Some benefits of Fixed Deposits
Fixed Deposits (FDs) present several advantages for investors, including assured returns and capital protection. This key feature ensures a stable and predictable income stream, with Bajaj Finance, a renowned name in financial world, offering competitive interest rates. This not only guarantees consistent returns but also safeguards the invested capital.
Moreover, safety and security are paramount for investors, and Bajaj Finance Fixed Deposits stand out for their robust financial standing. Achieving the highest safety ratings like CRISIL AAA/STABLE and [ICRA]AAA(STABLE), these FDs provide an additional layer of assurance for those concerned about the safety of their hard-earned money.
Additionally, Bajaj Finance offers flexibility in the tenure of Fixed Deposits, allowing investors to customise their investments to meet specific financial goals. Whether catering to short-term liquidity needs or aiming for long-term wealth creation, FDs from Bajaj Finance provide tenures that align with diverse financial aspirations.
With Bajaj Finance, investors have the flexibility of choosing two types of fixed deposits:
- Cumulative fixed deposit.
- Non-cumulative fixed deposit.
The non-cumulative FD proves beneficial for those desiring a consistent income, featuring monthly interest payouts. This type is particularly suitable for a monthly interest plan on a fixed deposit of Rs. 10 lakh.
In contrast, the cumulative FD is the preferred choice for investors with long-term financial objectives, emphasising both safety and growth over time. With these FDs, the principal amount, along with the accrued interest, is received in a lump sum on the maturity date.
Monthly interest payout on a Rs. 10 lakh Fixed Deposit
The table below presents the interest amounts earned, considering various interest rates, for an investment of Rs. 10 lakh in an FD:
Deposit Amount
|
Interest Rate (p.a.)
|
Monthly Interest Payout
|
Rs. 10 lakh
|
6.00%
|
Rs. 5,000
|
Rs. 10 lakh
|
6.50%
|
Rs. 5,416
|
Rs. 10 lakh
|
7.00%
|
Rs. 5,833
|
Rs. 10 lakh
|
7.50%
|
Rs. 6,250
|
Rs. 10 lakh
|
8.00%
|
Rs. 6,667
|
Rs. 10 lakh
|
8.50%
|
Rs. 7,083
|
Rs. 10 lakh
|
9.00%
|
Rs. 7,500
|
Rs. 10 lakh
|
9.50%
|
Rs. 7,717
|
Rs. 10 lakh
|
10.00%
|
Rs. 8,333
|
What monthly interest can be generated from a Rs. 10 lakh fixed deposit?
By investing Rs. 10 lakh in an FD with Bajaj Finance for a long tenure, investors can enjoy a relatively higher interest rate. Adjusting the investment duration between 12 to 60 months enables investors to align FDs with their specific short-term or long-term financial goals.
The following table shows the FD interest rates offered by Bajaj Finance on an FD of Rs. 10 lakh for a tenure of 60 months:
Payout frequency
|
FD rates (Customers below the age of 60)
|
FD rates (Senior Citizens)
|
Monthly
|
7.81%
|
8.05%
|
Quarterly
|
7.87%
|
8.10%
|
Half-yearly
|
77.94%
|
87.94%
|
Annual
|
8.10%
|
8.35%
|
At Maturity
|
8.10%
|
8.35%
|
Here are the interest earnings calculations for a Rs. 10 lakh fixed deposit with “monthly” selected as the payout frequency.
For customers below 60 years investing in an FD:
Deposit Amount
|
Tenure
|
Interest rate (Payout frequency: Monthly)
|
Total Interest
|
Maturity Amount
|
Rs. 10 lakh
|
12 months
|
7.16%
|
Rs. 71,600
|
Rs. 10,71,600
|
Rs. 10 lakh
|
24 months
|
7.53%
|
Rs. 1,50,600
|
Rs. 11,50,600
|
Rs. 10 lakh
|
36 months
|
7.81%
|
Rs. 2,34,300
|
Rs. 12,34,300
|
Rs. 10 lakh
|
44 months
|
7.95%
|
Rs. 2,91,500
|
Rs. 12,91,500
|
Rs. 10 lakh
|
60 months
|
7.81%
|
Rs. 3,90,500
|
Rs. 13,90,500
|
*All calculations are done using the Bajaj Finance FD Calculator
Senior citizens investing in an FD:
Deposit Amount
|
Tenure
|
Interest rate (Payout frequency: Monthly)
|
Total Interest
|
Maturity Amount
|
Rs. 10 lakh
|
12 months
|
7.39%
|
Rs. 73,900
|
Rs. 10,73,900
|
Rs. 10 lakh
|
24 months
|
7.91%
|
Rs. 1,58,200
|
Rs. 11,58,200
|
Rs. 10 lakh
|
36 months
|
8.05%
|
Rs. 2,41,500
|
Rs. 12,41,600
|
Rs. 10 lakh
|
44 months
|
8.19%
|
Rs. 3,00,300
|
Rs. 13,00,300
|
Rs. 10 lakh
|
60 months
|
8.05%
|
Rs. 4,02,500
|
Rs. 14,02,500
|
*All calculations are done using the Bajaj Finance FD Calculator
Enhanced benefits for senior citizens and flexible earnings options on Bajaj Finance Fixed Deposits
Senior citizens can enjoy benefits when investing Rs. 10 lakh fixed deposit with Bajaj Finance, as they receive a higher interest rate compared to customers below the age of 60.
When opting for a non-cumulative fixed deposit with Bajaj Finance, investors have the opportunity to earn a fixed monthly interest on their Rs. 10 lakh deposit. This stands in contrast to the cumulative FD option, where a lump sum amount is received at the maturity date.
The non-cumulative option provides the flexibility of choosing periodic payouts, including monthly, quarterly, half-yearly, or yearly, allowing investors to tailor their earnings strategy based on their financial preferences and needs.
Here's the step-by-step guide on how to invest in a Bajaj Finance Fixed Deposit
- To initiate the process, click on 'Open FD' located at the top of this page to access our online application form.
- Share your 10-digit mobile number and validate it by entering the OTP sent to your phone.
- Input the desired investment amount, select the investment tenure, and specify the payout frequency. Additionally, add your PAN card details and date of birth.
- Fulfil your KYC requirements: For existing customers, verify the provided details or make necessary edits. New customers can complete their KYC using their Aadhaar Card.
- A declaration outlining the terms and conditions will be presented. Thoroughly review it and consent to the terms. Enter your bank details and proceed with the payment.
- Finalise your investment using either Net Banking/UPI or NEFT/RTGS.
Once your fixed deposit is confirmed, you will receive the Fixed Deposit Acknowledgement (FDA) in your registered email address and as a link on your mobile number. An Electronic Fixed Deposit Receipt (e-FDR) will also be dispatched to your email ID within 3 working days, contingent on the correct order of documents.
Here is the eligibility criteria and documents required for opening a Rs. 10 lakh FD
Anyone can book our fixed deposit if they meet the basic criteria mentioned below.
- Nationality: Resident Indians / Non-Resident Indians
- Investor Type: Individuals, Senior Citizens, Minors, Sole Proprietorships, Partnership Firms, HUFs, Clubs, Associations, Societies, and Family Trusts
- Documents Required: PAN and any KYC document: Aadhaar card/Passport/Driving license/Voter ID
*Documents can also be fetched from registered KYC.
You can update KYC Via CKYC, OKYC & Digi locker
Non-Resident Indians (NRIs), Persons of Indian Origin (PIO) and Overseas Citizens of India (OCI) can connect with our representative or write to us on wecare@bajajfinserv.in.
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