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
Systematic Deposit Plan offers two schemes to cater to the convenience of different kinds of savers. The two schemes are Monthly Maturity Scheme and Single Maturity Scheme. Read on to know more about these schemes.
Monthly Maturity Scheme – With Monthly Maturity Scheme, you can invest in 6 to 48 deposits, and the tenor you choose, gets applied to all the deposits you invest in. The maturity date for each of these deposits is different, as your deposits mature as per your tenor selected.
Single Maturity Scheme – With Single Maturity Scheme, you receive maturity proceeds of all your deposits on a single day. Hence, the number of deposits and the tenor you choose, must be as per the below given grid. The tenor of each deposit placed after the first deposit will gradually reduce such that all of them mature on a single date.
It is also important to note that deposits under Single Maturity Scheme cannot be renewed, and you have a common application form for both schemes.
To understand this 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 months to 60 months. You even have an option to 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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