Earn interest up to 7.75% p.a. by investing in a Bajaj Finance Fixed Deposit | Rated CRISIL AAA/ STABLE and [ICRA]AAA(stable)

Fixed Deposits are typically the first-choice financial instrument that investors in the country opt for. This is because FDs are safe investment platforms that give investors the opportunity of earning fixed returns, irrespective of how turbulent the market conditions are. In the country, financial institutions typically tend to offer fixed deposit interest rates that range from 2.5% to 6%. The interest rates are contingent upon the amount of investment, the tenor of investment, interest payout frequency and the type of fixed deposit. Senior citizens get higher interest rates of up to +0.25%.

Read on to know the interest rates for Rs. 20 Lakhs FD across different financial institutions:

Financial Institution

Interest rates

Total Interest Amount Earned

Bajaj Finance Ltd

6.17% to 7.75% 

Rs. 46,666 to Rs. 7,15,000

ICICI Bank

2.50% to 6.30%

Rs. 50,000 to Rs. 6,30,000

SBI

2.90% to 6.20%

Rs. 58,000 to Rs. 6,20,000

HDFC Bank

2.50% to 6.30%

Rs. 50,000 to Rs. 6,30,000

Axis Bank

2.50% to 6.50%

Rs. 50,000 to Rs. 6,50,000

IDFC Bank

2.50% to 5.75%

Rs. 50,000 to Rs. 5,70,000

Bank of India

2.85% to 5.55%

Rs. 56,000 to Rs. 5,50,000

Canara Bank

2.90% to 5.75%

Rs. 58,000 to Rs. 5,75,000

Punjab National Bank

2.90% to 5.75%

Rs. 58,000 to Rs. 5,75,000

LIC Housing Finance

5.25% to 6.00%

Rs. 1,04,000 to Rs. 6,00,000

It is clear from the table that Bajaj Finance provides the best fixed deposit interest rates in the country. To benefit from the top interest rates, choose to open an FD with Bajaj Finance today!

Monthly Interest for Rs. 20 Lakhs Fixed Deposit in Bajaj Finance

Here’s a look at the maturity amount and total interest payments for Rs. 20 Lakhs fixed deposit in Bajaj Finance: 

Tenor (in months) Interest Rates of FD Interest Amount for ₹5 Lakh Total Payout for ₹5 Lakh
Non-Senior Citizen Senior Citizen Non-Senior Citizen Senior Citizen Non-Senior Citizen Senior Citizen
12 6.17% 6.27% ₹10,050 ₹10,450 ₹21,20,600 ₹21,25,400
24 6.74% 6.97% ₹11,233 ₹11,617 ₹22,69,600 ₹22,78,800
36 7.16% 7.39% ₹11,933 ₹12,317 ₹24,29,600 ₹24,43,400
48 7.16% 7.39% ₹11,933 ₹12,317 ₹25,72,800 ₹25,91,200
60 7.16% 7.39% ₹11,933 ₹12,317 ₹27,16,000 ₹27,39,000

FD Rates for Special Tenures

Tenor (in months) Interest Rates of FD Interest Amount for ₹5 Lakh Total Payout for ₹5 Lakh
Non-Senior Citizen Senior Citizen Non-Senior Citizen Senior Citizen Non-Senior Citizen Senior Citizen
15 5.89% 6.46% ₹9,817 ₹10,767 ₹21,47,250 ₹21,61,500
18 5.98% 6.55% ₹9,967 ₹10,917 ₹21,79,400 ₹21,96,500
22 6.13% 6.69% ₹10,217 ₹11,150 ₹22,24,767 ₹22,45,300
30 6.50% 7.07% ₹10,833 ₹11,783 ₹23,25,000 ₹23,53,500
33 6.74% 7.16% ₹11,233 ₹11,933 ₹23,70,700 ₹23,93,800
44 7.11% 7.49% ₹11,850 ₹12,483 ₹25,21,400 ₹25,49,267

Disclaimer: The aforementioned Bajaj Finance FD interest rates are valid for deposits of up to ₹5 crore w.e.f. july 1, 2022.

Check Monthly Interest Rate on your Fixed Deposits

The next step in the laddering strategy involves reinvesting your existing FDs into a new 3-year plan. So after the maturity of your first FD, you can reinvest it for three years. This strategy will continue till your third FD is invested in a new 3-year Bajaj Finance FD. This strategy can help you to grow your savings with minimal risks.

Another strategy to enhance your savings is to choose a Bajaj Finance Systematic Deposit Plan (SDP). Here, you can choose from two plans:

 

  1. Monthly Maturity Scheme: You need to make between 6 and 47 deposits for a maximum tenure of 60 months. This goal-based scheme can help you receive multiple monthly payouts.

  2. Single Maturity Scheme: You need to make between 6 and 48 deposits for a maximum tenure of 60 months. This unique investment scheme can help you receive a lump sum amount on maturity.

How to Calculate FD Interest on Rs. 20 Lakhs FD

The fixed deposit calculator, available on Finserv MARKETS, can help you calculate the interest payout for Rs. 20 Lakhs FD immediately. You are required to follow a few simple steps:

 

  • Provide the deposit amount and your preferred tenor.

  • Select the type of fixed deposit, cumulative or non-cumulative.

  • Select the customer type, senior citizens or non-senior citizens investing offline.

  • Select the frequency of interest payouts for non-cumulative deposits.

  • The calculator will automatically select the applicable interest rate and show the interest earned and maturity amount.

You can also calculate the FD interest amount manually. You can use the mathematical formula: M= P + P {(1 + i/100) t – 1}, where P is the principal amount, i is the rate of interest for each period, and t is the tenor.

Why Should You Invest in Bajaj Finance Fixed Deposits?

Investing in Bajaj Finance Fixed Deposits can provide you with several advantages. Here’s a look:

 

  1. Convenient online application: You can also choose to invest in a Bajaj Finance Fixed Deposit online. With just a few clicks, you can avoid the time-consuming task of manually filling out a form or processing your request through an agent.

  2. Guaranteed returns: With Bajaj Finance Fixed Deposits, you receive guaranteed returns over time. The interest rates with a Bajaj Finance FD can range from 6.17% p.a. to 7.75% p.a., which are higher than the FD interest offered by any bank or NBFC in India.

  3. Benefits for senior citizens: Investors above the age of 60 can avail the best possible deals on their FDs as they get an additional 0.25% extra interest on their investment.

  4. Flexibility: You can choose flexible tenors, ranging between 12 months and 60 months. You can also opt for flexible interest payouts, such as monthly, quarterly, half-yearly or annual.

  5. Reliable: CRISIL’s FAAA/Stable and ICRA’s MAAA (stable) ratings have established Bajaj Finance Fixed Deposits as among the safest and most reliable investment instruments.

Eligibility Criteria for Rs. 20 Lakhs Fixed Deposit

The Bajaj Finance Fixed Deposit comes with simple eligibility conditions. You are required to fulfil the conditions of:

 

  1. Age: You need to be above 18 years of age.

  2. Nationality: You need to be a resident Indian citizen.

  3. Customer types: Individuals, including salaried, self-employed professionals and self-employed non-professionals, can open an FD.

Entities, such as companies, partnership firms, Hindu Undivided Family (HUF), clubs, associations, family trusts etc., are also eligible to open a fixed deposit.

Documents Required for Rs. 20 Lakhs Fixed Deposit

The Bajaj Finance Fixed Deposit doesn’t require cumbersome documentation. All you need is to submit the basic documents for establishing your identity and address. Read on to know the list of required documents:

 

  • For proof of identity, you can submit documents, like PAN card, Aadhaar card, driving license, voter’s id etc.

  • You can submit various documents for proof of address, including passport, registered rent agreement, bank passbook with photo, electricity bill, etc.

  • Entities, such as companies and HUFs, need to submit relevant documents, such as HUF deed, certificate of registration, articles/memorandum of association, partnership deed etc.

 

How to Apply Online for Bajaj Finance Fixed Deposit?

A key feature of the Bajaj Finance Fixed Deposit is the hassle-free online application process. You just need to spare a few minutes of your busy schedule to book a deposit. Here’s a look at the steps involved:

 

  1. Provide your personal and financial details in the online application form.

  2. Upload the list of required documents, including proof of identity and address.

  3. Select the type of FD, deposit amount and tenor. If you have selected a non-cumulative FD, you need to specify the frequency of interest payouts. You can select from the options of receiving monthly, quarterly, half-yearly and annual interest payouts.

  4. Once you submit the form and the documents, you need to pay the deposit. You can transfer the amount using net banking or UPI services.

  5. Upon successful payment, you will receive an acknowledgement shortly. Your deposit has been booked, and you can track the interest payments online.

Check Monthly Interest Rate on your Fixed Deposits

FAQs

  • ✔️Is there a minimum and maximum cap on the monthly interest for a ₹20 lakh Fixed Deposit?

    There is no minimum or maximum cap on the monthly interest received on a ₹20 lakh FD. The monthly interest rate simply depends on the FD interest rate offered by the bank or NBFC chosen by the investor.

  • ✔️Are ₹20 lakh FDs taxable?

    Yes. All interest earned from an FD is taxable. Banks are mandated to deduct TDS at the rate of 10% if the interest earned for the year is above the threshold limit of ₹40,000. For senior citizen FDs this amount is ₹50,000.

  • ✔️Are there any tax benefits for senior citizens that come along with the ₹20 lakh FD interest per month?

    Yes. People above the age of 60 do not have to pay income tax on annual interest earned up to ₹50,000. However, even at an interest rate of 3%, senior citizens will have to pay tax on a ₹20 lakh FD interest as their annual interest earned exceeds ₹50,000. 

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