of the subsequent month in which the FD is procured. E.g., if you have initiated the FD on March 25 and have requested monthly interest, it will be paid on the subsequent month's end - April 30.
  • Quarterly option – Interest will be paid on June 30, September 30, December 31, and March 31
  • Half-yearly option – Interest will be paid on September 30 and March 31
  • Annual option – Interest will be paid on 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, rate of interest?

You can refer to your FDR or statement of account, available on our customer portal- Experia, for these details.

I have lost my FD certificate/receipt. How do I get 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 here, duly signed and submit it to our branch/your regional manager (relationship manager)/broker, basis on 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.

Fixed Deposit Receipt (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?

The interest amount will be credited to your bank account basis the scheme you have selected. After the interest is credited, communication for the same will be sent to you via SMS/email. Refer to your statement of account for the payment 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 NEFT or RTGS. The entire amount shall be transferred on the date of maturity of the deposit. If the electronic account transfer bounces, the depositor will be informed through a phone call, email, and a written letter requesting him to update the bank account details registered with us.

I need to change my bank account details.

Download the relevant form from here and submit it along with a copy of your FDR and cancelled cheque.

I have not received my interest on FD.

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, then 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 for which the interest has not been received.

If I require money can you give me loan against my FD?

After three months of being on our books, our deposit customers can avail of a loan, which will be a maximum of 75% of the deposit amount. They can get this loan at a rate that is 2% higher than the rate of interest at which the deposit has been created. The tenor will be the residual maturity of the FD.

How to apply for loan against FD?

Please get in touch with your relationship manager/branch in case you require a loan against FD greater than Rs. 4 lakh. For loans up to Rs. 4 lakh, please visit our customer portal—Experia.

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 you.

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

No, there will be no impact on the FD, 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.

Is loan against FD an overdraft facility?

No, it’s a term loan.

I have just repaid my entire loan against FD. Can I avail of a loan against FD once again?

Yes, repaying your existing loan against FD in full makes you eligible for a fresh loan against FD.

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

No. Income tax deduction is not applicable on the EMIs paid on loan against fixed deposit.

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

No. Bajaj Finance Limited (BFL) provides loans against Bajaj Finance Fixed Deposits only.

How can I renew my FD?

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 2 days before maturity
Which documents are needed to renew my FD?

We require only the FD renewal form. You may attach the original FDR with it (recommended, but not mandatory).

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

No. You don’t have to submit KYC documents and photos again at the time of FD renewal.

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

Yes, you can change the name of the nominee, but not the co-applicant.

I am a new investor and I want to invest in a Bajaj Finance Fixed Deposit. Whom should I get in touch with?

You can get in touch with your investment advisor or drop a mail by clicking here. You can also submit your contact details online by clicking here and our representative will get in touch with you shortly.

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 regional manager (relationship manager)/broker or drop a mail by clicking here.

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 regional manager (relationship manager)/broker or drop a mail by clicking here. 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, if the interest earned from fixed deposits across all NBFCs exceeds Rs. 5,000, it is taxable. For the depositor, his interest income will arrive after consolidating all his fixed deposits. TDS will be calculated by Bajaj Finance and paid to the government quarterly. If the depositor provides 15G/15H during the application stage, he will be exempt from paying tax on his interest income. 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.

Where can I get and submit form 15 G/H?
  • 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.
How frequently is TDS deducted?

TDS is deducted quarterly for modes of payment except monthly.

Despite submitting form 15 G/H, my TDS got deducted. Whom should I get in touch with?

You can get in touch with your regional manager/broker or drop a mail by clicking here.

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 three 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 the deposit has run. In case no interest is specified for the period, the payable amount will be 3% lower than the lowest rate at which Bajaj Finance accepts deposits.
The primary applicant has passed away. Can the co-applicant of the FD request pre-maturity?

Yes, the co-applicant must submit a written request, the death certificate and the FDR to the regional manager/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 passed away within a few days of investing in an FD. Will Bajaj Finance still deduct TDS in case of premature withdrawal?

Yes, TDS will be deducted if the FD is withdrawn prematurely.

If the primary applicant passes away and there is no nominee or joint holder, what documents are required from the legal heir who wishes to prematurely withdraw the FD?

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)
  • Indemnity bond taken from the legal heir/representative (mandatory)
If the primary applicant passes away, then on maturity, can the co-applicant request to renew the FD by adding a new primary applicant?

No. The co-applicant cannot add a new primary application during renewal of FD after the previous FD has matured.

If the co-applicant passes away, can his name be replaced with another co-applicant's during renewal?

No, the deceased co-applicant’s name cannot be replaced with another co-applicant. However, by providing valid documents, their name can be removed from the FD.

If a karta passes away in an HUF, can the new Karta be made the primary applicant without withdrawing the FD? If yes, what are the documents required? What documents are required from the new Karta who wishes to withdraw the FD prematurely?

In both the above scenarios, the new karta will require to produce 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
If the primary applicant passes away, then is it mandatory to inform Bajaj Finance Limited?

Yes, that’s because Bajaj Finance Limited cannot legally continue to pay interest and deduct TDS on the PAN of a deceased individual.

What happens to an FD if the investor becomes an NRI after making the deposit?

In such a scenario, the depositor must inform us of the change in their citizenship status in writing and submit the relevant documents. Once we receive the documents, we will change the status of the depositor to NRI and taxation guidelines will apply accordingly.

Can I deposit my cheque directly in the bank, and then submit my application form?

No. All physical FD applications need to be mandatorily submitted along with a cheque, which will be banked by Bajaj Finance Limited. If you’re being assisted by a partner, please submit the CMS pay-in slip (available on partner portal) along with the cheque.

Can I make an electronic fund transfer to book my FD?

Yes. If you choose to make an electronic fund transfer via RTGS, NEFT, or IMPS, please mention the transaction ID on your application form.

Can I invest from my NRE (non-resident external) bank account?

To invest an in NRI FD, the payment must only be credited from an NRO (non-resident ordinary) account. If you mistakenly 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.

If my FD is not booked, will I receive a refund?

Yes, the principal amount equivalent to the corresponding 12-month cumulative rate of interest applicable will be refunded after 15 days in case –

  • We receive the deposit amount directly (physical application forms not accompanied by cheque)
  • Your deposit is put on hold by us for any reason

However, there shall be no refund in case of deposits not booked due to IT errors, as the FD will be booked later.

What could be the possible reasons of FD not getting booked?

Your fixed deposit application may not be booked, due to few reasons such as:

  • Application form not filled completely
  • KYC documents not submitted
  • Mismatch in UTR payment details between actual UTR, no versus what is written in the application form

The amount will be refunded back to your account, if these details are not resolved or rectified within 15 days of the fund transfer.

How many days will it take for my FD amount refund to be processed?

If your deposit is not 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 are not received from our bank
How will the refund be processed for different modes of payment?

The refund processes will vary slightly for different modes of payment, as follows:

  • IMPS – You would need 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 the central office/treasury of your bank. Post verification of the account, 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. On verification of bank account details, your refund can be processed.
  • 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 the central office/treasury of your bank. After the verification of the account, the refund can be processed.
  • NRO FD – You would need 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 the central office/treasury of your bank. 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.
Is tax deducted (if applicable) on every deposit?

With effect from December 1, 2020, taxes will be deducted (if applicable) on PAN level. This means, if a customer has five deposits with BFL, then BFL will calculate the total tax to be deducted on these five deposits and deduct this entire tax from the interest amount paid out through any of these deposits.

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