Fixed Deposit

A Fixed Deposit (FD) is a savings instrument suitable for investors looking to achieve both short-term and long-term financial goals. With interest rates ranging from 3.50% p.a. to 9.40% p.a. on Bajaj Markets, FDs provide a secure way to grow your wealth over time. 

Fitting seamlessly into personal finance strategies, FDs provide a secure way to grow your wealth over time while minimising risks. Whether saving for short-term needs, such as a planned purchase, or building funds for long-term goals like education or retirement, FDs ensure steady returns.

You can start investing with as little as ₹1,000, making it accessible to all types of investors. Our financial marketplace offers fixed deposits from various banks and Non-banking Financial Companies (NBFCs), providing flexibility and a range of tenures to fit your financial needs. 

Here is a table that provides a comprehensive comparison of fixed deposit plans in India across several banks and NBFCs:

Each type of FD has its own unique benefits and features, allowing for a personalised approach to saving and investment to suit different financial goals and investor profiles.

Senior Citizen Fixed Deposits

These FDs are specifically designed for individuals aged 60 years and above, offering additional interest rates over regular FDs. Retirees could benefit from the monthly interest payout option and receive a stable income depending on the amount invested.

Women's Fixed Deposits

Certain financial institutions offer additional interest rates to women depositors over the prevailing rates for regular and senior citizens. This encourages investment in these low-risk savings tools among women, allowing them to take advantage of competitive interest rates.

Regular Fixed Deposits

Regular FDs are available to all types of investors. They offer a fixed rate of interest for a predetermined tenure, ensuring guaranteed and stable returns. Such FDs may be ideal for those seeking a reliable fixed deposit investment option to meet short-term or long-term financial goals without exposure to market risks.

Non-resident Indian (NRI) Fixed Deposits

NRI FDs are designed for those who wish to invest their savings in India. These FDs allow NRIs to earn attractive returns in Indian Rupees or a foreign currency of their choice, with options for repatriation of both the principal and interest amounts. These FDs may be ideal for foreign investors looking for flexibility in managing their domestic and overseas finances.

Tax-saver Fixed Deposits

Tax-saver FDs offer fixed returns along with a tax deduction of up to ₹1.5 Lakh under Section 80C of the Income Tax Act, 1961. These FDs come with a mandatory 5-year lock-in period. Such FDs may be suitable for investors looking to reduce their taxable income while safeguarding their capital. However, it's important to note that the interest earned on these deposits is taxable.

• Fixed Deposits come with assured interest payouts, ensuring steady growth of your savings

• You get flexible tenures ranging from a few months to several years, depending on your financial goals

• One of the advantages of fixed deposit is that, as compared to regular savings accounts, FDs provide higher interest rates

• You can opt for regular interest payouts (monthly, quarterly, or annually) and get recurring payments

• With a lock-in period of 5 years, FDs allow deductions of up to ₹1.5 Lakhs under Section 80C of the Income Tax Act

• You get to use your FD as a collateral to secure a loan

• Some FDs offer premature withdrawal options, though this might involve a penalty

• Alongside individuals, Hindu Undivided Families (HUFs), partnership firms, trust accounts, sole proprietorship firms, limited companies, and societies can also get an FD

• FD provides guaranteed returns but may offer lower returns than equity-based or mutual fund investments over the long term.

• Over time, the returns from fixed deposits might not always outpace inflation, resulting in lesser purchasing power of your savings.

• Breaking an FD before maturity typically incurs penalties, which can impact your total returns.

• Interest earned on FDs is taxable.

• Unlike a savings account, you cannot access your funds freely unless you break the FD.

The following entities can open a Fixed Deposit (FD) account:

• Indian residents

• Non-Resident Indians (NRIs)

• Minors

• Senior citizens

• Companies

• Partnership firms

• Individuals or joint account holders

• Societies and clubs

• Sole proprietors

Following are the documents required for a fixed deposit-

• Voter ID

• PAN card

• Aadhaar card

• Driving licence

• Ration card

• Senior citizen ID card

• Utility bills

• Bank statement with cheque

• Post-office issued identification card or certificate

When you open an FD on this financial marketplace it is quick and hassle-free. First ensure you fulfil the eligibility criteria. With its user-friendly interface and straightforward steps, you can compare various FD options and choose the one that suits your financial goals. 

Below is a step-by-step guide to help you through the process to book an FD online:

1. Click on ‘Open an FD’ on the Fixed Deposit homepage

2. On the right side of the screen, you will find the ‘Invest Now’ form

3. Enter your mobile number, date of birth, and PIN code, then submit the details

4. An OTP will be sent to your registered mobile number

5. Enter the OTP to proceed with the FD setup process

6. Compare the interest rates offered by various banks and NBFCs

7. Choose an FD that suits your investment needs and select your preferred tenure and interest payout frequency

8. If you opt for an FD issued by a bank, you will be redirected to the bank’s website

9. Follow the on-screen instructions to complete your FD booking

10. Provide the documents required for fixed deposit booking

11. Fill in your name and PAN card details to proceed with the Central Know Your Customer (CKYC) verification

12. If CKYC records are not available, upload your Aadhaar card, PAN card, and a selfie for photo verification

13. Cross-check your personal information and update details such as marital status, address, and email ID

14. Provide your bank name, IFSC code, and account number to link your bank account to the FD

15. Assign a nominee for your FD to ensure the funds are transferred in case of an unfortunate event

16. In the final step, choose your preferred payment method and complete the payment to book your FD

17. You have successfully booked your FD and will now start earning interest on your investment

Fixed Deposits (FDs) are suitable for a wide range of individuals, such as:

• Those seeking a safe and secure investment option with guaranteed returns

• Ideal for people planning short-term financial goals such as buying a vehicle etc.

• Senior citizens or retirees looking for a stable source of income through periodic interest payouts

• For beginners in investing, FDs offer a low-risk introduction to disciplined savings

• Parents planning for children’s education or other future expenses

Bajaj Markets is a leading marketplace in India, offering various investment products. You can compare options from the available banks and NBFCs, access competitive rates, and choose flexible tenures that fit your financial goals.

Multiple Banks and NBFCs

This financial marketplace provides access to FDs from several banks and NBFCs, allowing you to compare options and choose the one that best meets your investment needs.

Competitive Interest Rates

Browse attractive interest rates on fixed deposits, going as high as 9.40% p.a., making it a reliable way to grow your savings.

Flexible Tenures

With tenures ranging from 7 days to 120 months, you can select a duration that aligns with your financial goals.

Different FD Types

Choose from various types of FDs available on the financial marketplace, such as tax-saving FD or senior citizen FD. These FDs are tailored to meet different investor needs

Seamless Booking Process

The user-friendly, convenient fixed deposit online booking process makes it simple for both beginners and seasoned investors to start their savings journey.

Once you have booked your FD, managing and tracking your investment is simple. Here’s what to expect next in your FD journey and how to manage your investment efficiently.  

 1. Visit the website of the bank or NBFC with whom you have booked your FD through Bajaj Markets

 2. Register yourself on their platform

 3. Log in to their portal using your credentials

 4. Click on the ‘My Account’ section

 5. Navigate to the ‘Fixed Deposit’ section under your account.

 6. Under ‘My Account’ you will be able do the following:

• View your fixed deposit

• Track FD status

• Download Fixed Deposit Receipt (FDR)

• Renew or close FD

• Check interest payouts

• Update personal information

• Add or update nominee details

• Raise service requests

• Premature withdrawal of your FD

• Apply for a loan against your FD

• Apply for a TDS waiver

• Submit relevant declarations

Regularly monitor your FD account to track any changes that have been made by the bank or NBFC and effectively manage your FD.

Once you have booked your FD through Bajaj Markets, you will receive a transaction reference number. The FDR will be emailed to you by the bank or NBFC with whom you have booked the FD. The FDR is crucial as it serves as an official proof of your investment. It outlines the key details of your deposit, such as the amount invested, interest rate, tenure, and maturity date.

You will also receive an SMS acknowledging the receipt of your payment. The FDR is typically sent to your registered email ID within 24 hours of making the payment. It is important to save this receipt for future reference, as you may need it for claims, withdrawals, loan applications against your FD, or tax-related purposes. 

Submission of Form 15G or Form 15H

The interest earned on a fixed deposit is fully taxable. If the interest exceeds ₹40,000 for regular citizens and ₹50,000 for senior citizens, TDS will be deducted at 10% if a PAN is provided. If a PAN is not provided, the TDS rate will increase to 20%. TDS can be claimed when filing your Income Tax Return (ITR), and the interest income must be added to your total income for the year. 

If your total income falls below the taxable threshold, you can prevent TDS by submitting Form 15G for individuals or Form 15H for senior citizens over 60. These self-declaration forms notify the bank or NBFC that your income is not taxable, preventing unnecessary deductions.

Premature Withdrawal

Most banks and NBFCs allow you to access your fixed deposit before maturity. This flexibility helps you tackle financial emergencies but usually comes with certain penalties. Banks and NBFCs typically charge a penalty fee ranging from 0.5% to 1% of the interest rate, reducing your overall returns. Additionally, the interest earned up to the withdrawal date is often recalculated at the rate applicable for the period the deposit was held.