Finance Technology

What is CKYC and Why is it Important for You in 2021?

CKYC is the abbreviated form of Central Know Your Customer. It is a depository of KYC documents of all investors and was started to provide convenience to them during the document verification process. This is possible as they only need to submit their CKYC number to the bank, NBFC, or any other financial institution they are planning to invest in and their documents will be verified online. 

It is important to register yourself in CKYC in 2021 because you might not want to step outside your house every time to complete the document verification process in person. Moreover, the CKYC id enables you to invest in many instruments online as many financiers are offering online forms to initiate the investment and during the documentation phase, you can just provide your CKYC number and avoid attending the in-person verification round personally. 

Likewise, many financiers are offering online tools for better assessment and evaluation of different instruments. For example, Bajaj Finance FD gives you the option of calculating the FD returns before investing with the help of Bajaj Finance FD calculator. If you find an FD plan worth investing in, you can utilize the online FD form offered on its website and share the CKYC id to finish the document verification process quickly. 

By investing in Bajaj Finance FD online, a 0.10% excess FD interest rate can be added to the existing FD rate that you are applicable for. The other features that make this FD scheme lucrative in 2021 are given below:

No-risk investment 

One of the primary benefits of investing in Bajaj Finance FD is that it carries the reputation of being a no-risk investment. This can be verified through the high credit ratings that it has received from credit rating institutions like CRISIL and ICRA. 

Tenor flexibility 

The tenor flexibility offered by Bajaj Finance FD lets you choose a lock period between 1 to 5 years as per your wish. Also, you can prefer to invest your savings in more than one fixed deposit plan at once with the assistance of the multi-deposit feature. 

With this feature, you can select a tenor and investment that is unique for each FD. Moreover, it also allows you to invest in both FD types i.e. cumulative and non-cumulative FDs at once. It is ideal for those who want to enjoy better and more liquidity options and it also helps you to take care of your short-term and long-term financial goals simultaneously. 

High-interest rate 

A high-interest rate of up to 7.25% will apply to Bajaj Finance FD. The higher interest rate will amplify your returns and you will also be able to earn higher interest payouts if you choose to invest in a non-cumulative FD. 

You can choose from the multiple interest payout options such as monthly, yearly, 6-monthly, or quarterly periodic interest payout alternatives. Therefore, you can also use this FD scheme to manage your expenses or additional fund requirements without any difficulty. 

If you are a senior citizen, the FD rate applicable to you will be 0.25% higher than non-seniors. All these benefits and options make it one of the safest and profitable investment options in 2021. 

CKYC is Central Know Your Customer and it is a number that you get after registering your documents with the centralized depository of India. It comes in handy as you can submit your KYC no. instead of going through the time-consuming document verification process that is mandatory while investing. Also, many financiers offer online tools like an FD calculator to help you analyze the benefits of a particular instrument. Bajaj  Finance FD calculator is an online tool that provides the exact calculation of returns offered by Bajaj Finance FD. It also offers an online investment procedure and numerous benefits like tenor flexibility, multi-deposit feature, high-interest rate, etc. Moreover, it is also a safe instrument that can be verified by checking the high credit ratings it has got from CRISIL and ICRA. 

 

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