Earn interest up to 8.10% p.a. by investing in a Bajaj Finance Fixed Deposit | Rated CRISIL AAA/ STABLE and [ICRA]AAA(stable)

A fixed deposit or FD is an investment avenue provided by various banking and non-banking institutions. It is one of the safest and easiest investments to save money for future use.

 

In a fixed deposit, you can invest a specific amount for a fixed tenure and rate of interest. When the investment matures, you get the fixed amount along with the interest earned. The rate of interest differs from institution to institution. The minimum and maximum tenure of a fixed deposit are 7 days and 10 years respectively, depending on the choice of the investor.

 

Some of the key features of Fixed Deposit are -

 

  • Guaranteed Results - The returns in a fixed deposit investment are always guaranteed and not influenced by any fluctuations in the market.

  • Flexible Tenures - The customers can choose FD tenures between 7 days to 10 years for an FD investment according to their financial goals and needs.

  • ROI - The return on investment in a fixed deposit can be comparatively higher if the customer reinvests their FD interest income by opting for cumulative fixed deposits.

  • Emergency Fund Assistance - The customers can also apply for loans against FD, for emergency fund requirements. Generally, the customers can get a 70% FD amount as a loan against FD with the minimum documentation process and zero collateral.

 

There are various types of fixed deposits offered by banks and financial institutions. The customer can select the type of FD and open an FD account as per their needs and goals -

 

  • Normal Fixed Deposit - Customers can avail of higher interest than any savings account.

  • Tax-saving Fixed Deposit - Customers can get a tax exemption of Rs. 1.5 lakh in a financial year.

  • Senior Citizen Fixed Deposit - Special interest rates and tax exemption for senior citizens in fixed deposits.

  • Cumulative Fixed Deposit - The FD interest is compounded every quarter and is credited into the customer’s source account after FD matures.

  • Non-Cumulative Fixed Deposit - Customers can select the FD interest payout like monthly, quarterly, etc. The FD interest will then be automatically credited into the customer’s source account.

  • Flexi Fixed Deposit - The fixed deposit is linked with the customer’s bank account where the money shuttles between an FD and savings as the requirement of the account holder.

 

One can open an FD account via online and offline methods according to their convenience and needs.

Steps to Open a Fixed Deposit Account Online

With the growing world of technology and the internet, every service is available online including opening a fixed deposit account. Online FD account application is a hassle-free procedure and saves time. The customers can fill in the application form at any point in time without any time restrictions.

 

Follow the below-mentioned steps to open a fixed deposit account online 

 

  • Visit the official portal of the institution in which you want to open a fixed deposit account

  • Create an account or sign in to your existing account using your credentials

  • Choose the option ‘Fixed Deposit’

  • Enter the required details like amount, tenure, etc.

  • Recheck all the information you have filled in and click on ‘Confirm’

  • Initiate a payment through net banking

  • Make sure you download the fixed deposit receipt. It can be useful for future purposes

The customers can also open a fixed deposit account online at Bajaj MARKETS by following these quick and simple steps -

 

  • Visit the official portal of Bajaj MARKETS

  • Log into your account using the credentials

  • Select the ‘Invest Online’ option to apply for an FD

  • Fill in the application form with your primary details

  • An OTP will be sent on your device for verification. Enter the OTP to continue the process

  • In case you are a new user at Bajaj MARKETS, the portal will ask you to complete the KYC details. Once KYC is completed, the applicant will be asked to mention the FD amount, tenure, etc. For existing customers, the KYC procedure is already completed, they can directly fill in FD amount, tenure, etc.

  • The customers can now transfer the FD amount using the online payment options available

  • The customers will instantly receive a confirmation receipt regarding their online FD account on their registered contact details

Steps to Open a Fixed Deposit Account Offline

The customers can also opt for an offline method to apply for an FD account. The offline method to open a fixed deposit account is helpful for people who are not comfortable with technology and online procedures. The customers can get executive support to open an FD account and enjoy a smooth and seamless application procedure.

 

Follow these quick and simple steps to open a fixed deposit account.

1.  Existing Account

In case you already have an account with the institution

 

  • Visit the nearest branch of the institution.

  • Enquire about the fixed deposit application form.

  • Fill out the form with all required details and submit it.

  • The concerned official will guide you through the further procedure.

2. New Account

In case you do not have an account with the institution -

 

  • Visit the nearest branch of the institution.

  • Enquire about the fixed deposit application form.

  • Fill out the form with the required details.

  • You will also have to submit some documents like identity proof, address proof, etc along with the application form for KYC verification.

  • The concerned official will guide you through the further procedure.

FAQs

  • ✔️Do you need a bank account to open fixed deposits?

    It is absolutely fine if you do not have an existing bank account. You can still open a fixed deposit account by submitting some documents like address proof, identity proof, etc to complete your KYC verification procedure. Once your KYC is completed, you can simply fill in the fixed deposit application form and submit it.

  • ✔️Is it possible to have a joint fixed deposit account?

    Yes, it is very much possible to have a joint fixed account. A fixed deposit can have up to three depositor names. The main power of the investment lies with the first depositor.

  • ✔️What will happen in case there is any change in the rate of interest of a fixed deposit?

    There will be no change in the interest rate of the existing fixed deposit. The new rate will be applied only to new deposits. This is one of the biggest benefits of a fixed deposit, the rate of interest is not affected by market fluctuations. 

  • ✔️What should I do if I need the fixed deposit funds before maturity?

    You can easily get your fixed deposit funds before maturity. You will just have to pay a penalty fee and submit the required documents along with the request letter for premature withdrawal.

  • ✔️What is the role of nomination in fixed deposits?

    The nomination facility allows the depositor to nominate any person who will receive the fixed deposit funds in case of death or absence of the main depositor.