Fixed Deposit in Maharashtra

Grow your money safely with fixed deposit in Maharashtra
FD in Maharashtra
4 min
21-May-2024

Maharashtra, India's economic powerhouse, is home to a diverse population with varying financial needs and goals. Amidst the myriad of investment options available, fixed deposit (FD) have consistently emerged as a popular choice for individuals seeking stability, security, and steady returns.

Understanding Fixed deposit

A fixed deposit is a financial instrument offered by financial institutions where you deposit a lump sum amount for a fixed tenure at a predetermined interest rate. This interest is typically compounded, meaning you earn interest not only on your initial deposit but also on the accumulated interest over time.

Benefits of investing in fixed deposit

Fixed deposits offer a unique set of advantages that resonate with investors across Maharashtra:

  1. Guaranteed returns: FD provide a fixed interest rate for the entire investment period, ensuring predictable returns irrespective of market fluctuations. This makes them an ideal choice for risk-averse investors or those seeking a stable income stream.
  2. Capital protection: Unlike market-linked investments like stocks or mutual funds, FD safeguard your principal amount. You are guaranteed to receive your initial investment back along with the accrued interest upon maturity.
  3. Flexible tenure options: Banks in Maharashtra offer a wide range of FD tenures, starting from a few days to several years. This allows you to tailor your investment duration to align with your financial goals, whether it is saving for a short-term purchase or planning for retirement.
  4. Higher interest rates for senior citizens: Many financial institutions offer preferential interest rates to senior citizens, recognising their need for a regular income source. This added benefit helps them maximise their returns on savings.

Features and benefits of Bajaj Finance fixed deposit

1. High interest rates up to 8.85% p.a.

Bajaj Finance offers competitive interest rates of up to 8.85% p.a., providing some of the most lucrative returns available. This ensures substantial growth of your investment, unaffected by market fluctuation.

2. Increased FD rates for senior citizens

Individuals aged 60 and above benefit from an additional increase in interest rates up to 0.40% p.a., making these fixed deposits especially appealing for senior citizens.

3. Top credit ratings

Bajaj Finance holds esteemed ratings of [ICRA]AAA(Stable) and CRISIL AAA/STABLE, reflecting its high security. These ratings assure that your deposits are secure, offering both peace of mind and robust financial returns.

4. Flexible tenure options

Bajaj Finance understands that investment needs vary. They offer FD with a variety of tenures, ranging from 12 to 60 months. You can choose a tenure that aligns with your financial goals.

5. Loan against fixed deposit

Bajaj Finance offers loan against fixed deposit (LAFD). You can borrow up to 60% of the deposit amount for non-cumulative FD and up to 75% for cumulative FD. This allows you to access funds without prematurely withdrawing your fixed deposit.

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. 5 crore (03 Apr, 2024) 

*Experience higher interest rate of up to 8.50% p.a. on a 42-month Digital FD, available exclusively on our 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* 8.60% 8.28% 8.34% 8.42% 8.60%

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. 5 crore (03 Apr, 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* 8.85% 8.51% 8.57% 8.66% 8.85%

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%

Eligibility criteria for booking a Bajaj Finance Fixed Deposit

1. Nationality:

  • Resident Indians:
  • Non-Resident Indians (NRIs)

2. Types of investors:

  • Individuals
  • Senior citizens
  • Minors
  • Businesses
  • HUFs (Hindu Undivided Families),
  • Other Organizations: Clubs, associations, societies, and family trusts

Documents required

  • PAN card
  • Any KYC document: Aadhaar card/ Passport/ Driving license/ Voter ID

Conclusion

Fixed deposit remains a popular investment option in Maharashtra due to their safety, security, and guaranteed returns. By understanding the various FD options available, comparing interest rates, and aligning your investment with your financial goals, you can make the most of this investment avenue and secure your financial future.

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Bajaj Finserv App for All Your Financial Needs and Goals

Trusted by 50 million+ customers in India, Bajaj Finserv App is a one-stop solution for all your financial needs and goals.

You can use the Bajaj Finserv App to:

  • Apply for loans online, such as Instant Personal Loan, Home Loan, Business Loan, Gold Loan, and more.
  • Explore and apply for co-branded credit cards online.
  • Invest in fixed deposits and mutual funds on the app.
  • Choose from multiple insurance for your health, motor and even pocket insurance, from various insurance providers.
  • Pay and manage your bills and recharges using the BBPS platform. Use Bajaj Pay and Bajaj Wallet for quick and simple money transfers and transactions.
  • Apply for Insta EMI Card and get a pre-approved limit on the app. Explore over 1 million products on the app that can be purchased from a partner store on No Cost EMIs.
  • Shop from over 100+ brand partners that offer a diverse range of products and services.
  • Use specialised tools like EMI calculators, SIP Calculators
  • Check your credit score, download loan statements and even get quick customer support—all on the app.

Download the Bajaj Finserv App today and experience the convenience of managing your finances on one app.

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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.