Finance

How does CKYC Help Fixed Deposit Investors in India?

Banks, finance firms, and other financial agencies verify the documents before onboarding anyone. To skip the ordeal of collecting and storing the documents, these financial institutions allow CKYC verification of customers. CKYC means Central KYC (Know Your Customer). It is a central depository of documents of customers who avail of financial services.

As per the CKYC process, you can provide a 14-digit unique CKYC number instead of documents during the registration process. It has made the whole process quick. As someone interested in investing in fixed deposits, you can benefit from the convenience offered by the CKYC process. CKYC holds more value if the instruments offer an online investment process.

For example, Bajaj Finance FD gives the option of online investment via an online FD form. Along with that, it also provides the CKYC facility for document verification. The online investment process allows you to grow your capital by a 0.10% extra interest rate. Some other aspects of this FD scheme are described below:

Highest FD interest rates

If you research or carry out an online FD rates comparison, you will notice that Bajaj Finance FD offers the highest interest rates in the market. With an FD interest rate of 6.75%, you can gain enough interest at maturity. The higher FD rates make it an instrument that generates a higher interest income than bank and postal FDs.

For instance, on investing Rs. 30,00,000 in bank FD for 3 years, your deposits will accumulate interest at a rate of 5%. For similar investments, the postal FD offers 5.5%. However, Bajaj Finance FD offers a high FD rate of up to 6.75% for a 3-year FD. The comparison of returns can be seen below:

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FD plans Amount Interest Rate Tenor Interest Gains Maturity Amount
Bajaj Finance FD Rs. 30,00,000 6.75% 36 months Rs. 6,49,429 Rs. 36,49,429
Bank FD Rs. 30,00,000 5% 36 months Rs. 4,82,264 Rs. 34,82,264
Postal FD Rs. 30,00,000 5.5% 36 months Rs. 5,34,204 Rs. 35,34,204

 

Along with high returns, you can also customize your FD by choosing a flexible tenor and FD type that suits your investment needs. The tenor options start from 12 months and range up to 60 months.

An FD calculator is provided on the website of Bajaj Finance FD for making the calculations easy for you. This calculator takes inputs like deposit amount and tenor provides calculations for both cumulative and non-cumulative FDs. It helps you to make smarter decision by accessing your interest income and returns post maturity.

Opening several FDs at once

If you are interested in laddering FDs, you should split your accumulated savings into multiple chunks. After that, you can deposit each chunk in a separate fixed deposit and choose a tenor that suits your financial goals. The multi-deposit feature that comes with Bajaj Finance FD makes this easier by allowing you to open all the FD accounts at once. Also, the payment for all the deposits can be done via one cheque.

Systematic Deposit Plan

If investing a bulk amount in one go does not suit your investment preferences, you can invest smaller deposits every month. The Systematic Deposit Plan from Bajaj Finance allows you to deposit amounts starting with Rs. 5,000 each month.

You can withdraw all these deposits on a single day or allow them to mature successively. SDP comes with two variants including Single Maturity Scheme and Monthly Maturity Scheme for accommodating your investment preferences. By allowing your deposits to grow at the rate of FDs, SDP helps you to earn a considerable interest in a short time.

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