Bajaj Finance Ltd, the lending and investment arm of Bajaj Finserv registered a growth of 464% in the Fixed deposit book from Rs. 2038 crore in December 31, 2015, to Rs. 11,489 crore in December 31, 2018.
The company also witnessed a growth in the book size of over 90% in the third quarter of FY19 as compared to the second quarter ended on 30th September.
Bajaj Finance Ltd. witnessed a trend of investors opting for the longer tenor of 36 – 48 months for investing in Fixed deposit. 56% of the investors opted for over 36 months of tenor while investing in Bajaj Finance Fixed deposit. The average investment witnessed was over 3lakh in Bajaj Finance Fixed Deposit.
Bajaj Finance Limited offers an interest rate up to 9.10% on their Fixed Deposit options. These rates are offered on an annual basis, applicable under the cumulative and non-cumulative payout schemes on a 36-60 months tenor. The annual rate of interest is valid for deposits up to Rs. 5 crores. Bajaj Finance Fixed deposit ranks high on credibility and is accredited with a FAAA/stable rating by CRISIL and an MAAA (stable) rating by ICRA so the investments are never at risk.
Senior citizens have additional benefit while investing in Bajaj Finance Limited Fixed Deposit, as they are eligible for an additional rate of interest as high as 0.35%.
Features and benefits of Bajaj Finance Fixed Deposit -
Higher interest rates for senior citizens:
Senior citizens investing in the Bajaj Finance Fixed deposit earn an additional 0.35% rate of interest over and above base interest rate offered.
Minimum deposit and flexible tenor:
The customer can invest a minimum deposit of Rs. 25,000 for a tenor ranging between 12 to 60 months, to suit their financial needs.
Online Application Process:
The customer can invest in FD by filling in an online application form and submitting the basic KYC documents.
Online Account Management:
The customer can access to Fixed Deposit account, to keep a track of the investment easily.