For someone in the initial phases of employment, adopting healthy financial disciplines like saving or investing can be a difficult task. However, these are crucial for wealth generation, and one must start as early as one can. One way to invest and grow your money is with the Bajaj Finance Fixed Deposit via a Systematic Deposit Plan. This feature enables you to enjoy the stable growth of your FD with the ease of investment like that offered by mutual fund SIPs.
Read along to know more about this industry-first monthly savings plan.
What is the systematic deposit plan?
The Systematic Deposit Plan is a quick savings tool that allows you to make bite-sized monthly deposits as low as Rs. 5,000. Here, every deposit you make counts as a new Bajaj Finance FD and matures based on the duration you select. The booking of every new deposit is at the interest rate applicable on the date of deposit.
What is the minimum deposit amount and how can you make monthly deposits?
The minimum deposit amount is Rs. 5,000, making the SDP feature immensely beneficial to young earners with a limited earning capability. This feature works as a value-added savings tool as you’re also contributing to your investment portfolio. The NACH mandate can automate monthly deposits to the SDP, allowing for direct deposits from your bank account. However, you must make the first payment via cheque.
Consider the table below to see how these returns can grow for different customer types who make 12 monthly deposits of Rs. 5,000 each and choose a tenor of 12 months for each deposit.
|Type of customer||Interest earned on each deposit||Total interest earned||Monthly payout||Total payout|
|New customer||Rs. 380||Rs. 4,560||Rs. 5,380||Rs. 64,560|
|Existing customer||Rs. 385||Rs. 4,620||Rs. 5,385||Rs. 64,620|
|Senior citizen||Rs. 393||Rs. 4,716||Rs. 5,393||Rs. 64,716|
How many deposits can one make and what is the tenor policy for the same?
With the systematic deposit plan, you can make 6 to 48 monthly deposits with the tenor ranging from 12 to 60 months. Your earnings for these deposits are available at the end of the tenor only. The tenor you choose applies to all the deposits you make.
What are the additional features available when you invest in FDs via an SDP?
The additional features available include the ability to avail a loan against individual deposits to address emergencies and the provision to make premature deposit withdrawals upon completion of 3 months from issuance. Additionally, you also benefit from nil bounce charges for non-payment; however, you may incur a penalty from your bank for dishonouring the NACH mandate terms.
What are the documents required to make deposits via the SDP feature?
To opt-in for this feature, you must submit the following documents.
- PAN card
- Driver’s license/ Passport/ Aadhaar card/ Voter’s ID/ NREGA job card
- Latest photograph
- NACH mandate
- Account payee cheque
Take control of your finances and make a wise choice today. Fill the online application form to take the SDP route and grow your savings through Bajaj Finance FDs.
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