When investing in fixed deposits, you need to invest a lumpsum amount in a single go.
However, If you need a stable and secure monthly investment option, where you can deposit a fixed amount regularly to create a corpus over time, in a disciplined manner, Systematic Deposit Plan is an ideal option for you.
Bajaj Finance offers a Systematic Deposit Plan, wherein you can invest in small monthly deposits. Under Systematic Deposit Plan, you can choose to save through any of the two variants – Monthly Maturity Scheme and Single Maturity Scheme.
Difference between Monthly Maturity Scheme and Single Maturity Scheme
Payout frequency is the key area of difference between the Single Maturity Scheme and the Monthly Maturity Scheme. With Single Maturity Scheme, you receive the lump sum amount of all your deposits on a single day. The maturity date of each subsequent deposit is adjusted according to your chosen tenor, which means the tenor for individual deposits gradually reduces for each subsequent deposit. The aim of this plan is to generate a lump sum corpus at maturity, making this an ideal option if you are looking to achieve a short-term financial goal.
In the Monthly Maturity Scheme, the tenor chosen applies to each deposit you make. Every deposit matures on a different date as per the chosen tenor and payouts relating to that deposit are disbursed on the date of maturity. This helps you get multiple monthly payouts, while offering adequate liquidity every month. The objective of the scheme is to generate monthly payouts as per the maturity date of each deposit. If you foresee the need for additional monthly income in the near future, choosing this variant would be ideal.
Number of deposits
With Single Maturity Scheme, you can make between 6 and 47 deposits and with Monthly Maturity Scheme, you can choose to make between 6 and 48 deposits.
Range of tenor
With Single Maturity Scheme, you can opt for a tenor between 19 and 60 months and with Monthly Maturity Scheme, you can choose a tenor between 12 and 60 months. To yield higher returns from your investments consider choosing longer tenors. Bajaj Finance is offering attractive FD interest rates up to 6.75%, so you can choose to grow your savings steadily.
To understand Single Maturity Scheme better, let’s consider an example where the tenor is chosen as 36 months, and the number of deposits is chosen to be 6, excluding the first deposit made. If you had booked your first Single Maturity Scheme deposit on April 1, 2020 and the date of deduction for every deposit is chosen to be the 3rd of every month, here’s the tenor of every deposit, basis the above details
|Mode of Payment||Start Date||Maturity Date||Tenor of each deposit|
|SDP 1||Cheque||01-Apr-20||01-Apr-23||3 Years, 0 Months, 0 Days|
|SDP 2||NACH||03-May-20||01-Apr-23||2 Years, 10 Months, 29 Days|
|SDP 3||NACH||03-Jun-20||01-Apr-23||2 Years, 9 Months, 29 Days|
|SDP 4||NACH||03-Jul-20||01-Apr-23||2 Years, 8 Months, 29 Days|
|SDP 5||NACH||03-Aug-20||01-Apr-23||2 Years, 7 Months, 29 Days|
|SDP 6||NACH||03-Sep-20||01-Apr-23||2 Years, 6 Months, 29 Days|
|SDP 7||NACH||03-Oct-20||01-Apr-23||2 Years, 5 Months, 29 Days|
The interest rate prevailing on the date of each monthly deposit will be applicable to that particular deposit, in case of both – Monthly Maturity Scheme and Single Maturity Scheme. The interest will depend on the tenor of your deposits, which you can choose.
Bajaj Finance Systematic Deposit Plan has tenor options ranging from 12 to 60 months for Monthly Maturity Scheme and 19 to 60 months for Single Maturity Scheme. You can choose any one of these three days to make your monthly deposit – 3rd, 7th or 12th of each month. However, the date you choose once, will remain fixed for the rest of the deposits, in case of Monthly Maturity Scheme. In case of Single Maturity Scheme, the tenor of each deposit placed after the first deposit will gradually reduce such that all of them mature on a single date.
You can look at an deposit of Rs. 5,000 monthly to start a Systematic Deposit Plan.
You need to make the first payment by account payee cheque so that the bank account gets registered. Subsequent payment for deposits will be deducted from the depositor’s bank account through NACH mandate issued in favor of BFL and duly registered with Depositor’s Bank
Premature withdrawal is permitted for either one or more deposit under the SDP provided the FD has completed more than 3 months from the date of its issuance. Current RBI regulations on premature withdrawal will be applicable.
You may also avail loan against each deposit under SDP as per the applicable norms.
A Systematic Deposit Plan with Bajaj Finance is one of the safest deposit options for depositors. Bajaj Finance FD is accredited with the high credit ratings from CRISIL and ICRA,so your investments are at lowest risk.
Make a smart deposit choice with a Systematic Deposit Plan with Bajaj Finance, and keep getting guaranteed returns.
“As regards deposit taking activity of the company, the viewers may refer to the advertisement in the newspaper/ information furnished in the application form for soliciting public deposits”
The company is having a valid Certificate of Registration dated 5th March 1998 issued by Reserve Bank of India u/s 45-IA of the RBI Act. However, RBI does not accept any responsibility or guarantee about the present position as to the financial soundness of the company or for the correctness of any of the statements or representations made or opinions expressed by the company and for repayment of deposits/ discharge of the liabilities by the Company
You will require KYC documents to place a deposit:
1. Latest photograph
2. PAN card
3. Any one of the below:
a. Aadhar Card
c. Driving License
d. Job card issued by NREGA
e. Voter ID card
The following additional documents need to be submitted along with application form:
a) Account Payee Cheque for 1st deposit
b) NACH mandate for subsequent deposits
No bounce charges will be levied by Bajaj Finance Limited in case the depositor misses his/her monthly deposit. Bounce charges may be levied by the Bank of the depositor for NACH dishonour and in that case BFL will not be held responsible.
Yes. A joint deposit account can be opened under the Systematic Deposit Plan. It will follow the same guidelines as a regular Bajaj Finance Fixed Deposits.
Yes. You will be issued separate Fixed Deposit Receipt for each deposit in line with existing deposit program guidelines.
No, auto renewal option is not available for deposits through Systematic Deposit Plan. To renew every deposit, a fresh renewal form needs to be filled and submitted.
Yes. In case you feel the need, you can cancel your NACH Mandate anytime in between and stop the Systematic Deposit payment.
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(indicative,actual returns may vary)
ROI in the above calculator may vary upto 4 bps with the actual rates offered.
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