Fixed deposits have long been a preferred investment choice for individuals looking for a secure and guaranteed return on their savings. With the advancement of technology, opening and managing fixed deposits has become more convenient than ever. Digital Fixed Deposits (FDs) allow investors to apply and manage their FDs online, offering ease of use, flexibility, and quick access without the need to visit a bank or financial institution.
What is a digital fixed deposit?
A digital fixed deposit is essentially the same as a traditional fixed deposit but with the added convenience of being managed entirely online. You can open, monitor, and withdraw a digital FD using an online platform, making it more accessible for those who prefer to handle their financial transactions digitally. Digital FDs offer the same security, tenure options, and interest rates as traditional FDs, but they eliminate the need for physical paperwork or visits to a financial institution.
Key features of digital FDs
1. Quick and easy application
One of the biggest advantages of digital fixed deposits is that you can apply for one in just a few minutes using an online platform. There is no need to fill out lengthy forms or submit hard copies of documents. With basic identification details and KYC verification, your FD can be opened almost instantly.
2. Auto-renewal facility
Many digital FD platforms offer the option to automatically renew your fixed deposit when it matures. This ensures that your investment continues to earn interest without requiring any manual intervention, helping you grow your savings without having to remember the maturity date.
3. No physical visits required
Unlike traditional FDs, where you might have to visit a branch to apply or withdraw funds, digital FDs offer the convenience of managing everything online. This is especially beneficial for those who prefer to handle their investments remotely or for people living in remote areas.
What is the Digital FD offered by Bajaj Finance?
Bajaj Finance has launched a new FD, "Bajaj Finance Digital FD", for a period of 42 months. Bajaj Finance is providing one of the highest interest rates of up to 8.85% p.a. for senior citizens and for the customers below the age of 60 they are providing a rate of up to 8.60% p.a. The Digital FD can be booked and managed only through the website or app.
Advantages of Bajaj Finance Digital Fixed Deposit (FD)
Investing in a Bajaj Finance Digital Fixed Deposit offers several advantages that make it an attractive option for those seeking stability and returns on their savings. Here are the key benefits:
- High interest rates: Bajaj Finance FD offers competitive interest rates up to 8.85% p.a. for senior citizens and up to 8.60% p.a. for customers below 60 years.
- Convenient online process: You can easily open and manage your FD online, saving time and effort.
- Multiple payout options: Choose from monthly, quarterly, half-yearly, annually, or at maturity, based on your income needs.
- High safety ratings: Bajaj Finance FDs are AAA-rated by CRISIL and ICRA, ensuring your investment is safe and secure.
How to open a Digital Fixed Deposit with Bajaj Finance
- Start online: Visit here. Click on 'Open FD' at the top of this page to begin your online application.
- Verify your details: Enter your 10-digit mobile number and confirm the OTP sent to your phone.
- Choose your investment: Specify the investment amount, select the preferred tenure and payout frequency. Provide your PAN card details and date of birth.
- Complete your KYC: Existing customers can confirm or update their details. New customers will need to complete their KYC using Aadhaar.
- Review and agree: Carefully read the declaration and terms and conditions. Enter your bank details and proceed to payment.
- Make your investment: Finalise your investment using NetBanking/UPI or NEFT/RTGS.
Once your fixed deposit is booked, you will receive:
- A Fixed Deposit Acknowledgement (FDA) to your registered email address and mobile number.
- An Electronic Fixed Deposit Receipt (e-FDR) to your email ID within 3 working days (subject to correct documentation).
Digital Fixed Deposits interest rates
Bajaj Finance offers attractive FD rates up to 8.50% p.a. for senior citizens and up to 8.25% p.a. for customers below 60 years of age. With an end-to-end online process, now earn profitable returns, and enjoy the benefits of flexible payout. Start investing with just Rs. 15,000 and earn higher returns for a tenure of 12 to 60 months. Bajaj Finance FD is the highest [ICRA]AAA(Stable) and CRISIL AAA/STABLE rated fixed deposit offering high FD rates and the security that the investor’s money is entirely safe and remains unaffected by market conditions.
Tenure in months |
At maturity (p.a.) |
Monthly (p.a.) |
Quarterly (p.a.) |
Half yearly (p.a.) |
Annual ( p.a.) |
42* |
8.60% |
8.28% |
8.34% |
8.42% |
8.60% |
Customers below the age of 60 – Special Period
Tenure in months |
At maturity (p.a.) |
Monthly (p.a.) |
Quarterly (p.a.) |
Half yearly (p.a.) |
Annual (p.a.) |
18* |
7.80% |
7.53% |
7.58% |
7.65% |
7.80% |
22* |
7.90% |
7.63% |
7.68% |
7.75% |
7.90% |
33* |
8.10% |
7.81% |
7.87% |
7.94% |
8.10% |
44* |
8.25% |
7.95% |
8.01% |
8.09% |
8.25% |
Customers below the age of 60 – Regular Period
Tenure in months |
At maturity (p.a.) |
Monthly (p.a.) |
Quarterly (p.a.) |
Half yearly (p.a.) |
Annual ( p.a.) |
12 - 14 |
7.40% |
7.16% |
7.20% |
7.27% |
7.40% |
>15 - 23 |
7.50% |
7.25% |
7.30% |
7.36% |
7.50% |
24 - 35 |
7.80% |
7.53% |
7.58% |
7.65% |
7.80% |
36 - 60 |
8.10% |
7.81% |
7.87% |
7.94% |
8.10% |
Calculate your fixed deposit returns instantly with our FD calculator!
FD rates for customers above the age of 60
Fixed Deposit Annualized rate of interest for senior citizens valid for deposit of up to Rs. 3 crore (17 Sep, 2024)
Tenure in months |
At maturity (p.a.) |
Monthly (p.a.) |
Quarterly (p.a.) |
Half yearly (p.a.) |
Annual ( p.a.) |
42* |
8.65% |
8.33% |
8.38% |
8.47% |
8.65% |
Factors that affect digital Fixed Deposit interest rates
- Interest rates: Always compare interest rates offered by different financial institutions. Even a small difference in rates can lead to a significant impact on your returns over the long term.
- Penalties for premature withdrawal: Make sure to understand the penalties for premature withdrawal before investing, as these can affect your returns if you need to access the funds before the maturity date.
- Safety ratings: Choose a financial institution that offers high safety ratings from credit agencies like CRISIL or ICRA to ensure the security of your funds.
- Tenure options: Assess your financial goals and choose a tenure that aligns with them. If you have short-term financial needs, consider opting for a shorter tenure, while long-term goals may benefit from longer tenures.
Taxation of interest on a digital Fixed Deposit
The interest earned on a Digital Fixed Deposit is taxable in India. The income tax is calculated based on the individual's tax slab and is added to their total taxable income. The interest is usually paid annually or at maturity, and the tax liability is determined based on the applicable tax rate. It's essential to consider the tax implications when choosing a Fixed Deposit as it can impact the overall returns.
Conclusion
Digital fixed deposits offer a convenient, safe, and flexible way to grow your savings. With competitive interest rates, easy online access, and multiple payout options, digital FDs are an ideal choice for investors seeking a reliable and hassle-free investment. Whether you are saving for the short term or long term, consider a digital fixed deposit to make your money work smarter for you.
