Bajaj Finance Limited, the lending & investments company of Bajaj Finserv group, is one of the most diversified NBFCs in the Indian market catering to more than 46 million customers across the country. Headquartered in Pune, the company's product offering includes Consumer Durable Loans, Lifestyle Finance, Digital Product Finance, Personal Loans, Loan against Property, Small Business Loans, Home loans, Credit Cards, Two-wheeler and Three-wheeler Loans, Commercial lending/SME Loans, Loan against Securities and Rural Finance which includes Gold Loans and Vehicle Refinancing Loans along with Fixed Deposits. Bajaj Finance Limited prides itself on holding the highest credit rating of FAAA/Stable for any NBFC in the country today.

1. MD- Mr. Rajeev Jain
2. Headquarters- Pune
3. CRISIL and ICRA rating- AAA
4. Started on date- 1987
5. Minimum FD amount for a particular tenure- ₹25,000/- across all tenures
6. Maximum FD amount for a particular tenure- ₹5 Cr (to be classified as Retail) across all tenures
7. Interest compounding- Annual

What is Fixed deposit scheme?

A Fixed Deposit scheme is a savings option which helps the depositors earn interest on their money placed with Bajaj Finance Ltd ("BFL") at periodic intervals either through simple or compounded interest on the principal amount. The interest rates are typically higher than that offered in saving accounts; owing to the fact that the money is locked in for a specific period and cannot be withdrawn at the will of the depositor, except in certain scenarios as stipulated in the terms and conditions and subject to levy of applicable prematurity penalty.

Which interest pay-out options are available?

• We offer cumulative & non-cumulative interest payment options. In a 'Non- cumulative' fixed deposit scheme, the interest is payable on a monthly, quarterly, half-yearly, and yearly basis. This scheme will be convenient if you require periodic interest payment.
• In a 'Cumulative' fixed deposit scheme, the interest is payable at the time of maturity along with the principal. The scheme acts as a money multiplier and is suitable for those The interest will be compounded annually, and the final pay-out will be subject to deduction of tax, wherever applicable.

Will any special rates be applicable for specific category of applicants?

Yes, senior citizens (i.e persons more than 60 years of age, subject to provision of proof of age): Additional interest upto 0.25% p.a. will be provided on Deposit amount of upto ₹5 (five) crore.

Whether the updated Rate of Interest will be applicable to my existing deposit?

No. The updated rate of interest will not be applicable to existing FD and will continue to receive the same rate of interest till maturity.

Why invest in BFL Fixed Deposit?

As an investment in one of the most trusted brands in India, BFL FD offers a host of benefits:

• Minimum deposit size of ₹25,000 with no maximum amount limit.
• Highest Credit Rating of FAAA/Stable by CRISIL and MAAA/Stable by ICRA which means safety of your money.
• Attractive rates of Interest.
• Choose any tenure from 12 to 60 months, having different rates of interest to suit everyone's needs.
• BFL Branch Presence across India.
• Access to all product details on BFL Customer Portal - Experia.
• Special rates for senior citizens

What are the various modes through which I can make my payment?

The various modes through which customer can make payment are RTGS, NEFT and Net banking.

Can I open a deposit account by cash payment?

No

When will my interest amount be paid?

• Non-cumulative - Interest will be paid based on the interest payment frequency selected by the customer
  • Monthly option - Last date of each month. The first interest pay-out will be paid on pro-rata basis, on the last day of the same month in which the FD is procured. E.g.: If the customer has initiated the FD on 25th March and has requested for a monthly interest, the same will be paid on the last day of same month i.e. 31st March, 30thApril, 31st May, and so on. Similarly, last interest pay-out will be on pro-rata basis till the maturity date.
  • Quarterly Option - Last date of each quarter i.e. June 30th, September 30th, December 31st, and March 31st. The first and last interest pay-out will be paid on pro-rata basis. If the customer has initiated the FD on 25th February, the first interest pay-out will be paid on the last day of calendar quarter i.e. 31th March. Similarly, last interest pay-out will be on pro-rata basis till the maturity date.
  • Half Yearly Option - Last date of financial year i.e. September 30th and March 31st. The first and last interest pay-out will be paid on pro-rata basis. If the customer has initiated the FD on 25th February, the first interest pay-out will be paid on the last day of financial half year i.e. 31st March. Similarly, last interest pay-out will be on pro-rata basis till the maturity date.
  • Annual Option - Last date of financial year i.e. March 31st . The first and last interest pay-out will be paid on pro-rata basis. If the customer has initiated the FD on 25th February, the first interest pay-out will be paid on the last day of financial year i.e. 31st March. Similarly, last interest pay-out will be on pro-rata basis till the maturity date.
• Cumulative scheme - On maturity - The interest will be compounded annually, and the maturity amount will be subject to deduction of tax, wherever applicable. Interest will be paid on maturity with the principle amount.

How will the maturity amount be transferred?

The maturity amount will be transferred to the bank account mentioned by the depositor in the application form or such other bank account intimated by the deposit holder(s) (jointly, if applicable), in writing, through National Electronic Fund Transfer (NEFT)/Real Time Gross Settlement (RTGS) modes only. The entire amount shall be transferred on the date of maturity of the deposit. In case of any rejection of such instruction for NEFT / RTGS due to any reason, BFL will dispatch the cheque of such payment in favour of the Depositor in case of single Depositor or in favour of all the Depositors, in case of joint deposit, within 10 (ten) days of the receipt of intimation by the Company from its bank about such rejection.

Where can I find my FD details like amount, tenure, rate of interest ?

You can refer to your FD details or Statement of Account, available on BFL customer portal - Experia for details.

I have lost my FD certificate /Receipt and require a new one. What should I do?

If you have opted for a Physical FDR,then in the event of loss or destruction or mutilation of an FDR (for any reason) and upon request received from Applicant by BFL, FDR will be re-issued by BFL in lieu of lost FDR. Notwithstanding the re-issuance of FDR(s), the obligation of BFL will be limited to the single FDR only, against which the money has been received by BFL.

I have not received the interest on my FD. What should I do?

Please ensure that you have carefully checked the bank statement of the account which is registered with us. If confirmed that you have not received interest, please drop a mail to wecare@bajajfinserv.in mentioning your FDR no and the month/quarter/year for which interest has not been received.

Depositor has turned into NRI after depositing with us. What happens to his deposit?

In such a scenario, it is the duty of the depositor to inform BFL of the same in writing, by submitting relevant documents. Depositor can drop a mail to wecare@bajajfinserv.in . From the date of receipt of such documents, BFL will change the status of the deposit as NRI and taxation guidelines will apply accordingly.

Eligibility & Documents

Who can invest in the BFL fixed deposit scheme digitally?

Individuals (except NRI and minors) can invest in the BFL fixed deposit scheme digitally.

FD Premature Withdrawal

Can I withdraw this FD before the tenure expiry? If yes, what is the impact on interest?

Premature withdrawal is permitted provided the Deposit has completed more than 3 months from the date of issuance.

Deposits may be withdrawn prior to the date of maturity subject to the regulations of the RBI in this regard. The premature withdrawal of Deposit (including death cases) is subject to the following conditions:

(a) Up to 3 (three) months from date of Deposit: Withdrawal of the Deposit is not permitted except in case of death of depositor. The death claim will be settled in accordance with the terms and conditions applicable of Fixed Deposit.

b) After 3 (three) months but before 6 (six) months from the date of the Deposit: Withdrawal of the Deposit will be permitted; however, interest shall not be payable.

(c) After 6 (six) months but before the date of maturity of the Deposit: Withdrawal of the Deposit will be permitted. Interest shall be payable at a rate which is 2% lower than the rate specified for the period during which the deposit has been opened. In case no rate is specified for the Deposit period, interest rate payable shall be 3% lower than the lowest rate being offered by the Company.

(d) Income tax wherever applicable and deducted at source and remitted to the applicable tax authority by the Company on behalf of the depositor, before premature withdrawal of Deposit(s).

Loan on FD

If I require money, can I get loan against my FD?

Loan against FD can be availed from BFL subject to execution/acceptance of documents as may be prescribed by BFL. Loan can be given against deposit only after 3 months from the date of Deposit. The interest rate on such loans shall be 2% higher than the rate of interest provided on the Deposit. The loan amount cannot exceed 75% of Deposit amount. Tenure of the loan will be the residual maturity of the FD.

How to apply for a loan against FD?

For loan upto ₹4,00,000 and FD booked by single depositor, please apply by visiting BFL's customer portal Experia.

For loan amounting more than ₹4,00,000, please get in touch with nearest BFL branch.

If I am unable to service the loan taken against FD, will my FD be impacted?

In case of inability to service the loan taken against FD, all outstanding dues will be adjusted against the FD maturity proceeds and the remaining balance will then be paid to the depositor.

Is loan against FD an overdraft facility?

No, it's a term loan.

I have just repaid my entire loan against FD. Can I avail loan against FD once again?

Yes. Upon repayment of your earlier loan against FD, you can avail a fresh loan against FD.

Can I avail loan from BFL against FD of some other NBFC/bank?

No. BFL provides loan against BFL FDs only.

In Cases of Death

The primary applicant has expired. Can the co-applicant in the FD request for pre- maturity?

Yes, the co-applicant has to submit a written request, along with the death certificate of the primary holder, and the FDR to nearest branch. Upon verification of documents and if found to be in order, the FD proceeds (post deduction of TDS) will be credited to the bank account registered with BFL within 8 days of receipt of application

The primary applicant has expired within a few days of investing in FD. Will BFL still deduct TDS in case of premature withdrawal?

Yes, the TDS will be deducted, if applicable, as per provisions of Income Tax Act, 1961.

If the primary applicant dies, then is it mandatory to inform BFL about the death?

Yes, that's because BFL cannot continue to pay interest and deduct TDS on the PAN of a deceased person.

TDS-related Queries

Can I show this FD investment for tax exemption?

Bajaj Finance Limited FD invest cannot be shown as an investment under section 80C of the Income Tax Act, 1961 ('Act') for tax deduction benefit.

When will TDS certificate be provided to the depositor?

The TDS certificate will be emailed to the depositor every quarter.

Is the interest on FD taxable? What is the taxable amount?

Yes, as per Section 194A of the Act, your interest income is taxable when the interest earned from investment in fixed deposits across all NBFCs exceeds ₹5,000. At a PAN Card level for the depositor, his / her interest income will be arrived at after consolidating all his Fixed Deposits. TDS will be calculated by Bajaj Finance and paid to the government on quarterly basis (in case of monthly scheme, TDS will be deducted on monthly basis). In case the depositor provides Form 15G/15H during the application stage or later in the FY to Bajaj Finance, he will be exempted from paying tax on his interest income from the date of submitting Form 15G / 15H on Bajaj Finance Fixed Deposits. However, if the aggregate amount of interest paid or payable during the financial year exceeds ₹2,50,000 for non-senior citizens or ₹5,00,000 for senior citizens (aged 60 years or more) including super senior citizens (aged 80 years and above), then Form 15 G/H will not be valid and tax will be deductible on the entire amount of interest

Is tax deducted (if applicable) on every deposit?

No, with effect from 01 Dec 2020, tax will be deducted (if applicable) on PAN-level. This means if a customer has 5 deposits with BFL, BFL will calculate the total tax to be deducted on these 5 deposits and then will deduct the entire TDS from interest amount from any of these 5 deposits. BFL will not deduct tax from each of these 5 deposits separately.

Where can I get and submit form 15 G/H?

1. Experia: Log in to BFL s customer portal Experia > Account Information > My relations > Fixed Deposit Details > View Details (for each deposit) > Form 15 G/H. Click on the checkbox to submit your form online, fill in the required details, generate and enter OTP, and submit the declaration.

Branch: Download Form 15G/H from BFL's Website and submit it at your nearest BFL Branch.

How frequently is TDS deducted?

TDS is deducted on quarterly basis for all modes of interest payment, except monthly.

In spite of submitting form 15 G/H, my TDS got deducted. Whom should I get in touch with?

You can drop a mail to wecare@bajajfinserv.in. We will initiate refund if the case is genuine.

FD Renewal

How can I renew my FD?

You can renew your FD in the following 2 ways:

• By logging https://customer-login.bajajfinserv.in/Customer?SOURCE=FD_DETAILS
• By visiting your nearest BFL branch at least 3 business days before maturity.

Which documents are needed to renew my FD?

Do I need to submit the KYC documents along with my photo once again at the time of FD renewal?

No. In case there is any update in your KYC documents, you required to resubmit it.

During renewal, can we change name of nominee or co-applicant?

Yes, name of the nominee can be changed. However , the name of the co-applicant cannot be changed.

Are there any benefits on renewal of FD?

Yes. Additional rate of 0.10% p.a. (for deposit size up to ₹5 Crore) is applicable. If a senior citizen renews his deposit he/she will get 0.10% p.a. renewal benefit over and above the sr. citizen benefit of 0.25% p.a.. If a non-senior citizen renews his/her deposit he/she will get 0.10% p.a. renewal benefit over and above the rates for new customer.

Change in Details

I need to change my Bank account details. How do I do it?

Download the 'Change of Bank Mandate Form' from https://www.bajajfinserv.in/forms-centre. Submit it along with a copy of FDR and cancelled cheque in BFL s nearest branch.

I wish to add a nominee/change the nominee details on my FD. For any request to change the nominee name, fill/submit the nomination form available on https://www.bajajfinserv.in/forms-centre duly signed by all the depositors and submit it to BFL's records.

Corporate Office
6th Floor, Bajaj Finserv Corporate Office
Off Pune - Ahmedagar Road,
Viman Nagar, Pune - 411014.