In an economy whose GDP is majorly driven by household consumption (60% if speaking statistically); putting aside money for the future has always been a key part of finances. Fixed Deposits (FDs) are one of the best instruments to do so. However, FDs have always been a part of our investments. The question arises with respect to, which institution can a user trust with; when it comes to their money.
Bajaj Finance FDs are very attractive and provide you with a multitude of reasons for why they’re the best. These include:
- Get assured returns up to 6.50% for non-senior citizens with 0.10% rate benefit on investing online
- Additional rate benefit of 0.25% for senior citizens
- Highest safety of deposit, with highest ratings of FAAA by CRISIL, MAAA by ICRA
- Bajaj Finance has a deposit book of Rs. 20,000 crores with 2,35,000 unique FD customers
- Deposit(s) starting Rs. 25,000
- Choose to receive payouts, at maturity or on a periodic basis
- Flexible tenures from 12 to 60 months
- Auto-renew your FD with additional rate benefit of 0.10%
- Get attractive loan against FD facilities, in case of emergencies
- Option to save on a monthly basis with Systematic Deposit Plan
Adding to this, is the hassle-free, digitalised and paperless end to end process at Bajaj Finserv. To make this process more efficient, the Central Know your customer (CKYC) comes in to play. Before understanding the correlation between the 2 terms, the CKYC (Central Know your customer), is a provision through which individuals need not go through the hassle of registering and filling their KYC details each time they open/start a new relationship with a financial institution.
It is a centralised repository of KYC records of customers availing various services of the financial sector. Records maintained in the repository have uniform KYC norms and can be used across different institutions in the sector. It was introduced with the intent to reduce the burden of producing KYC documents and getting them verified each time the customer created a new relationship with a financial entity. The CKYC is managed by CERSAI (Central Registry of Securitization Asset Reconstruction and Security Interest of India).
Features of CKYC
- CKYC is a 14-digit number linked with your ID proof
- Your data is safely stored in an electronic format
- The documents submitted are verified with the issuer
- All the concerned institutions are notified when there are changes in KYC details
While Bajaj Finance has a completely online option to invest in its FDs, an essential pre-requisite to do so is, the CKYC details. This ensures that not only for FDs but any other investments routed through the company like NPS withdrawals, you can use this provision to prevent unnecessary time wastage. The documentation is drastically reduced and now you can manage your investments from the comfort of your home.
Thus, Bajaj Finserv is your first choice not only for its lucrative rates of return but also the convenience and comfort it provides to its customers.