While investing in a financial instrument, you may have come across the document verification round several times. However, do you know that you don’t have to go through this process redundantly if you register your documents as per the CKYC, i.e. Central Know Your Customer norms? This facility is provided by the government of India and once you register your documents in CKYC registry, you get a CKYC number that can be shared with banks, NBFCs, or any other financial institution whenever you opt for a loan or invest in an instrument.
It is important to register your documents in the CKYC registry because it not only facilitates convenience while investing but also eliminates the risk of financial fraud and other fraudulent activities that are often done with the help of physical documents. Therefore, with the help of CKYC, the government of India is trying to reduce these activities as much as possible.
Also, many financial institutions now provide an online application process that makes the CKYC process much more profitable as you will be able to complete the entire investment procedure from your home. For ensuring the safety of your investment, you can prefer fixed income instruments over market-linked instruments like equities and stocks. The need for investing in stable instruments has become a necessity as the economy is going through a tough period.
One of these options is investing money in a fixed deposit plan. If you are interested in earning at a high rate without subjecting your savings to risk, you can invest in Bajaj Finance FD. The reasons for doing so are explained below:
CKYC Compliant
Bajaj Finance FD permits sharing of the CKYC number for completing the documentation procedure. This along with its online FD form and option to pay the deposit amount digitally provides a lot more convenience to you while investing in FDs. You also get the chance of multiplying your savings at a 0.10% higher FD interest rate by preferring the online investment process.
Flexible investment method
You don’t have to play by the rules of the financier while investing in FDs as Bajaj Finance FD allows you to pick an FD tenor as per your convenience and investment plans. A flexible tenor ranging from 12 to 60 years is provided for this purpose.
Also, you have the choice of investing in either cumulative or non-cumulative FDs. If you prefer investing in cumulative FDs, your deposits will tend to grow faster but you will get to withdraw the interest only upon the tenor completion.
A non-cumulative fixed deposit will allow you to withdraw the interest periodically but it provides slightly fewer returns as compared to cumulative FDs because the interest that you withdraw does not get added up to the principal during the consecutive interest calculation cycle which happens in the case of cumulative FDs.
The higher FD rates of up to 6.75% offered by Bajaj Finance FD helps you to earn sufficient returns irrespective of the FD type you choose. With non-cumulative Bajaj Finance FD, you will have the choice of withdrawing the interest after each month, quarter, year, or six-months as per your financial needs.
Higher FD rate to senior citizens
By investing in a Bajaj Finance FD, senior citizens can grow their savings at a 0.25% higher interest rate. It is safe to invest in Bajaj Finance FD because it is considered to be a stable investment platform by all the credit rating agencies including ICRA and CRISIL.
Registering your documents as per the CKYC is important in India because it makes the investment process less cumbersome. However, for growing your savings at a rapid rate, you would have to invest in a stable instrument like Bajaj Finance FD that also offers high FD rates. Apart from a high interest rate, Bajaj Finance FD comes with a flexible tenor and provides a convenient online application process. A higher FD rate is provided to the senior citizens and the option of withdrawing the interest periodically is open to everyone. All these features make it one of the best FD schemes in India.
