Fixed Deposit in Bandra

Understand fixed deposit in Bandra: Rates, benefits, and eligibility explained.
OPEN FD
FD in Bandra
OPEN FD
4 min
5-May-2024

For Bandra residents seeking safe investments with guaranteed returns, fixed deposits (FDs) offer an excellent solution. Whether you're saving for a down payment, planning for retirement, or simply want to protect your money while it grows, FDs can be a key part of your financial strategy.

What is a Fixed deposit?

An FD lets you deposit a lump sum of money with financial institution for a specific period at a fixed interest rate. This means your returns are locked in, making FDs a low-risk option compared to market-linked investments.

Features and benefits of Bajaj Finance Fixed Deposit

  1. Returns up to 8.65% p.a.
    Bajaj Finance offers one of the most competitive interest rates in the market, ensuring high returns on your investment regardless of market volatility.
  2. Higher FD rates for senior citizens
    Senior citizens (aged 60 years and above) enjoy an additional interest rate of up to 0.40% p.a., providing them with an even more attractive investment option.
  3. Loan against fixed deposit
    Bajaj Finance lets you borrow against your FD without needing to withdraw it. Borrow up to 60% of the deposit amount on non-cumulative FDs and up to 75% on cumulative FD.
  4. Highest safety ratings
    Bajaj Finance FD hold top-tier ratings like [ICRA]AAA(Stable) and CRISIL AAA/STABLE, guaranteeing the utmost security for your deposits and safeguarding your investment.

Eligibility criteria to book a Bajaj Finance Fixed Deposit

  • Nationality: Resident Indians and Non-Resident Indians (NRI).
  • Investor type: Individuals, senior citizens, minors, sole proprietorships, partnership firms, HUFs (Hindu Undivided Families), clubs, associations, societies, and family trusts.

Documents required

  • PAN card
  • Any one KYC document (Aadhaar card, Passport, Driving license, or Voter ID)

FD rates for customers below the age of 60

Fixed Deposit annualised rate of interest for customers below the age of 60 is valid for deposit up to Rs. 3 crore (17 Sep, 2024) 

*Experience higher interest rate of up to 8.40% p.a. on a 42-month Digital FD, available exclusively on website and app.

Bajaj Finance Digital FD

New Product Launch
Tenure in
months
At maturity (p.a.) Monthly (p.a.) Quarterly (p.a.) Half yearly (p.a.) Annual (p.a.)
42* 8.40% 8.09% 8.15% 8.23% 8.40%

Customers below the age of 60 – Special Period
Tenure in
months
At maturity (p.a.) Monthly (p.a.) Quarterly (p.a.) Half yearly (p.a.) Annual (p.a.)
18* 7.80% 7.53% 7.58% 7.65% 7.80%
22* 7.90% 7.63% 7.68% 7.75% 7.90%
33* 8.10% 7.81% 7.87% 7.94% 8.10%
44* 8.25% 7.95% 8.01% 8.09% 8.25%

Customers below the age of 60 – Regular Period

Tenure in
months
At maturity (p.a.) Monthly (p.a.) Quarterly (p.a.) Half yearly (p.a.) Annual (p.a.)
12 - 14 7.40% 7.16% 7.20% 7.27% 7.40%
15 - 23 7.50% 7.25% 7.30% 7.36% 7.50%
24 - 35 7.80% 7.53% 7.58% 7.65% 7.80%
36 - 60 8.10% 7.81% 7.87% 7.94% 8.10%

FD rates for customers above the age of 60

Fixed Deposit Annualized rate of interest for senior citizens valid for deposit of up to Rs. 3 crore (17 Sep, 2024)

Bajaj Finance Digital FD

New Product Launch
Tenure in
months
At maturity (p.a.) Monthly (p.a.) Quarterly (p.a.) Half yearly (p.a.) Annual (p.a.)
42* 8.65% 8.33% 8.38% 8.47% 8.65%

Senior Citizen – Special Period

Tenure in
months
At maturity (p.a.) Monthly (p.a.) Quarterly (p.a.) Half yearly (p.a.) Annual (p.a.)
18* 8.05% 7.77% 7.82% 7.89% 8.05%
22* 8.15% 7.86% 7.91% 7.99% 8.15%
33* 8.35% 8.05% 8.10% 8.18% 8.35%
44* 8.50% 8.19% 8.24% 8.33% 8.50%

Senior Citizen – Regular Period

Tenure in
months
At maturity (p.a.) Monthly (p.a.) Quarterly (p.a.) Half yearly (p.a.) Annual (p.a.)
12 - 14 7.65% 7.39% 7.44% 7.51% 7.65%
15 - 23 7.75% 7.49% 7.53% 7.61% 7.75%
24 - 35 8.20% 7.91% 7.96% 8.04% 8.20%
36 - 60 8.35% 8.05% 8.10% 8.18% 8.35%

There are various benefits of FDs as a Liquid Asset providing investors with the flexibility to withdraw their funds before the maturity date, although this may result in a penalty or loss of interest. FDs can be used to meet various financial goals, such as saving for a down payment on a house, funding a child's education, or creating a retirement corpus. Overall, FDs are a valuable investment option for those looking for a stable and secure way to grow their wealth.

Calculate your expected investment returns with the help of our investment calculators

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Frequently asked questions

What is the cost of PMGKY?

The Pradhan Mantri Garib Kalyan Yojana (PMGKY) covers over 80 crore Indians, providing assistance and food security to the masses. Over a 5-year period beginning from 1st January 2024, its estimated cost is Rs. 11.80 lakh crore.

What is the full form of PMGKY?

The full form of PMGKY is Pradhan Mantri Garib Kalyan Yojana. It is a social welfare and benefit transfer scheme initially launched by the Government of India in 2016 under the aegis of the Ministry of Finance.

Is Pmgky discontinued?

The PM Garib Kalyan Yojana is still operational and integrated with the National Food Security Act (NFSA). With the integration, the additional components of free food grain distribution introduced during the COVID-19 pandemic are now merged with the NFSA. PMGKY has also been extended until 2028.

When was PMGKAY launched in India?

The Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY), which provides free food grains to over 80 crore Indians, was launched at the onset of the COVID-19 pandemic in March 2020. The scheme ended in 2022 and has since been integrated with the National Food Security Act (NFSA).

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Disclaimer

As regards deposit taking activity of Bajaj Finance Ltd (BFL), the viewers may refer to the advertisement in the Indian Express (Mumbai Edition) and Loksatta (Pune Edition) furnished in the application form for soliciting public deposits or refer https://www.bajajfinserv.in/fixed-deposit-archives
The company is having a valid Certificate of Registration dated March 5, 1998 issued by the Reserve Bank of India under section 45 IA of the Reserve Bank of India Act, 1934. However, the RBI does not accept any responsibility or guarantee about the present position as to the financial soundness of the company or for the correctness of any of the statements or representations made or opinions expressed by the company and for repayment of deposits/discharge of the liabilities by the company.

For the FD calculator the actual returns may vary slightly if the Fixed Deposit tenure includes a leap year.