Fixed Deposit (FD) FAQ

Know the answers to all common questions related to fixed deposit.

Frequently asked questions

What is a fixed deposit scheme?

A fixed deposit is a savings option that helps you earn interest on saving parked with a financier of your choice. You can choose to get return 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rates are typically higher than savings accounts because the money is locked in for a specific period and cannot be withdrawn at the will of the depositor, except in specific scenarios in which the Customer is ready to bear the penalty for premature withdrawal.

Who can invest in Bajaj Finance Fixed Deposit?

Resident Individuals and non-individuals like 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 Bajaj Finance Fixed Deposit online. NRIs can invest offline by connecting with our representative or write to us at wecare@bajajfinserv.in.

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, 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 a tax deduction, wherever applicable.
Will any additional rates be applicable for a specific category of applicants?

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.

Bajaj Finance Limited has changed the FD rates. Will those new rates apply to my existing deposit?

No. Since you have locked in your money with us at a specific rate, you will continue receiving that rate until maturity. If you wish to avail of the new rate, you can 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:

  • The minimum deposit size is Rs. 15,000. The maximum deposit limit is Rs. 5 Crore.
  • Rated [ICRA]AAA(Stable) and CRISIL AAA/STABLE ratings, ensuring that your deposits are secured with us.
  • 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 – My Account
  • The flexibility of payment options through electronic or physical modes.
  • Additional rate beneifts for senior citizens
Which service facilities of Bajaj Finance Limited 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 online deposit calculator which will help you plan your investment.
  • Detailed SMS and email communication to customers while booking a fixed deposit, from request to maturity.
  •  A scanned copy of all the documents submitted by you is available online for easy access. Will I need to provide any referral for opening a fixed deposit account?
What are the various modes through which I can make my payment?

Offline FD applicants can deposit a cheque or transfer via RTGS/ NEFT. Online FD applicants can transfer through UPI, RTGS/ NEFT, or net banking.
Note: Transfer via debit card is not accepted.

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

Bajaj Finance Fixed Deposit investments are not eligible for the benefit of tax deductions under section 80C.

When will my interest amount be paid?

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 3.
  • 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.
Where can I find my FD details like amount, tenor, and interest rate?

For these details, you can refer to your FDR or account statement, available on our customer portal – My Account. A physical copy of FDR will be sent to your given address within three weeks of booking your FD.

I have lost my FD certificate/ receipt. How do I get a new one?

If a duplicate FD receipt is required, please submit a written request duly signed by the primary account holder at your nearest FD branch. You can also connect with your relationship manager/partner or write to us at wecare@bajajfinserv.in

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

For any request to change the nominee's name, please download the form available here. Fill it with your 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.

When will the 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 within three weeks of creating their fixed deposit account.

I am unable to track my fixed deposit receipt. Please assist?

You can track your Fixed Deposit Receipt by using IVR no.- 8698010101. You can also view or download the virtual copy of the FD Receipt available on our Customer Portal - My Account

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, you will receive a communication via SMS/email. Refer to your statement of account for the payment details. Click here to download your Statement of Accounts through our Customer Portal - My Account

How will the maturity amount be transferred?

The maturity amount is transferred via NEFT or RTGS to the bank account, mentioned by depositors 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.

How can I change my bank account details?

Download the relevant form from here. Fill in the form with all applicants’ signature and submit it aling with copy of your FDR and cancelled cheque.

Why have I not received my interest in 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, 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.

Can you give me a loan against my FD if I require money?

Customers can get a loan of up to 75% of the deposit amount 3 months after booking an FD. 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.

How to apply for a loan against FD?

For loans up to Rs. 4 lakh, you can visit our customer portal – My Account Please contact your relationship manager/ branch/partner if you require a loan against FD more than Rs. 4 lakh.

Will my FD be impacted if I cannot service the loan taken against FD?

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.

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, 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.

Is a 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 new loan against FD.

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

No. The income tax deduction does not apply to the EMIs paid on loans against fixed deposits.

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 two days before maturity.
  • By logging a renewal request with your relationship manager at least two 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 and my photo once again at the time of FD renewal?

No. You don't have to submit KYC documents and photos again during FD renewal.

Who should I contact to know the status of my application?

You can get in touch with your relationship manager/partner or drop a mail to wecare@bajajfinserv.in

I am an existing investor in BFL FD, but I still have a query. Whom can I speak to?

You can contact your relationship manager or partner or drop a mail to wecare@bajajfinserv.in 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. 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 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 My Account> 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 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. What do I do?

You can contact your regional manager/ broker or drop a mail to fd@bajajfinserv.in

Where can I download my Statement of Account/Interest Certificate/FDR?

You can log in to our Customer portal-My account, visit Account Information > My relations > Fixed Deposit > View Details (for each deposit) > Interest Certificate or FDR or FD Account Statement.

Can I withdraw this FD before the tenor maturity? If yes, what is the impact on interest?

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 six months but before the maturity date, there are two conditions of prematurity in this scenario.
  • If the Customer wants to premature his FD between 12 – 60 months, the interest paid is 2% p.a. lower than the ROI of the completed deposit tenor.
  • 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.
The primary applicant has passed away. Can the co-applicant of the FD request prematurity?

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 eight days of receipt of the 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 withdraw the FD 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).
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 the renewal of FD after the previous FD has matured.

If the co-applicant passes away, can their name be replaced during renewal?

No. While you cannot replace the deceased co-applicant's name, it can be removed from the FD by providing valid documents.

If the Karta of a HUF passes away, can the successor become the primary applicant without withdrawing the FD? If yes, what documentation will be needed? What documents will be submitted if the new Karta wishes to close the FD prematurely?

In both the above scenarios, the new Karta will require to produce the following documents:

  • Proof of death of the 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, 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 Bajaj Finance Limited of the change in their citizenship status and submit the relevant documents. We will then change the citizenship status of the depositor to NRI, and taxation guidelines will apply accordingly.

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

No. All physical FD applications must be submitted along with a cheque, which Bajaj Finance Limited will bank. If a partner assists you, please submit the CMS pay-in-slip (available on the partner portal) along with the cheque.


 

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

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

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

To invest in an NRI FD, the payment must only be credited from an NRO (non-resident ordinary) account. You will need to inform us if you accidentally transfer the funds from an NRE account. 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, you will receive a refund if your FD isn't booked within 15 days.
You will receive a refund of the principal amount and the interest rate equal to the 12-month ROI under the cumulative scheme.
Here are two cases when your money will be refunded:

  1. If Customer deposits are put on hold for reasons like (incomplete documents, blurred documents, incomplete bank details, etc.)
  2. 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.
What could be the possible reasons for FD not getting booked?

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.

How many days will my FD amount refund take 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 does not apply to 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 technica errors.
How will the refund be processed for different modes of payment?

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 and 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 must 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, 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?

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 tax deducted on these five deposits and deduct this entire tax from the interest paid through any of these deposits.

 

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