Investment savvy professionals need certainty on returns from their investment portfolio. Bajaj Finserv Fixed Deposit Scheme gives you just that. Considered to be amongst the best fixed deposit schemes in India, you can trust us on giving your portfolio the stability and certainty it deserves!

Frequently Asked Question


Q1. What is a Fixed deposit scheme?

A A Fixed Deposit scheme is a savings option which helps you earn interest on your money parked with the offering organization 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than money parked in savings accounts owing to the fact that the money is locked in for a specific period and cannot be withdrawn at will of the depositor.


Q2. What are the interest rates offered by BAJAJ FINANCE LIMITED?

A Rate of Interest per annum valid up to Rs.5 Crore (New ROI effective from 6th Feb’17)

Tenor in months Cumulative Non-cumulative
Monthly Quarterly Half yearly Annual
12 – 23 7.80% 7.53% 7.58% 7.65% 7.80%
24 – 35 8.00% 7.72% 7.77% 7.85% 8.00%
36 – 60 8.05% 7.77% 7.82% 7.89% 8.05%


Q3. Will any special rates be applicable for specific category of applicants?

A.Yes, below are the special category rates applicable:

  • Senior citizens (more than 60 years and subject to provision of age proof) eligible for 0.25% p.a. additional interest for deposit size up to Rs.1 Crore.
  • Bajaj group employees (Bajaj Auto Ltd., Bajaj Finserv Ltd., Bajaj Holdings & Investment Ltd., Bajaj Electricals Ltd., Bajaj Allianz Life Insurance Company Ltd, Bajaj Allianz General Insurance Company Ltd., Maharashtra Scooters Ltd. and Mukand Ltd.) & Bajaj Finance Limited existing loan customers and FD renewal customers are eligible for 0.10% p.a. additional interest for deposit size up to Rs.1 Crore.
  • Only one of the above special category benefit is allowed per transaction.

Q4. Will any special rates be applicable for bigger deposit amounts?

A.Rate of interest for bulk deposits of more than Rs.5 Crore may vary from the published card rate and to be decided on a case to case basis by Bajaj Finance Limited


Q5. What are the benefits of BFL Fixed Deposit?

A. Now avail best in class fixed deposits from Bajaj Finance Limited (AAA rated NBFC) at attractive rates. Bajaj Finance Limited, one of the fastest growing NBFC from one of the most trusted and respected business houses in India offers an all new Fixed Deposit program for Indian residents.
1) Rated FAAA/Stable by CRISIL, which means highest safety of your money
2) Attractive and assured rates of interest for your money to grow periodically
3) Choose a tenor of any number of months from 12 to 60 carrying different rates of interest to suit everyone’s needs.
4) Branch presence across over 200 locations in India
5) Access to all loan account details on our Customer Portal – Experia
6) Flexibility of payment option through electronic (for deposits size more than Rs 50 Lacs) or physical modes
7) Special rates for senior citizens, existing customers and group employees
8) Bajaj Finance in house products available at attractive rates specially to the depositor


Q6. What are the service facilities that will be offered to me?

A. 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 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


Q7. What is the min / max amount I can invest?

A.A. Following are the details:

  • For customers in National Capital Region and Greater Mumbai, the minimum deposit amount is Rs 75,000 – applicable for both Cumulative and Non Cumulative Schemes
  • For customers in rest of India, only where Bajaj Finance has branch presence, minimum deposit amount is Rs.50,000 – applicable for both Cumulative and Non-Cumulative Schemes
  • Subsequent deposits can be of minimum Rs. 50,000 across all BFL branch locations.
  • Investments into any of our schemes need to be in multiples of 1000, over the minimum prescribed deposit acceptance size.
  • Max amount - there is no maximum investment limit into any of our schemes

Q8. What is the min/max tenor I can choose?

Min tenor - 12 months
Max tenor – 60 months


Q9. What interest pay out options are available?

A. We offer cumulative & non cumulative interest payment options. Non Cumulative: In a 'Non cumulative’ fixed deposit scheme the interest is payable on a monthly, quarterly, semi annually and yearly basis. This scheme will be convenient if you require periodical interest payment.
Cumulative: 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 periodical 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.


Q10. Will I need to provide any referral for opening a Fixed Deposit account?

A. No referrals required, as you are our esteemed customer.


Q11. Who can open a Fixed Deposit account with BAJAJ FINANCE LIMITED?

A.

  • Resident Individuals
  • Hindu Undivided Family (HUF)
  • Sole Proprietorship
  • Partnership Firms
  • Companies including group companies
  • Club, Association and Societies
  • Family Trust


Q12. Who cannot open a Fixed Deposit account with BAJAJ FINANCE LIMITED?

A.

  • Foreign Citizens
  • Person of Indian Origins (PIOs)
  • Non Resident Indians (NRIs)
  • Charitable Trusts


Q13. What are the various modes through which I can make my payment?

A. The amount should be deposited only by cheque made payable to ‘Bajaj Finance Limited – Fixed Deposit Account number 00070350006738’ and crossed ‘Account Payee only’.

A. The cheque should be CTS compliant and payable at par.
For deposits more than Rs 50 Las, the amount may be transferred to the above mentioned bank account of Bajaj Finance Limited through RTGS. Additionally, the physical form needs to be filled up and submitted.


Q14. Can I open a deposit account by cash payment?

A. Bajaj Finance does not accept cash payment for creating a Fixed Deposit account. Also, deposit account cannot be created through borrowed funds.


Q15. What are the various documents I need to submit for opening a Fixed Deposit account?

A.

a) Latest photograph
b) Certified copy of the proof of identify
c) Certified copy of the proof of address.
d) Certified copy of the proof of signature

In case the depositor has already submitted the above documents in his earlier deposit, then he need not submit the above documents again, but has to provide the reference of his customer number or deposit number. Further an existing customer of BAJAJ FINANCE LIMITED wherein the above documents are available need not re-submit the documents.


Q16. KYC documentation required:

A.
INDIVIDUAL


Id Proof (Any one – Self attested):
  • Passport
  • PAN (Mandatory)
  • Voters ID
  • Driving License
  • Aadhar Card
  • NREGA Job Card duly signed by State Government Officer

Address Proof (Any one – Self attested):
  • Passport
  • Voters ID
  • Driving License
  • Aadhar Card
  • NREGA Job Card duly signed by State Government Officer
  • Utility bill which is not more than two months old from any of the following service provider - electricity, telephone, postpaid mobile phone, piped gas, water bill
  • Property or Municipal Tax receipt
  • Bank account or Post Office savings bank account statement


Signature Proof (Any one – Self attested):

  • Passport
  • Driving License
  • PAN Card

NON INDIVIDUAL

PRIVATE LTD/PUBLIC LTD:

A.

  • PAN
  • KYC grid address proof
  • Certificate of Incorporation
  • Memorandum & Articles of Association
  • Authorized signatories list with specimen signatures
  • Board resolution for opening the FD account
  • ID proof of Authorized Signatories as per the KYC grid of ID proof requirement


PARTNERSHIP

  • PAN
  • KYC grid address proof
  • Certificate of registration
  • Partnership deed
  • Authorized signatories list with specimen signatures
  • ID proof of Authorized Signatories as per the KYC grid of ID proof requirement

HUF

  • PAN of HUF
  • KYC grid address proof
  • Self-attested copy of PAN card in HUF name is mandatory
  • Deed of declaration of HUF
  • Bank pass book / bank statement / Demat statement in the name of HUF
  • KYC of all adult members of HUF as per the KYC grid

STATUTORY BOARD/LOCAL AUTHORITY:

  • PAN
  • KYC grid address proof
  • Authorized signatories list with specimen signatures
  • Self Certification on Letter Head

REGISTERED SOCIETIES:

  • PAN
  • KYC grid address proof
  • Copy of Registration Certificate under Societies Registration Act
  • List of Managing Committee members
  • Committee resolution for persons authorized to act as authorized signatories with specimen signatures
  • True copy of Society Rules and Bye Laws certified by the Chairman/Secretary

Q17. Is there any charge/processing fee levied for opening a Fixed Deposit account?

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


Q18. Can I show this FD investment for tax exemption?

A. BAJAJ FINANCE LIMITED FD investment cannot be shown as an investment under section 80C for tax deduction benefit.


Q19. When will my interest amount be paid?

A. 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.


Q20. What is my FD amount, tenor, interest %?

A. You can refer to your Statement of Account, available on our B2C portal, Experia for details.


Q21. I need my FD certificate /Receipt

A. The original FD receipt is couriered to your address updated in our records along with your welcome kit. A virtual copy of the FD certificate/receipt is available on our B2C portal, Experia to view.
In case a duplicate FD receipt is required, please submit a written request duly signed by all the FD account holders along with an indemnity at our branch.


Q22. I was communicated an interest of xxx% however, I have not received the same.

A. Request you to check the scan copy of the documents available on our B2C portal, Experia as the rate mentioned in the same is signed by you. In case of any further discrepancy please connect with our customer service team.


Q23. I had requested for a tenor of xxx however the FD is not issued on the same lines.

A. Request you to check the scan copy of the documents available on our B2C portal, Experia as the rate mentioned in the same is signed by you. In case of any further discrepancy please connect with our customer service team.


Q24. Can i withdraw this FD before the tenor expiry? If yes, what is the impact on interest?

A. The lock in period for any FD is 3 months, before which the FD cannot be withdrawn. For premature withdrawal there are penalty slabs:
0 -3 mths - FD cannot be withdrawn
3 -6 mths - No interest is payable on the deposit. Only the principle is payable
>6 mths - 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.


Q25. If I require money can you give me loan against my FD, at a lower rate?

A. 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.


Q26. I wish to add a nominee/change the nominee details on my FD.

A. Currently only one single person can be nominated.
A nominee can also be a minor provided the relevant details are filled on the nomination form. In case the deposit is placed in the name of a minor the nomination can be made only by a person lawfully entitled to act on behalf of the minor.
For any request to change the nominee name, fill/submit the nomination form duly signed, basis which changes will be made in our records.


Q27. What is the process to claim a FD if the customer is no more?

A. Nominee needs to fill in a form and request to encash the FD at the branch. In case of joint account holders, change in the names of deposit holders on deposit receipt and / or bank account to which interest and /or principal shall be credited shall be effected only on the production of a copy of the Death Certificate, certified to be true by notary public, without reference to the heirs and/or legal representatives of the deceased and instruction to the Company in this behalf by all the surviving deposit holder(s) jointly in writing. In any other case, it will be necessary for the legal representative of the deceased depositor to produce Succession Certificate/Letter of Administration/Probate of the Will etc. to the satisfaction of the Company.


Q28. Is the interest on FD taxable? What is the taxable amount?

A. Yes, under Section 194A of the Income Tax Act, 1961, in case of interest earned from investments in fixed deposits floated by 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 into the government account as per the interest payment frequency. The TDS certificate will be provided to the depositor every quarter. In case the depositor provides 15G/15H during the application stage, he will be exempted from paying tax on his interest income.


Q29. In case of non payment of the existing loan will my FD be impacted?

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


Q30. How soon will I receive my Fixed Deposit receipt?

A. The depositor will receive the Fixed Deposit receipt maximum within 8 weeks of creation of his deposit account, along with the welcome letter from our customer service team


Q31. I am unable to track my FD certificate. Please assist.

A. A virtual copy of the FD certificate is available online on our Customer Portal – Experia, hence the same can be viewed online.


Q32. What is the interest amount that will be credited to my account?

A. Basis the scheme availed by the customer the interest amount will be credited to the customers’ bank account registered with us. Post interest credit to a customers 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.


Q33. Scheme provided is incorrect. I had asked for cumulative however non cumulative has been given to me. Vice versa

A. Request you to check the scan copy of the documents available on our customer portal, Experia as the rate mentioned in the same is signed by you. In case of any further discrepancy please connect with our customer service unit.


Q34. I wish to renew my FD

A. You can provide maturity instruction while placing the original fixed deposit to renew it on maturity. Else Bajaj Finance will send renewal reminders to the sourcing agent 3 months before the date of maturity of the deposit. The depositor will need to walk in to the nearest Bajaj Finance branch along with his physical Fixed Deposit receipt and mention his desire to renew his deposit by filling up the application/renewal form atleast 7 days prior to the maturity date. Post 7 days prior to the maturity date, no request will be taken to renew the deposit account. The depositor may renew only principal or principal along with interest.


Q35. How will the maturity amount be transferred?

A. 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 amount will be sent across to the depositor through cheque


Q36. I need to change my Bank account details?

A.

  • Individual FD account- requesting for a change in his bank account Customer would need to submit a written application for the same, self attested. He also needs to submit a valid ID proof copy among with a cancelled cheque with his name printed (if not printed, then bank statement of the same account needed)
  • Individual FD account – For any name change due to marriage, the lady applicant needs to provide a copy of marriage certificate along with a self attested written application for change of name.
  • Joint FD account- requesting for change in Bank details: Customer needs to submit a written application duly signed by all holders of the FD account, along with a cancelled cheque of the new bank account with his name printed (if not printed, then bank statement of the same account needed)
  • Corporate Account – Request for change in bank details Customer needs to submit a written application duly signed by the authorized Signatories, a Cancelled cheque and the Board Resolution for change in Bank account details.