Senior Citizens Fixed Deposit Interest Rates in Bajaj Finance

Financial security becomes all the more important as you age. Private banks have prioritised senior citizens' financial security through good measures. One of the silver linings that senior citizens is that they are open to earning higher rates of interest on their FDs in comparison to the general public.

Bajaj Finance's competitive interest rates ensure their senior citizen customers are satisfied.

• Enhanced Interest Rates: Senior citizens typically receive a bonus interest rate on top of the regular FD rates. The specific rate hinges on the bank's current offerings.
• Qualification: Only individuals 60 or older can establish a senior citizen FD account.
• Duration: Depositors can choose from a diverse range of FD durations, usually between 7 days and 10 years.
• Early Withdrawal: Although penalties may apply, senior citizens often benefit from more accommodating terms for premature FD closures.
• Borrowing Options: Senior citizens can secure loans against their FDs like other depositors.
• Beneficiary Assignment: The bank allows a beneficiary to inherit the FD funds after the account holder's passing.
• Tax Deduction at Source (TDS) Implications: Earnings from interest are taxable under Indian tax regulations. Yet, by submitting Form 15H, eligible senior citizens can avoid TDS deductions.
• Automatic Renewal: IDBI, among other banks, possibly features an automatic renewal mechanism, ensuring the FD's continuation post-maturity unless directed otherwise.
• Deposit Limits: The deposit range for a senior citizen FD can differ. While a minimum threshold is often set, a maximum limit might be absent.
• Unique Offerings: Periodically or based on bank initiatives, exclusive perks or attributes tailored for senior citizens may be presented.

Note: Bajaj Finance offers special FD interest rates on the tenure of 15, 18, 22, 30, 33 and 44 months.

• The account holder must be at least or above the age of 60 at the time of opening the FD account.
• They typically need to be residents to open a senior citizen FD.
• NRIs can also open senior citizen FDs through NRE and NRO accounts.

Identity Proofs

• Aadhar Card
• Passport
• Driver’s License

Address Proof

• Gas Bill
• Utility Bill
• Bank Statement
• Cancelled Cheque

Age proof is mandatory to avail of a Senior Citizen FD account.