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Grow Your Monthly Savings With Systematic Deposit Plan

by businesswireindia.com

Business Wire India
Saving a portion of your income helps you accumulate funds in the long run and places you in a better position to manage future expenses with ease. To grow your savings steadily and without risk, it is best to invest in a fixed deposit scheme where you can be sure of getting guaranteed returns. However, investing in an FD requires you to start with a lump sum, which may not be possible to accumulate if you are just starting at a job or have other financial obligations. To help you overcome such hindrances, Bajaj Finance allows you to invest in an FD through its Systematic Deposit Plan (SDP).
As the name suggests, a Systematic Deposit Plan is a smart tool that lets you save in a disciplined manner every month. Each deposit you make is considered as a new FD and helps you earn profitable returns. This convenient saving feature also comes with other benefits that help you grow your wealth stress-free. Take a look at what these are.
Make a minimum deposit of just Rs.5,000

With the Systematic Deposit Plan, you can start investing with a minimum deposit of just Rs.5,000. This minimal sum is fairly easy to put aside and allows you to contribute without disrupting your monthly budget. Further, you can choose to make these deposits on the 3rd, 7th or 12th of every month, at your convenience. However, do note that once you pick the date, it will apply to all subsequent deposits.  
Enjoy a lucrative rate of interest

A key benefit of opting for the Systematic Deposit Plan as both a saving and investing instrument is that it books a new FD each month at prevailing FD interest rates. This means that you don’t miss out on earnings if the interest rate increases. Currently, as a new customer you can earn at an interest rate of up to 7.80% which goes up to 8.05% for senior citizens. These rates can help you grow your wealth steadily as it also combats inflation effectively.
Opt for a flexible tenor and contribute as per your goals

Upon assessing your financial goals, you can choose to make between 6 to 48 contributions over a tenor ranging from 12 to 60 months. This way you can build your wealth in the shortest time possible and with minimal commitment too! However, do note that the tenor you choose for the first deposit will apply for all the rest.
To better understand your potential earnings, take a look at the table below to check your returns based on the number of contributions you make as a new customer. 
Monthly deposit (in Rs) Number of contributions Tenor (in months) Interest rate (in %) Interest amount on every deposit (In Rs) Payout per month (in Rs) Total payout (in Rs) Interest earned (in Rs)
5,000 6 36 7.70 1,246
5,000 12 48 7.80 1,752
5,000 24 60 7.80 2,279
The results were calculated using the SDP calculator.
Make disciplined deposits with minimal effort

While you need to make the first payment via a cheque to get your bank account details registered, the rest can be automated via NACH mandate. This feature greatly simplifies the entire process and you don’t have to worry about making manual payments every month. Further, you can also stop making deposits at any time by cancelling your NACH mandate.  
Benefit from premature withdrawals for urgent needs

Another advantage of opting for the Systematic Deposit Plan is that you can tackle any urgent needs via premature withdrawals. However, to initiate a withdrawal remember that the FD has to complete more than 3 months from its issue date. This benefit ensures that you have access to your invested funds during times of need.
Get access to an emergency loan against FD

Just like with a regular FD, with the Systematic Deposit Plan too each of your deposits becomes eligible for a loan. This means that in case of any financial emergency or to fund any of your short-term monetary needs, you can avail a loan against your FD as per the norms applicable at that particular time.
Apart from these, the stability and credibility ratings of the Bajaj Finance FD ensures the safety of your funds. This low-risk factor makes investing in a Bajaj Finance FD a smart and efficient choice. To book the Bajaj Finance online FD right away, fill in your particulars in a short form and request a call from an authorised representative to guide you with this easy and rewarding investment.
Source: Businesswire