CKYC (Central KYC) is a process of verifying your address and identity. It allows you to register your documents in a central registry and negates the need of submitting the physical documents while subscribing to a financial service. As this process has been incorporated by most banks, NBFCs, and other financial institutions in India, it is a convenient option for investors.
The following steps need to be followed while registering your documents in CKYC:
- Step 1: Fill a KYC form by visiting a mutual fund office or you can obtain an online CKYC download from a KRA website. Fill the application form with accurate details and submit it along with the documents that you want to register under CKYC.
- Step 2: CERSAI is a government-run body that verifies your documents and stores them in a digital locker or server. After that, you will get a 14-digit CKYC number.
- Step 3: After receiving the CKYC ID or number you can share it with the service providers each time while availing of a financial product or service.
CKYC is especially beneficial for online investors as it makes the entire investment process online. For example, Bajaj Finance FD offers an online FD form to investors. You can invest in this FD scheme by filling and submitting the online form. Now, instead of uploading documents, share your CKYC number and get your documents verified online. As a result, you don’t have to attend the physical verification round.
Bajaj Finance FD provides a complete online process as you can even make the payment for deposits via UPI, net banking, or debit cards (from certain locations). You also earn a 0.10% higher interest rate for choosing the online investment mode. Some other impressive features of Bajaj Finance Fixed Deposit are specified below:
Multi-deposit option
The option of depositing in multiple FD accounts simultaneously makes this FD scheme beneficial for meeting your liquidity requirements. It is possible because of the multi-deposit facility that lets you split your corpus into multiple deposits. The tenor can be unique for each deposit and you may also invest in both FD types at once.
Invest a part of the corpus in cumulative FDs for earning long-term interest gains and invest the remaining funds in non-cumulative FDs. The non-cumulative FDs will let you choose a monthly, quarterly, six-monthly, and yearly interest payout as per your fund needs. Investing in several FDs also increases the liquidity options.
High interest rate
Bajaj Finance FD offers a high rate of interest that goes up to 7.05%. A higher FD interest rate of 0.25% is applicable for those who are above 60. By providing high returns, it ensures that you accumulate enough corpus for meeting your future goals.
If you invest Rs. 15,00,000 for 5-years in this FD scheme, you can expect to earn the following returns as per your investor category:
| Investor Category | Amount | Tenor | Interest rate | Interest Gains | Maturity Amount |
| Senior-citizen (Online or Offline Investment) | Rs. 15,00,000 | 60 months | 7.05% | Rs. 5,79,365 | Rs. 20,79,365 |
| Non-senior (Offline Investment) | Rs. 15,00,000 | 60 months | 6.80% | Rs. 5,55,130 | Rs. 20,55,130 |
| Non-senior (Online Investment) | Rs. 15,00,000 | 60 months | 6.90% | Rs. 5,64,797 | Rs. 20,64,797 |
Safe & Convenient
Your invested capital is secure in Bajaj Finance FD. Credit rating agencies like CRISIL and ICRA have rated it highly for being a stable investment option.
The collateral-free loan offered against deposits and a flexible tenor range from 12 to 60 months makes it a convenient investment alternative for you. Predict the returns precisely by using the fixed deposit interest rate calculator incorporated in its official site.
