(I) Bajaj Finance Limited (hereinafter referred to as the 'Company'/'BFL') shall accept ﬁxed deposit (“Deposit”) at its sole and absolute discretion and subject to the terms and conditions contained herein.
(ii) The applicant agrees and acknowledges that the applicant (a) is 18 (eighteen) years of age; (b) is of sound mind; (c) can understand, read and write in English language, (d) has read, understood and agrees to be bound by these terms. Where the applicant is a minor, the Company may accept the Application provided the Application is signed by the natural or court appointed guardians of the minor on behalf of the minor and upon submission of such documents as may be required by the Company.
(iii) The Company does not accept deposits from foreign nationals except Person of Indian Origin. The entities incorporated/registered/ constituted in India and carrying business in India are eligible for placing Deposit with BFL.
(iv) The Company shall accept Deposits subject to the minimum amount of deposit prescribed by the Company under the Fixed Deposit Application Form (“Application”). In the event amount received by the Company for placing Deposit is less than the minimum amount prescribed in this regard, the Company reserves the right to reject the application for placing the Deposit. No interest shall be payable by the Company in relation to such deposits
(v) Deposits shall not be accepted in cash.
(vi) The applicant agrees to submit all documents and information as may be required by the Company in relation to the Deposit, in such form and manner as may be prescribed by the Company.
(vii) The Company reserves the right to accept or reject any application received for opening or placing the Deposit without assigning any reason whatsoever. The amount in relation to such rejected Application will not earn any interest and the said amount will be refunded as is within 30 (thirty) business days.
(viii) The minimum amount, period and rate of interest of the scheme are indicated on cover page of the Deposit Application Form.
(I) Application may be made in joint names subject to a maximum of three applicants. The Deposit will be opened in joint names subject to the condition that all the applicants (a) sign the Application in their individual capacities (b) submit KYC and other documents as speciﬁed by the Company and (c) meet the eligibility criteria speciﬁed by the Company.
(ii) All communications in relation to the Deposit will be addressed in the name of the ﬁrst applicant appearing in the Application.
(iii) All the payments in relation to the Deposit placed in joint names including interest and maturity proceeds, will be made in the name of the ﬁrst applicant in the Application including for the purpose of deduction of tax at source and any discharge given by such ﬁrst applicant in respect to any payments made by the Company will be binding on the other joint applicant(s). The proceeds will be transferred to guardian, if the FD is opened in minor's name.
FIXED DEPOSIT RECEIPTS
(I) Fixed Deposit Receipts (“FDR”) will be couriered to the depositor(s) within a period of three weeks from the date of Deposit.
(ii) In case of change in KYC documents/ status of any of the Applicant, the Applicant shall immediately inform BFL regarding the said change and submit the revised KYC documents/ updated status to BFL, failing which BFL shall not be held responsible for any consequences, actions, claims, loss due to the said change in KYC.
(iii) Deposit(s) are not transferable and non-assignable. Third party lien on deposit is NOT permitted under any circumstance except in favour of the holding/subsidiary and /or Group Companies of BFL.
(iv) In the event of loss or destruction or mutilation of an FDR (for any reason) and upon request received by BFL, FDR will be re-issued by BFL in lieu of lost FDR. Notwithstanding the re-issuance of FDR(s), the obligation of BFL is limited to the single FDR only, against which the money has been received by BFL. Under all circumstances, mere re-issuance of FDR(s) by BFL against single deposit of money will not result in duplication of payment or higher liability on the part of BFL. All expenses, if any, incurred in this connection will be borne by the depositor(s).
(I) Individual applicants falling under speciﬁc categories as mentioned below will be eligible for the following special interest rates:
(a) Senior citizens (i.e. persons more than 60 years of age, subject to provision of proof of age): Additional interest at the rate of 0.25% p.a. will be provided on Deposit amount of up to `5 (ﬁve) crore;
(b) Individual customers having a customer ID in BFL system: Additional interest to the existing customer at the rate of upto 0.10% p.a. will be provided on Deposit amount of up to `5 (ﬁve) crore. It is clariﬁed that said additional beneﬁt of 0.10% is applicable on deposit made after gap of 15 days from the date of creation of existing deposit. For example, if the ﬁrst deposit is created on 1st Jan XXXX, to avail additional beneﬁt of upto 0.10%, the latest FD need to be created on or after 15th Jan XXXX;
(c) Existing Policy holder of Bajaj Allianz Life Insurance Company Ltd. (subject to submission of proof of policy document): Additional interest at the rate of upto 0.10% p.a. on Deposit amount of upto `5 (ﬁve) crore;
(d) Employees of Bajaj Group Companies* will get an additional rate of upto 0.10% p.a. per deposit up to `5 Crore;
The applicant will be eligible for only one of the above-mentioned special category beneﬁts per deposit transaction
(ii) Depositor (individual depositor only) intending to renew the FDR upon maturity will be eligible for additional rate of upto 0.10% p.a. for deposit size up to `5 Crore. Additional rate of interest is applicable over and above special category beneﬁt mentioned in clause (i) above
a. In case of non-cumulative Deposits:
Monthly interest payments: Last date of month
Quarterly interest payments: 31st March, 30th June, 30th September and 31st December
Half yearly interest payments: 31st March and 30th September
Annual interest payments: 31st March
b. In case of Cumulative Deposits: Date of maturity of the Deposit
c. Interest for part period (i.e. other than complete month/quarter/half year/year) under Non-Cumulative Deposit Schemes will be calculated from the date of Deposit till the last day of the immediate next interest payment date. If a Deposit is made within a period of 30 (thirty) days prior to any of the interest payment dates, the interest for the part period will be paid on the next interest payment date.
(iii) Rate of interest for bulk deposits for more than `5 Crore per deposit may vary from the published card rate and will be decided on case to case basis but within the cap on Rate of Interest speciﬁed by the Reserve Bank of India.
(iv) Interest payable on a Deposit will be calculated from the date of receipt of the funds by the Company in relation to the Deposit. The dates for interest payments are as follows:
(v) Once the applicant selects the Deposit scheme speciﬁed in the Application at the time of opening the Deposit i.e. the scheme, tenor and interest payout frequency, the applicant will not have the option to subsequently revise the Deposit scheme. In the event the scheme is not indicated in the Application received by the Company, the Deposit will suo moto be opened under cumulative deposit scheme for a period of 60 (sixty) months. In case the applicant opts for non-cumulative deposit option but the interest payout frequency is not indicated in the Application, the Deposit will be treated as placed under the annual interest payout frequency scheme.
(vi) The interest will be paid through National Electronic Funds Transfer (NEFT)/ Real Time Gross Settlement (RTGS) only. In case of any rejection of such instruction for NEFT / RTGS due to any reason, the Company will dispatch interest cheque, in favour of the ﬁrst applicant in the Application, within 10 (ten) days of the receipt of intimation by the Company from its bank about such rejection
(vii) Customer may be offered an additional interest rate on a case to case basis (within the scope of Regulatory guidelines) at the discretion of BFL management.
(viii) For funds received by BFL on or after 07 Dec 2019, new rates will be applicable. In cases where applications are received by BFL before 07 Dec 2019, while corresponding funds are received by BFL on or after 07 Dec 2019, customer will have to sign a declaration of acceptance of new rates of interest or may also send us a declaration of acceptance from his registered email ID.
(I) Nomination facility is available to the applicants. For availing the nomination facility, the applicant(s) is/are required to furnish the nominee details in this application form or applicant will be required to submit a duly ﬁlled 'Form DA 1' as prescribed by Reserve Bank of India. The “Form DA 1” is available in the branches of the Company & Company's website at https://www.bajajﬁnserv.in/ ﬁxed- agreements-termsand-conditions (“Website”). Nomination made by the depositor/applicant(s) in the manner prescribed by the Company, shall be binding on all the joint depositor/applicant(s).
(ii) Upon request of the depositor(s), the Company will arrange to send forms for cancellation of nomination (Form DA 2) and variation of nomination (Form DA 3).
(iii) Where there is no nomination made by the depositor, either the Indian Court's order/ judgement/ decree will be obtained (as the case may be), directing BFL to pay the deposit to the legal heir.
PAYMENTAND RENEWAL OF DEPOSIT
(I) Payments on account of interest and redemption of the Deposit, will be made in the bank account mentioned in the Application or such other bank account intimated by the deposit holder(s) (jointly, if applicable), in writing, to the Company from time to time or by way of cheque in favour of the ﬁrst applicant appearing in the Application.
(ii) The Company will make repayment of Deposit on the date of maturity of such Deposit unless it receives any request for renewal within the prescribed period before the date of maturity. The payment will be made through NEFT/RTGS and cheque (in case of rejection of transferby NEFT/ RTGS), to the bank account of the depositor mentioned in the Application.
*Group companies: Bajaj Holdings and Investment Ltd., Bajaj Auto Ltd., Bajaj Finserv Ltd., Bajaj Finance Ltd.,
Maharashtra Scooters Ltd., Bajaj Allianz General Insurance Co. Ltd., Bajaj Allianz Life Insurance Co. Ltd., Bajaj Housing Finance Ltd., Bajaj Finserv Direct Ltd, Mukand Ltd., Bajaj Electricals Ltd. and Bajaj Financial Securities Ltd.
(iii) In the event of death of the sole depositor and/or all the joint depositors, all payment(s) in relation to the Deposit including interest thereon will be made to the nominee appointed by the depositor(s) on production of proof of identity and on execution of such other documents as may be required by the Company in this regard. In the event there is no nomination by the sole depositor, the Deposit amount including interest thereon will be transferred to the legal heirs or legal representatives of the deceased depositor(s), as the case may be, upon submission of Succession Certiﬁcate/Letter of Administration/Probate of the Will to the satisfaction of the Company. In the case of joint depositors, the nominee's right to receive the amount of Deposit including interest shall arise only after the death of all the depositors. The nominee, in the event of death of the depositor(s) would receive such amounts in trust for the legal heirs.
(iv) The depositor should submit a written request for renewal of the Deposit (or a portion thereof) so as to reach BFL atleast 3 (three) business days before maturity date of the Deposit. The written request can be submitted at nearest branch of the Company or sending by post/ courier to the Company or to the independent ﬁnancial advisors or national distributors empaneled with the Company. No requests for renewal of Deposit shall be accepted post the above-mentioned period. Request for renewal should be accompanied by the Deposit application form duly ﬁlled in and signed by all the Deposit holders. Renewal of Deposits will be subject to the rate of interest and other terms & conditions prevailing on the date of renewal. FDR of the existing deposit may not be required at the time of renewal of deposits as it stands null & void post its maturity date.
(v) In case where the depositor has opted for renewal of deposit through this application form, however, wishes to cancel the renewal request, the depositor should submit a speciﬁc written request so as to reach the Company atleast 3 (three) business days before maturity date of the Deposit. The written request can be submitted at nearest branch of the Company or sending by post/ courier to the Company or to the independent ﬁnancial advisors or national distributors empaneled with the Company. No requests shall be accepted post the above-mentioned period.
(I) Premature withdrawal is permitted for either one or more deposit provided the FD has completed more than 3 months from the date of issuance. The death claims will be settled in accordance with the terms and conditions applicable to Fixed Deposit.
(ii) A request form for premature withdrawal will have to be given by depositor(s).
(iii) Deposits may be withdrawn prior to the date of maturity subject to the regulations of the Reserve Bank of India in this regard. Please note that premature withdrawal of Deposit (including death cases) is subject to the following conditions:
(a) Up to 3 (three) months from date of Deposit: Withdrawal of the Deposit is not permitted. However, in the event of death of a depositor, the Company may repay the Deposit prematurely (irrespective of the lock in period) to the surviving depositor (which in the case of joint holders will be the ﬁrst in the sequence of applicants in the Application) or to the nominee/ legal heir(s) of the deceased depositor, upon the request of surviving depositor/s/nominee/legal heir, as the case may be, and only subject to submission of proof of death and other requisite documents to the satisfaction of the Company.
(b) After 3 (three) months but before 6 (six) months from the date of the Deposit: Interest shall not be payable.
(c) After 6 (six) months but before the date of maturity of the Deposit: Interest shall be payable at a rate which is 2% lower than the rate speciﬁed for the period during which the deposit plan has run. In case no rate is speciﬁed for the Deposit period, interest rate payable shall be 3% lowerthan the lowest rate being offered by the Company.
(d) Income tax wherever applicable and deducted at source and remitted to the applicable tax authority by the Company on behalf of the depositor, before premature withdrawal of Deposit(s), shall not be refunded in any circumstance whatsoever.
LOAN AGAINST PUBLIC DEPOSIT:
Loan against the public deposit' facility may be provided to depositors against the Deposit(s) placed with the Company, subject to fulﬁlment by depositor(s) of the eligibility criteria and other conditions, as may be prescribed by the Company in this regard. Loan can be given against deposit only after 3 months from the date of Deposit. The interest rate on such loans shall be 2% higher than the rate of interest provided on the depositor's Deposit. Please note that the loan to deposit value for such loan facility cannot exceed 75 .
(I) Income-tax, wherever applicable, will be deducted at source on the Deposit in accordance with Section 194-A of the Income Tax Act, 1961 except where appropriate Certiﬁcate/form as prescribed under the Income Tax Act, 1961 (refer to Form 15G/H enclosed with the deposit application form) is furnished to Company's registered ofﬁce at least 2 (two) months prior to the due date of payment of interest. At present tax is deductible if the aggregate amount of interest paid or payable during the ﬁnancial year exceeds `5,000/- (Rupees ﬁve thousand only). It is the sole responsibility of the applicant to provide the Company with a fresh Form 15G/H for every assessment year. Non-submission of relevant form or submission of incomplete/incorrect form may result in tax deduction and BFL will not be responsible for the same. Applicant can also ﬁll Form 15 G/H through Experia. However, if the aggregate amount of interest paid or payable during the ﬁnancial year exceeds `2,50,000 (Rupees two lacs ﬁfty thousand only) for non senior citizens,
`3,00,000 (Rupees three lacs only) for senior citizens and `5,00,000 (Rupees ﬁve lacs only) for super senior citizens (aged 80 years
and above), then form 15 G/H will not be valid and tax will be deductible. In this respect the extant guidelines as amended from time to time will be applicable. Form 15G/H submitted vide this application will be applicable for all the deposits made under this plan during the ﬁnancial year. For each ﬁnancial year, Applicant will have to submit separate Form 15G/H.
(ii) In the event of cheque bounce, the cheque will be sent back to applicant's address mentioned on the Application within 15 (ﬁfteen) days. For all RTO (Return to Origin) cheque cases, the cheque will be held by the Company until the validity of the instrument, post which it will be destroyed without further notice to the applicant.
(iii) In the event of death of any of the joint depositors, any modiﬁcation in the names of the deposit holders appearing on the FDR and/or change in the bank account where interest and/or maturity proceeds are to be credited, shall be effected only upon submission of a notarized copy of the death certiﬁcate in the name of the deceased depositor along with appropriate instruction, to the Company, issued jointly by all the surviving deposit holder(s), in writing, to carry out such modiﬁcations.
(iv) The Companywill send all communications to the deposit holder(s) in electronic form from time to time at the email ID mentioned in the Application and through SMS on the registered mobile number. In case of failure in transmission of such communication, the Companywill send physical copy of such communication within 10 (ten) days of such failure of transmission.
(v) Any change in the address, email ID, bank account etc., mentioned in the Application shall be effected by the Company only on the basis of written instruction signed by all the concerned deposit holder(s).
(vi) The Company reserves the right to alter, amend or delete any or all the conditions stipulated above or to vary them in special cases or to accept Deposits only for such periods as it may decide from time to time and to repay the Deposits prematurely before the date of maturity.
(vii) The accompanying advertisement inviting ﬁxed deposits forms part of the Deposit Application form.
(viii) Disputes, if any, arising in connection with the Deposit, will be subject to the exclusive jurisdiction of Courts at Pune.
(ix) By submitting this Application, the Applicant(s) hereby expressly consent and authorise BFL/ its representatives/its agents/ its business partners/its group companies*/its afﬁliates to send the Applicant any communication regarding products/services offered by them using various communication channels, such as, telephone, calls/SMS/bitly/bots/emails/post etc., irrespective of rejection of this Application.
HOW TO APPLY
(I) Applicant(s) are requested to go through the terms and conditions as mentioned above. These terms and conditions form part of the Application.
(ii) The attached deposit application form should be duly ﬁlled and signed by the applicant(s). The amount should be deposited only by online transfer or by a CTS compliant account payee cheque drawn in favour of 'Bajaj Finance Ltd Fixed Deposit Account Number 00070350006738' clearly stating the deposit amount alongwith the application number on the rear side of the cheque.
(iii) In case of investment through cheque, application form alongwith the cheque and required documents may be submitted with any of Company's branch or authorised distributors. In case of investment through direct credit to the BFL investment account, application form alongwith copy of bank statement showing debit of funds and other required documents may be submitted with any of Company's branch or authorised distributors.
(iv) Introduction of all the applicants is compulsory. Such introduction may be by any one of the following methods:
(a) The applicant can also obtain introduction from any other ﬁxed deposit holder with BFL. The said existing depositor will be required to disclose his/her name and ﬁxed deposit receipt number and provide his/her signature, as per specimen signature in BFL records;
(b) The applicant can also introduce himself/herself by producing original of any one of the documents (which contains the photograph of the applicant) mentioned in the list of Mandatory and Ofﬁcially Valid Documents provided in the Application and a recent coloured photograph to BFL for veriﬁcation. The aforesaid coloured photograph and a copy of such document produced is required to be attached with the Application.
(I) In the event of non-repayment of the Deposit or part thereof as per the terms and conditions of such Deposit, the depositor may approach National Company Law Tribunal, Mumbai Bench at: 6th Floor, Fountain Telecom, Building 1, Mahatma Gandhi Road, Fort, Mumbai, Maharashtra 400001.
(ii) In case of any deﬁciency by the Company in servicing its Deposit, the depositor may approach the National Consumers Disputes Redressal Forum, the State Level Consumers Disputes Redressal Forum or the District Level Consumers Disputes Redressal Forum for relief.