What is fixed deposit

What is fixed deposit

Contents

1. Features of fixed deposit
2. Benefits of fixed deposit
3. Why  invest in fixed deposit of Bajaj  Finance?
4. Document to start Bajaj Finance Fixed Deposit.
5. List of membership

 Once the money is invested with a trusted financier, it starts getting interest based on the period of the deposit.  Usually, according to the FD's set criteria, money cannot be withdrawn before maturity, but you can withdraw it after paying the fine.

Features of fixed deposit

 Investors can earn high interest on their extra money by making a fixed deposit.

 Money can be deposited only once in a fixed deposit account, if you want to deposit more money, you have to open another account

 Although fixed deposits have lower liquidity, you get higher rates of interest, which are higher on fixed deposits of the company.

 Fixed deposits can be renewed easily

 As per the Income Tax Act, 1961, tax is deducted on the basis of the principal amount on the interest earned on fixed deposits.

  Benefits of fixed deposit

 There are several advantages of fixed deposit investment, some of which are given below:

 These are the safest investment instruments, providing more stability

 Fixed returns yield assured returns, and there is no risk on the principal amount

 You can choose to pay interest from time to time to manage your monthly expenses.

 Your fixed deposits have no effect on market fluctuations, thereby protecting your invested capital.

 You can take advantage of the high interest rates provided on the company's fixed deposits.

 Some financiers give better returns for senior citizens

 Tax liability on fixed deposits

 Interest earned from fixed deposits is taxable.  The tax deducted from the principal amount on FD can range from 0% to 30% depending on the income tax limit of the investor.  If your earned interest in a year is Rs.  10,000, and if they have your PAN details available, the financiers deduct 10% TDS.  However, if your PAN details are not given to your financial institution, then 20% TDS will be deducted.

 If your total income is less than the minimum tax slab of 10%, then you can claim the amount of TDS deducted.  You can avoid tax deduction by submitting Form 15G to your financial institution and if you are a senior citizen, you can avoid tax deduction by submitting Form 15H.  If you fall in the higher tax slab (20% or 30%), you will have to pay tax in addition to the TDS deducted by your NBFC or bank.

Why invest in fixed deposit of Bajaj finance.

 You can opt for a fixed deposit from Bajaj Finance, which offers you higher returns with higher interest rate.  You can avail of convenient duration, easy online application process, and only Rs.  You can start investing from 25,000.

 With Bajaj Finance Fixed Deposit, you get high security due to CRISIL's FAAA and ICRA's MAAA rating.  It helps you earn assured returns, which can also be converted into customized periodic interest payments according to your needs.

Documents to start bajaj finance fixed deposit.

 If you want to invest in Bajaj Finance Fixed Deposit, then here are the documents required for you:

 Latest photo

 Certified KYC Document

 Public or private limited company

 PAN

 Incorporation Certificate

 Memorandum and Articles of Association

 Partnership deed

 Board proposal to open FD account

 ID proof of authorized signatories

 Partnership firm

 PAN

 The firm's KYC document

 Certificate of registration

 Partnership deed

 ID proof of authorized signatories

 Hindu undivided family

 Certified KYC Document

 Self attested PAN card with HUF name attached

 HUF declaration consent letter

 Bank account details / DEMAT statement in the name of HUF

 KYC document of all adult members of HUF

 Statutory Board / Local Authority

 PAN

 KYC document

 Self certification on letterhead

 Registered Society

 PAN

 KYC document

 List of members of the managing committee

 Committee Resolution for individuals authorized to act as authorized signatories, with their specimen signatures

 Original copy of the rules and laws of the Society certified by the President or Secretary

 Bajaj Finance Fixed Deposit Interest Rates

 Bajaj Finance Fixed Deposit is one of the highest yielding interest rates in the market.  Check them here:

 Rupee.  Annual interest rate on deposits up to 5 crores (effective 07 December 2019)

 Duration (in month) Minimum Deposit (Rs.) Cumulative Non-cumulative Monthly-Monthly Half-Yearly 12 - 2325,0007.60% 7.35% 7.39% 7.46% 7.60% 24 - 357.90% 7.63% 7.68% 7.75% 7.90% 36 - 608.10% 7.81% 7.87% 7.94  % 8.10%

 Category of customer based on profit category (w.e.f. 07 December 2019):

 + 0.25% for Senior Citizen

 + 0.10% for Bajaj Group employees, Bajaj Finance Limited customers and existing policyholders of Bajaj Allianz Life Insurance

 Renew:

 + 0.10% above the interest rate applicable at the time of deposit

 Bajaj Finance Senior Citizen Fixed Deposit Scheme

 While investing in Bajaj Finance fixed deposits, senior citizens can avail higher rates of interest so that they can get better returns on their investments

 You can see attractive interest rates offered to senior citizens below:

 Period (in months) Minimum Deposit (Rs.) Cumulative Non-cumulative Monthly-Monthly Half-Yearly 12 - 2325,0007.85% 7.58% 7.63% 7.70% 7.85% 24 - 358.15% 7.86% 7.91% 7.99% 8.15% 36 - 608.35% 8.05% 8.10% 8.18  % 8.35%