Finance

How to Invest in Bajaj Finance Fixed Deposit Scheme?

If you are looking for stable returns and ease of investment, a fixed deposit can prove to be an ideal investment plan for you. The deposit amount is locked-in for a fixed tenor and the interest is compounded over time to provide higher returns to you. 

As the market-linked instruments cannot provide stable returns currently, many investors are interested in investing in fixed deposits. However, interest rates of fixed income instruments have been lowered due to the repo rate cut down and other steps taken by RBI.

Banks have also slashed the interest rates on fixed deposits plans. To continue growing your savings at a higher rate, you can invest in Bajaj Finance Fixed Deposit Scheme as it offers FD interest rates up to 7.35%. 

For the convenience of the investors, Bajaj Finance has provided a complete online application process for creating an FD account. Therefore, you don’t have to step outside your house or submit physical copies of documents for opening an FD account with Bajaj Finance. To understand this process, please look at the below steps:

Fill-up an online form

  • Visit the official website of Bajaj Finance and fill an online FD form.

Complete documentation online

  • If you are an existing customer of Bajaj Finance then you don’t have to submit or show any documents for verification. However, new customers need to use the cKYC repository to complete the online verification of documents. 

FD account gets created

  • Once your documents get verified, the payment procedure can be completed online using NEFT or netbanking and your FD account will get created shortly after that.
  • Also, you will get a 0.10% additional interest rate on booking an FD online. For checking the returns precisely, you can use an FD amount calculator. 

Moreover, you can book multiple FDs by using the multi-deposit facility. If you require additional funds to cover your regular expenses, you can deposit your money in a non-cumulative FD and avail periodic interest payouts. Alternatively, you can invest in a cumulative FD if you are interested in receiving the accumulated interest gains at maturity.

An online loan against FD or premature withdrawal of funds is also available with Bajaj Finance FD to ensure easy access to liquidity.

If investing a lump sum amount in FDs is not your preference, then you can also benefit from the SDP (Systematic Deposit Plan) from Bajaj Finance that allows you to invest Rs. 5000 or more every month. A tenor up to 60 months can be selected for the monthly deposits and the number of deposits can range between 6 and 48 as per your choice. 

You can choose a single maturity date for all the deposits if you want to receive the entire deposited amount and accrued interest at once. This means that only the first deposit has to be locked-in for the entire tenor as the subsequent deposits mature along with the first deposit only. Or else, you can choose to receive interest and deposited amounts individually. 

The interest rate prevailing on the date of deposit will be applicable on every deposit and you can also predict your returns in advance by using the SDP calculator.

Fixed deposits are stable and provide fixed returns to the investors but the bank FD rates are currently low due to reasons like repo rate cuts and a reduction in interest rates of fixed income instruments. You can still steer your investments at a higher FD rate by investing in Bajaj Finance Fixed Deposit as it offers fixed deposit interest rates up to 7.35%. To book this FD, you can use the online procedure and you can also track your deposits online. If you don’t want to deposit a lump sum amount, you can invest in an SDP and benefit from a disciplined way of growing your savings. 

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