March 20, 2023

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How to Complete your CKYC with Ease?

CKYC with Ease

The documents that validate your identity proof, income proof, and address proof need to be submitted irrespective of the financial instrument you are applying for. These documents are also required while opening a demat account that can be used for trading in different securities. To avoid this cumbersome ordeal, the government of India has introduced CKYC or Central KYC.

What is CKYC and how to get it?

CKYC is a unique 14 digit number that you get after registering your documents with any authorized finance firm or bank. For that, you will need to fill and submit a CKYC form first and upon successful registration you will get your CKYC no. via an email or text message. These days, many financiers offer this facility online, and therefore, you will not face any difficulty in obtaining it.

After getting the CKYC number, you will be considered as a legitimate investor and you just need to share this number with the financiers instead of documents while investing across different instruments. However, to benefit from different instruments, you will need to invest in a high-paying instrument such as debt funds, fixed deposit plans, stocks, etc.

Investing in stocks is riskier as they are market-linked whereas debt funds can provide surplus returns over a longer tenor. When you compare debt funds vs. FDs, FDs are more stable. To gain enough returns from fixed deposits, you can invest in the Bajaj Finance FD scheme that is offering interest rates of up to 6.75%. It is also safe to invest in this corporate FD scheme as it has been recognized as a safe investment platform by credit rating agencies like ICRA and CRISIL. The main features of the Bajaj Finance FD scheme are given below:

Simple investment process

You can invest online in this FD scheme by using an online FD form. Even the document verification can be done online by sharing your CKYC number. You will also get a 0.10% higher interest rate for using the online investment process.

Senior citizens are eligible for a 0.25% higher FD rate irrespective of the investment method they opt for investing in its FD plans.

Easy loan option

In times of need, you might need to withdraw a few or all of your deposits. However, with Bajaj Finance FD, there is no need to withdraw even a single deposit as it offers loans against fixed deposits.

An amount up to 75% of the FD value can be applied as a loan and no collateral has to be submitted to procure it. As a result, you can use your fixed deposits to cover your emergency fund requirements.

Laddering deposits

Laddering deposits with Bajaj Finance FD plans is easy as you just need to utilize its multi-deposit feature to deposit in fixed deposit plans of varying types and tenors at once.

By laddering deposits, you will be able to collect the interest gains of different FDs and club them into a new corpus that can be further invested for monetary gains. Some of these gains can also be utilized for your trivial expenses. Also, the option of investing in non-cumulative FD can resolve your need for regular income as monthly, quarterly, yearly, and six-monthly interest payout option is available with Bajaj Finance FD scheme.

It is mandatory to submit the documents irrespective of the instrument you choose to invest in. However, with CKYC, you no longer have to keep submitting your documents every now and then as you can share your CKYC no. while applying for different financial instruments. An easy online procedure is available for the same.

Also, by investing in a high-paying FD like Bajaj Finance, you can multiply your savings quickly. It offers an end-to-end online investment process and also provides a 0.10% additional FD interest rate for utilizing the online mode of investment. Features like loan against FDs, multi-deposit facility, multiple interest payout options, etc. make it a desirable FD scheme for one and all.