Benefits of CKYC for investing in Bajaj Finance FD
CKYC stands for Central Know Your Customer. It is a central registry of KYCs of those individuals who have opted for different financial instruments in financial institutions. CKYC can be obtained by submitting your documents and a duly filled application form to a financial institution that comes under PFRDA, SEBI, RBI, or IRDA. It negates the need of completing your KYC each time while applying for a financial service as giving your CKYC number would be enough to validate that you are a genuine applicant.
If you have a CKYC then you would not have to go through the physical documentation or any other kind of documentation process while applying for an FD plan from Bajaj Finance. This makes it convenient for you as the whole application process gets streamlined via the online procedure. Therefore, you just have to fill and submit the online FD form, get your verification done by submitting your CKYC number, and complete the payment via an online payment method. These are some other benefits that you will get after investing in a Bajaj Finance FD:
Amazing FD rate
The FD rate of 7.25% offered by Bajaj Finance will certainly amaze you as it is one of the best interest rates that you will get in the FD segment today. The Bajaj Finance FD interest rate is high enough to provide substantial returns and you can decide the tenor and investment amount by using its FD calculator.
Also, you can avail the option of periodic interest payouts as Bajaj Finance gives you the opportunity of picking from monthly, quarterly, six-monthly, and yearly interest payouts. The option of getting the entire interest along with the invested amount is also available.
Hassle-free investment process
As discussed above, investing in a Bajaj Finance FD becomes hassle-free on getting your CKYC done. You can deposit any amount starting from Rs. 25,000 and choose a tenor from 12 to 60 months as per your convenience.
The online procedure becomes a boon to numerous people and especially for the senior citizens who cannot travel often as they can start their investment comfortably. Also, you will be eligible for an extra FD interest rate of 0.10% for utilizing the online process. Senior citizens get a 0.25% additional FD rate and they are eligible for this excess FD rate irrespective of whether they opt for an online or offline investment process.
Bajaj Finance FD is deemed to be a credible and stable instrument as CRISIL and ICRA, the leading credit rating organizations of India have rated it highly for securing the depositor’s capital. Therefore, you can now invest in any of its FD plans with complete trust and confidence.
Simple reinvestment process
Reinvesting the accumulated earnings through FD has become simple as Bajaj Finance FD provides the auto-renewal option in the FD form. You can also choose this option later by visiting Experia – the online platform provided by Bajaj Finance that enables its customers to access various services effortlessly.
Withdrawal before maturity
You can withdraw your deposits before maturity but your deposits should be locked-in for at least 3 months before withdrawing them. However, premature withdrawal might result in a loss as your deposit will not earn the interest that it was designated for.
To avoid your loss, Bajaj Finance has introduced the loan against the FD facility. According to this facility, you will get up to 75% of your FD value as a loan to cover your immediate financial needs. As a result, you don’t have to withdraw your deposits before maturity and therefore, you would not suffer any financial loss.
Apart from these benefits, many other features and options provided by a Bajaj Finance FD make it a beneficial investment option for all.