Bajaj Finserv Fixed Deposit Scheme 2019 Review
Bajaj Finserv FD Scheme offers highest interest rates where one can get yield up to 8.7%. Banks are reducing interest rates in recent months. Banks are currently offering 5.5% to 7% interest rates. Bajaj Finserv Fixed Deposit rates are far higher compared to Bank FDs. What are the features of Bajaj Finance FD Scheme? What are the interest rates of Bajaj Finserv Fixed Deposit Scheme? Is Bajaj Finance FD Safe? Should you invest in Bajaj Finserv Fixed Deposit or avoid? This article is based on request on “suggest a topic”.
Also Read: Mahindra Finance FD scheme offers upto 10.49% Yield – Should you invest?
About Bajaj Finserv Limited
Bajaj Finserv Limited, a part of Bajaj Holdings & Investments Limited, is an Indian financial services company focused on lending, asset management, wealth management and insurance.
Features of Bajaj Finserv Fixed Deposit Scheme
1) Bajaj Finserv FD comes with 12 months to 60 months tenure.
2) This FD scheme, offer cumulative and non cumulative options. In cumulative option, the interest would be paid on maturity. In non cumulative option, interest would be paid monthly, quarterly, half-yearly and yearly based on the option chosen.
3) You can deposit a minimum of Rs 25,000 in this FD scheme.
4) Interest rates are ranging between 8% to 8.35% for general category.
5) Senior Citizens would get up to 0.35% higher interest rates. Means they would get up to 8.7%.
6) Bajaj Finserv employees and customers would get 0.1% higher interest rates.
7) These interest rates are effective from 3rd September, 2019.
8) You can open Bajaj Finserv Fixed Deposit Online and renew them online. If you renew online, you would get 0.1% higher interest rates compared to others.
What are the Bajaj Finserv Fixed Deposit Rates 2019?
It offers 12 months to 60 months where one would get interest rates up to 8.35%. Here are the details of interest rates of this FD scheme for general category. Bajaj Finance FD rates for Senior Citizens would be 0.35% extra compared to others and Bajaj Finserv employees and existing customers would get 0.1% extra.
Who is eligible to open a Bajaj Finance Fixed Deposit?
The following are eligible to open this FD.
1) Resident Indian citizen
2) Hindu Undivided Family (HUF)
3) Sole proprietorships
4) Partnership firms
5) Companies including group companies
6) Clubs, associations, and societies
7) Family trusts
How to Open Bajaj Finserv Fixed Deposit Online?
If you wish to open Bajaj Finance Fixed Deposit, click here. They would call you back once you fill the info. Once you register, you would get Bajaj Finserv Fixed Deposit login details.
What documents are required to open Bajaj Finance Fixed Deposit Scheme?
Any of these documents can be used for KYC along with latest Photograph.
1) VID (Virtual Identification Number) / Aadhaar Card /Proof of Application for Enrolment of Aadhaar
2) Pan card
3) Form 60 + any 1 of the below mentioned Officially valid document:
Valid driving license
Voter’s ID card
NREGA job card
Letter containing name and address issued by the National Population register
Why to invest in this FD scheme?
Here are some positive factors.
1) Bajaj Finserve is part of Bajaj Holdings and is trusted brand.
2) You can invest in this FD scheme with a minimum of Rs 25,000 and get higher interest rates up to 8.35% for regular investors and up to 8.7% for Senior Citizens.
3) This FD has a good credit rating of FAAA/Stable from Crisil and MAAA/Stable by ICRA, which indicates the highest safety of the investment.
4) You can open this FD online and renew it online.
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Why NOT to invest in this FD scheme?
Here are some negative points.
1) NBFC sector is undergoing a crisis now and your investment could high risk.
2) Corporate FDs does not offer any security. In case of company gets windup for some reason, FD investors would get preference like any other creditors and repayment would happen in normal process. There would not be any preference given to FD investors.
3) Premature withdrawal rules make it unattractive.
Some of the FAQs about this FD Scheme
1) How can I calculate the interest amount?
You can visit Bajaj Finserv Fixed Deposit calculator link on Bajaj Finserv website, which can help you to know the interest amount. Based on the option and tenure chosen, the interest amount would differ.
2) What is the Bajaj Finserv Fixed Deposit Rating?
If you are thinking “is Bajaj Finserv safe for fd”, you need to check the FD credit rating that can talk about its fundamentals. Bajaj Finance Fixed Deposit is one and only NBFC in India that has an international rating of ‘BBB’ from S&P Global. Crisil have rated these fixed deposits as “FAAA/Stable Rating” and ICRA as “MAAA (Stable) rating”, which indicates the highest degree of safety for the payment of interest and repayment of capital.
3) How the Interest received on these FDs is taxed?
Bajaj Finserv would deduct TDS on interest exceeding Rs 5,000 per annum. However, one need to calculate total interest received and pay income tax based on the income tax slab applicable to them in that year.
4) Can I take a premature withdrawal of my FD?
One can take a premature withdrawal only after 3 months from the date of deposit or from the renewal of deposit. If you wish to break the FD between 3 to 6 months after opening FD, no interest would be paid to you. If you wish to break FD after 6 months of opening FD but before the maturity date, you would get 2% lower interest rate.
5) When the interest payment would be done for non cumulative deposits?
In case of non cumulative deposits, interest would be paid on the last day of the month or quarter or half year or year based on the scheme and option chosen.
6) Can we submit Form-15G or Form-15H?
Yes. Individuals can submit a form 15G or 15H to the company to not to deduct TDS on their FD interest.
7) In an emergency, can I get a loan against my FD?
Yes, but after 3 months from the date of opening FD. One can request for the loan on this FD which would be up to 75% of the FD amount. The interest rate would be 2% higher than the FD interest rate on such loan.
8) Can NRI’s invest in this FD Scheme?
No. NRI’s cannot invest in this Fixed Deposit. If an individual has invested in this FD and later became NRI, then they can continue this FD till maturity. However, they cannot renew their FD after becoming NRIs. Maturity amount should go to NRO account only.
9) If I am an EMI Card holder, would I get 0.1% extra interest?
EMI Card holders would get 0.1% extra interest.
10) If I am an existing auto loan customer, would I get 0.1% extra interest?
No. They would not get any extra FD interest.
11) What are the Bajaj Finserv Fixed Deposit toll free number or customer care details?
You can reach at any of the following details for queries or complaints.
i) You can fill the form and they would call you back. https://www.bajajfinserv.in/fixed-deposit-short-lead-form.
ii) You can reach them at 08698010101
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Should you invest in Bajaj Finserv FD Scheme in 2019?
Bajaj Finserv is a trusted brand. Its FDs have good credit rating from S&P Global, Crisil and ICRA. It offers highest interest rates up to 8.7%. One should consider the NBFC crisis going on now. FD’s does not offer any security the way Secured NCDs offer to some extent. If you are a high risk investor and willing to consider these risks, you can invest in this FD Scheme and enjoy high interest rates. If you are a low risk investor, stay away from such FD schemes.
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Bajaj Finserv Fixed Deposit Scheme 2019 Review
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I am interested in low risk investment . Which NBFC Company is good to invest? how much tenure choose?
Hello Vijay, corporate FD schemes are high risk and it would not suit for low risk investors. If you still want to invest, you can consider high rated FD schemes like Bajaj Finserv or Mahindra Finance FD.
Hi Suresh ji,
I would be retiring by oct end. Working in
One fmcg co for last 33 year
Would be getting approx 20 lacs
Pl suggest where to invest my money
To get some regular income as I will get
Very nominal amount like 7000 as pension…would be grateful
Hello Praveen, There is no standard plan for Senior Citizen. It would depend on risk appetite and tenure. Please check this article which would provide details about some of the best investment plans for senior citizens. https://myinvestmentideas.com/2018/07/best-investment-plan-in-india-for-senior-citizens/
Please suggest the option for fdr with maximum rate of interest and lowest risk in order switch from govt. bank’s fdr.
Hello Aravindra, You can refer this article that provides interest rates across private and public sector banks.
Not able to understand the motive and objective behind such article.
The FDs are unsecured whereas there are nth number of NCD issues available in the market with AAA and AA ratings offering more than 9 to 9.5% interest per annum payable on yearly rest. I get sacrifice on the ‘security’ of my deposits (i.e. secured or unsecured) and get less interest also.
Hello Kamal, If you see, we have written this article based one request from a reader to write on this topic. Now coming to Bajaj Finance FD scheme, is it good? The answer is it has good credit rating and trusted brand. However it does not provide any security. Currently there is NBFC crisis is also going on. Hence it is relatively high risk now. If one want to move ahead considering these risks, they can invest in this FD scheme.
Hello Kamal, I have experience with both NCDs and FDs (Mahindra Finance, Bajaj Finance, etc.). For last 15 months, my belief in AAA/AA NCDs has shaken while my FDs in Mahindra and Bajaj are still OK. I have secured redeemable NCDs of DHFL that have matured but I am waiting for my money for last 2 months. Edelweiss Retail Finance NCD (again secured) is sort of going through bad news. I have a few others which are AA or AA+ NCDs but the going is not good. So to keep a balanced portfolio one should invest in FDs too.
Hi Suresh Ji,
How about Liquid funds, I’m low risk taker. Can I park my money in Liquid fund for 6 month to 1 year period or should I avoid due to NBFC issue? Pls advice
Hello Babu, Liquid funds invests in safer instruments that matures in very short term, hence you can invest without any fear of NBFC issue.