The Bajaj Finance Systematic Deposit Plan (SDP) is a feature of fixed deposits that serves as an efficient and valuable savings tool. By using an SDP, you can grow your savings without the need for significant lump sum contributions. An SDP is similar to a systematic investment plan (SIP) without the risk factor. Moreover, since your money is deposited in a Bajaj Finance FD, you benefit from high earnings with stability, certified by CRISIL’s FAAA and ICRA’s MAAA ratings.
Read on for a better understanding of systematic deposit plans
You can start with savings of Rs.5,000 only
SDPs facilitate convenience and ease in that you do not need to secure a large lump sum to get started. Instead, a minimum deposit of Rs.5,000 can help you begin your wealth creation activities. Then, based on your customer profile, your savings grow at a rate of up to 7.25%.
You can make payments conveniently
SDPs make hassle-free savings growth possible. You need to submit a cheque when making the initial payment so that your bank details are registered, following which the amount will be deducted through a NACH mandate. Deposits are created on a fixed date, which you can choose, either the 3rd, 7th or 12th of the month.
You can limit the total number of deposits
A new deposit is created with each payment, and you can choose from 6 to 48 deposits to grow your corpus. Each deposit attracts the rate of interest prevalent on the date of making the deposit.
You can select a tenor for your FDs
While depositing your savings, you can align your maturity proceeds to your short- and long-term goals. You can select from a tenor ranging from 12 to 60 months. Keep in mind that once you decide on a particular tenor, it becomes applicable to all your other deposits.
Below are calculations made with the SDP calculator indicating how SDPs work and the earnings you can look forward to.
Please see the below table as a reference.
Annual rate of interest valid for deposits from Rs. 25000 up to Rs. 5 crore |
|||
Tenor in months |
12 – 23 |
24 – 35 |
36 - 60 |
Cumulative |
5.65% |
6.40% |
6.80% |
Monthly |
5.51% |
6.22% |
6.60% |
Quarterly |
5.53% |
6.25% |
6.63% |
Half-yearly |
5.57% |
6.30% |
6.69% |
Annual |
5.65% |
6.40% |
6.80% |
You can make premature withdrawals, if necessary
In case of a cash crunch, you can initiate a premature withdrawal of more or more deposits, provided that your FD has completed three months from the date of issuance. Withdrawals are subject to RBI regulations applicable.
You can avail of a loan against your deposits
You can leverage the value of each deposit to gain liquidity via a loan while keeping your deposits running.
With so many benefits in store, now’s the time to secure your finances with this innovative saving tool. To begin, fill out the SDP form online!
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