How To Use the Bajaj Finance Fixed Deposit Calculator For Retirement Planning?

Plan your retirement with Bajaj Finance Fixed Deposit Calculator. Learn how to use it for retirement planning and get an estimate of your returns.
OPEN FD
4 mins
10 January 2025

Plan your retirement with high-earning FD such as the Bajaj Finance Fixed Deposit, where your returns are guaranteed. In addition to the lucrative interest rates and flexible tenors, you can also get the benefits of the Bajaj Finance Fixed Deposit Calculator.

Why use the Bajaj Finance FD Calculator?

The Bajaj Finance FD Calculator is a great way to plan your retirement. Here’s how you can use this efficient tool for your retirement planning:

  • Calculate the exact returns that you will receive on your investment so that you can plan your retirement more efficiently.
  • Check your earnings based on the interest rates of the various customer categories.
  • View the monthly interest income that you can receive, if you choose a non-cumulative FD.
  • Find out how the investment tenor impacts your interest payout.

In addition to helping individuals with the benefits mentioned above, The Bajaj FD Calculator also helps resolve a couple of retirement-related questions that you may have. Read along to find the answers to these questions if you’re looking to retire soon.

How much should one invest to meet the expenses of post-retirement life?

Once you have a budget set for your monthly expenses, the calculator allows you to understand the corpus you need to invest in getting a monthly amount to cover the costs.

You can start your investment for as low as Rs. 15,000 up to Rs. 3 crore and earn interest based on the tenor.

The table below shows the Fixed Deposit annualised rate of interest for senior citizens (w.e.f 14 November, 2024)

FD Max rates for customers above the age of 60

Bajaj Finance FD Max annualised rate of interest for senior citizens for deposit up to Rs. 25,000 (w.e.f 14 November, 2024)

*Experience higher interest rate of up to 8.85% p.a. on a 42-month Digital FD Max, available on website and app.

Bajaj Finance Digital FD Max

New Product Launch
Tenure in
months
At maturity (p.a.) Monthly (p.a.) Quarterly (p.a.) Half yearly (p.a.) Annual (p.a.)
42* 8.85% 8.51% 8.57% 8.66% 8.85%

Senior Citizen – Special Period (FD Max)

Tenure in
months
At maturity (p.a.) Monthly (p.a.) Quarterly (p.a.) Half yearly (p.a.) Annual (p.a.)
18* 8.25% 7.95% 8.01% 8.09% 8.25%
22* 8.35% 8.05% 8.10% 8.18% 8.35%
33* 8.55% 8.23% 8.29% 8.37% 8.55%
44* 8.70% 8.37% 8.43% 8.52% 8.70%

Senior Citizen – Regular Period (FD Max)

Tenure in
months
At maturity (p.a.) Monthly (p.a.) Quarterly (p.a.) Half yearly (p.a.) Annual (p.a.)
12 - 14 7.85% 7.58% 7.63% 7.70% 7.85%
15 - 23 7.95% 7.67% 7.72% 7.80% 7.95%
24 - 35 8.40% 8.09% 8.15% 8.23% 8.40%
36 - 60 8.55% 8.23% 8.29% 8.37% 8.55%

FD rates for customers above the age of 60

Fixed Deposit annualised rate of interest for senior citizen is valid for deposit Rs. 25,001 and up to Rs. 3 crore (w.e.f 14 November, 2024)

*Experience higher interest rate of up to 8.65% p.a. on a 42-month Digital FD, available exclusively on website and app.

Bajaj Finance Digital FD
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%

Senior Citizen – Special Period

Tenure in
months
At maturity (p.a.) Monthly (p.a.) Quarterly (p.a.) Half yearly (p.a.) Annual (p.a.)
18* 8.05% 7.77% 7.82% 7.89% 8.05%
22* 8.15% 7.86% 7.91% 7.99% 8.15%
33* 8.35% 8.05% 8.10% 8.18% 8.35%
44* 8.50% 8.19% 8.24% 8.33% 8.50%

FD Interest Rate for Senior Citizens

Tenure in
months
At maturity (p.a.) Monthly (p.a.) Quarterly (p.a.) Half yearly (p.a.) Annual (p.a.)
12 - 14 7.65% 7.39% 7.44% 7.51% 7.65%
15 - 23 7.75% 7.49% 7.53% 7.61% 7.75%
24 - 35 8.20% 7.91% 7.96% 8.04% 8.20%
36 - 60 8.35% 8.05% 8.10% 8.18% 8.35%

Thus, using a Bajaj Finance FD Calculator can quickly determine the amount you need to invest. The interest rates vary for every customer category, frequency of interest payouts and the tenor you select.

How much will your monthly interest payout be if you invest in a non-cumulative FD?

This calculator also enables you to see how much you will receive monthly. All you need to do is choose non-cumulative as the type of deposit and choose an interest payment frequency from options such as monthly, quarterly, half-yearly and annually. Finally, update the with the relevant information.

How will your earnings change as per tenure?

The calculator also helps you see how interest payouts change with different tenures. If you make slight changes to the tenure while keeping other factors constant, you will see how your maturity amount increases or decreases.

To get a better idea of the returns you can expect as a senior citizen investor, look at the following table.

Consider a cumulative deposit of Rs. 2 lakh.

Investment tenor Interest rate Interest return Maturity amount
24 months 8.20% p.a. Rs. 34,145 Rs. 2,34,145
33 months  8.35% p.a. Rs. 49,350 Rs. 2,49,350
44 months 8.50% p.a. Rs. 69,736 Rs. 2,69,736
60 months 8.35% p.a. Rs. 98,658 Rs. 2,98,658


How to use a Bajaj Finance Fixed Deposit calculator?

If you’re looking to start investing in a fixed deposit and want to determine the investment amount, tenor, and frequency of payouts, the Bajaj Finance Fixed Deposit Calculator can be very helpful. To get started with the FD Calculator, here’s what you need to do:

  • Select your customer type, depending on whether you’re a new customer, existing customer, Bajaj Group employee or a senior citizen.
  • Enter the tentative fixed deposit amount you plan to invest.
  • Select the preferred tenor of your fixed deposit.
  • You will see two different results for Cumulative Fixed Deposit and Non-Cumulative Fixed Deposit. If you choose the non-cumulative option, you can check the payout amount you could receive monthly, quarterly, half-yearly and annually.

The interest amounts for cumulative and non-cumulative fixed deposits will be different depending on which option you choose.

Invest in a Bajaj Finance Fixed Deposit to streamline your finances with an FD Calculator and plan your retirement smartly.

Frequently asked questions

Are there any additional benefits of FD investment in the case of senior citizens?

Yes, there are additional benefits for senior citizens when it comes to Fixed Deposit (FD) investments. Many banks and financial institutions offer higher interest rates on FD for senior citizens compared to regular individuals. This "senior citizen FD rate" is designed to provide elderly investors with an extra source of income during their retirement years. These higher interest rates can help senior citizens generate more substantial returns on their investments, making FDs an attractive option for those seeking fixed and secure income streams. Bajaj Finance provides up to 0.40% p.a. more interest for senior citizens.

Is interest earned on a fixed deposit taxable?

Yes, the interest earned on a fixed deposit is generally taxable.

What is the interest rate on Fixed Deposit (FD) for senior citizens?

The interest rate on Fixed Deposit (FD) for senior citizens tends to be higher than that for regular individuals. The exact interest rate can vary depending on the bank or NBFC, prevailing market conditions, and the tenure of the FD. Senior citizens can avail up to 0.40% p.a. more interest with Bajaj Finance FDs.

What are Benefits of FD for Senior Citizens?

Fixed deposits offer several benefits to senior citizens, including higher interest rates, regular interest payouts, safety of principal, and the option to choose interest payment frequencies.

What is the maximum FD limit for senior citizens?

The maximum limit for a Bajaj Finance Fixed Deposit (FD) for senior citizens is Rs. 3 crore.

Can a senior citizen open an FD joint account with a person who is not a senior citizen?

Yes, senior citizens can open a joint FD account with a non-senior citizen. However, the interest rate applicable to the account may be based on the age of the primary account holder, impacting the overall yield.

Is age proof required if a senior citizen wants to open a second or third FD account with the same bank?

Age proof is typically not required for senior citizens when opening subsequent FD accounts with the same bank, as their senior citizen status is usually verified during the initial account setup. However, banks may have varying policies, so it's advisable to check with the specific bank to confirm their requirements.

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Disclaimer

As regards deposit taking activity of Bajaj Finance Ltd (BFL), the viewers may refer to the advertisement in the Indian Express (Mumbai Edition) and Loksatta (Pune Edition) furnished in the application form for soliciting public deposits or refer https://www.bajajfinserv.in/fixed-deposit-archives
The company is having a valid Certificate of Registration dated March 5, 1998 issued by the Reserve Bank of India under section 45 IA of the Reserve Bank of India Act, 1934. However, the RBI does not accept any responsibility or guarantee about the present position as to the financial soundness of the company or for the correctness of any of the statements or representations made or opinions expressed by the company and for repayment of deposits/discharge of the liabilities by the company.

For the FD calculator the actual returns may vary slightly if the Fixed Deposit tenure includes a leap year.