Fixed Deposits are savings accounts where you deposit a sum of money for a fixed duration to earn interest. Available through most major banks and NBFC’s in India, these deposits are ideal for investors who prefer low risk. Your money is locked in until the term ends, at which point you can collect the interest earned.
Bajaj Finance launches a new variant, "FD Max", for investments upto Rs. 25,000 . Bajaj Finance is providing one of the highest interest rates of up to 8.85% p.a.for senior citizens and 8.60% p.a. for non-senior citizens , in this variant.
Aspect |
Details |
Overview of fixed deposits |
Fixed Deposits are savings where you lock in a certain amount for a specific period to earn interest. |
Providers |
All Banks and NBFCs |
Opening method |
Available both online and offline |
Risk level |
Secure, regulated by RBI |
Types of fixed deposits |
Standard, tax savings, special, corporate, regular, senior citizen, flexi |
FDs for NRIs? |
Yes, available as NRE (Non-resident External) and NRO (Non-resident Ordinary) accounts |
Premature withdrawal |
Allowed, typically with an interest penalty |
Addressing the popular fixed deposit account types offered in India, financial institutions offer several kinds of fixed deposit plans. Let us take a quick look at different types of fixed deposits:
This FD is a subset of a traditional fixed deposit in which interest is paid out upon maturity. The investment amount is increased by the interest that was accrued over the preceding month or interest period. You may increase your earnings thanks to the power of compound interest.
This is a subset of a conventional fixed deposit, much like a cumulative FD is. However, this FD is excellent if you want to receive regular income because interest is paid out on a monthly, quarterly, half-yearly, or annual basis. The maturity amount is consequently less than that of a cumulative FD.
As the name implies, you can take a tax deduction of up to Rs. 1.5 lakh in a financial year with this fixed deposit, which helps you save money on taxes. In this case, you must invest a one-time lump sum for a five-year lock-in period.
A bank FD is a specific kind of fixed deposit in which you make a one-time lump sum deposit into a bank for a predetermined time. Depending on the interest rate in effect when you book your FD, your deposit will accrue interest.
Another well-liked FD alternative is company FDs, commonly referred to as corporate FDs. Any fixed deposit that is provided by financial institutions and NBFCs is referred to as a company FD.
It is essential that you evaluate CRISIL, ICRA, and other credit ratings when saving with firm FDs. They show you the degree of safety you can have. Company FDs frequently provide variable tenors and more affordable rates of return.
One of the safest savings options on the Indian market is the post office fixed deposit, sometimes referred to as the post office term deposit. Indian Postal Service is the one who issues it. It is also supported by the sovereign guarantee of the Indian government.
This fixed deposit gives you the advantages of both a traditional FD and a demand deposit. Your investment in this is connected to the issuer's savings accounts. It provides better interest rates along with a savings account's liquidity.
There are two types of fixed deposit accounts for Non-resident Indians: Non-resident External (NRE) and Non-resident Ordinary (NRO) accounts.
These accounts are best suited for NRIs who earn in foreign currency and want to convert it to Indian currency. The interest earned on the deposit is tax-free and one can get both principal and the interest amount. However, the money deposited can be affected by currency rate fluctuations.
These accounts allow deposits in foreign or Indian currency. The interest income earned on NRO fixed deposits is taxable at 30% based on the Income Tax Act, 1961. Unlike NRE FDs, there are no risks for exchange rate fluctuation. Investors can completely repatriate the interest earned and the principal amount within a certain bracket or set limit.
Bajaj Finance Fixed Deposit enjoys a [ICRA]AAA(Stable), indicating the highest level of safety and lowest investment risk. BFL FDs have also a rating of CRISIL AAA/ STABLE, which is another reason to invest. You can invest Rs. 15,000 to Rs. 3 crore- in our FD and earn competitive returns of up to 8.85% p.a. Mentioned below are some of the different fixed deposits that Bajaj Finance offers to suit your convenience and investment needs.
All investors below the age of 60 can apply for a fixed deposit and earn returns up to 8.60% p.a. Some of the key features of this are:
Customers above 60 years of age, can also apply for a fixed deposit and earn returns up to 8.85% p.a. Some of the key features include:
All Non-Resident Indians (NRIs), Overseas Citizens of India (OCIs), and Persons of Indian Origin (PIOs) with Non- Resident Ordinary Account (NRO) accounts can also apply for a fixed deposit with Bajaj Finance offline. You can get in touch with our customer care executives to apply.
Investors looking to invest in fixed deposit can get following benefits:
The interest rate on a fixed deposit is fixed at the time of investment. So, the returns are predictable and can be determined using the FD calculator.
Fixed deposits are considered a low-risk investment option, as they are typically offered by banks and other financial institutions that are insured by the government. You can check the ratings of different fixed deposits to ensure security and safety of your deposit.
Fixed deposits typically offer a range of tenures, allowing investors to choose the term that best suits their needs.
Most fixed deposits can be easily liquidated before maturity, although there may be a penalty for early withdrawal.
Fixed deposit generally offers higher interest rate compared to savings account.
Fixed deposits are offered by banks, non-banking financial institutions and post offices. If you fulfil the eligibility criteria, you can invest your money in a fixed deposit with any company or bank. Investors can choose where they want to invest their money, by comparing the interest rates, credit ratings of companies and other factors.
If you are a new investor, fixed deposit is one of the best options for you, offering low-risk, high returns investment. As FDs offer profitable returns, there is almost no risk of principal loss, however the rate of return is limited as compared to other high-risk options.
All Resident Indians, Sole proprietorships, Partnership firms and companies, Hindu Undivided Families (HUFs), clubs, associations, societies, and family trusts can apply online for Bajaj Finance Fixed Deposit.
Non-Resident Indians (NRIs), Persons of Indian Origin (PIO) and Overseas Citizens of India (OCI) can connect with our representative or write to us on wecare@bajajfinserv.in.
Selecting the right Fixed Deposit (FD) is crucial for maximising your savings. To begin, compare interest rates offered by various financial institutions, as higher rates will yield better returns on your FD. Consider the tenure for your FD based on your financial goals; shorter tenures provide quick access to funds, while longer tenures offer better interest rates. Additionally, check the institution's credibility to ensure your investment is secure. Lastly, evaluate the FD's payout options to match your income needs, such as monthly, quarterly, or at maturity.
Fixed Deposits offer a secure and reliable investment option for individuals seeking steady returns. By carefully considering factors such as interest rates, tenure, and additional features, you can select the FD that best aligns with your financial goals. While FDs provide stability, it is essential to diversify your investment portfolio to manage risk effectively. For comprehensive financial planning, consider consulting with a financial advisor to explore other investment avenues alongside FD.
Bajaj Finance has launched a new FD variant called "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 up to 8.60% p.a. The Digital FD can be opened and managed only through the Bajaj Finserv website or app.
Yes, many banks and NBFC’s like Bajaj Finance offers special FD interest rates for senior citizens, providing them with higher returns on their fixed deposits.
To open an FD account offline, visit the nearest branch of the bank or financial institution, fill out the application form, submit required documents, and deposit the desired amount.
No, the interest earned on FDs is taxable. It is added to the investor's income and taxed according to their applicable income tax slab.
The best type of deposit depends on your financial goals and risk tolerance. Fixed Deposits (FDs) are ideal for those seeking stable returns with low risk. Recurring Deposits (RDs) are good for disciplined savings.
Yes, you can link your savings account with your fixed deposit.
Yes, senior citizens are offered special interest rates on fixed deposits. For example, Bajaj Finance FD provides senior citizens with an interest rate of up to 8.85% p.a., which is higher than the rate for regular investors, ensuring better returns for seniors.
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