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4 Benefits of Systematic Deposit Plan That You Need to Know

  • Highlights

  • Grow your savings with monthly deposits starting Rs. 5000

  • Choose tenors as per your liquidity requirements

  • Invest in Fixed Deposit with the highest stability ratings by CRISIL and ICRA

  • Automate your deposits through NACH mandate

Enhancing the worth of your savings is key to ensuring their longevity, and vehicles you can employ to do so include the Bajaj Finance Fixed Deposit. However, if you’re newly employed, investing in an FD may not be possible owing to the minimum deposit amount that you are required to invest up-front. To help you enjoy the benefits of an FD while side-stepping this hurdle, Bajaj Finance has introduced the Systematic Deposit Plan (SDP) feature. This monthly savings tool provides you with convenience of SIPs, without any of the risks.

Here are the benefits of saving in Systematic Deposit Plan.

Get guaranteed returns by making small deposits

On opting for Systematic Deposit Plan, you’re required to make minimum monthly deposits starting Rs. 5000. This enables you to easily grow your savings at the rate prevailing on the date of deposit, which is currently up to 8.05%*, in an environment deemed stable by CRISIL’s FAAA and ICRA’s MAAA ratings.

Choose the tenor and number of monthly deposits

Based on your financial goals, you can choose to have 6 to 48 monthly deposits and can pick from a flexible 12- to 60-month tenor. However, the tenor, once set, remains constant for all deposits.
To understand this better, let’s assume you’re a new customer making 6 monthly deposits of Rs. 5000. This means you shall end up saving Rs. 30,000 at the end of 6 months, once you make the final monthly deposit of Rs. 5000. Consider how you can grow your savings with Systematic Deposit Plan, by noting values in the table below, as generated by the SDP calculator.

Customer type: New customer

Tenor (in months) Interest rate (in %) Interest amount per deposit (in Rs) Payout per month (in Rs) Total Payout (in Rs) Interest earned (in Rs)
12 7.6 380 5,380 32,280 2,280
24 7.9 821 5,821 34,926 4,926
36 8.1 1,316 6,316 37,896 7,896

Thus, from the above table, you can deduce that your interest amount increases when you choose a longer tenor for each of your deposits. Choosing a longer tenor helps you maximise your savings with the power of compounding, and enables you to gain from increased FD interest rates.

Save as per your convenience

While your first payment must be made via a cheque to ensure that your bank account details are registered, the subsequent ones are automated via an NACH mandate. Further, you get the option to deposit amounts on a fixed date, either the 3rd, 7th or 12th of every month. This helps you become disciplined and also offers convenience.

Get more liquidity options through Systematic Deposit Plans

With Systematic Deposit Plan, each payment creates a new deposit and so, you get maturity proceeds at frequent intervals. Further, once a deposit completes 3 months from the date of issuance, you can withdraw it prematurely. Additionally, you can take a loan against each deposit to address monetary needs.

Now that you know why you should build your savings with a Systematic Deposit Plan, fill out the SDP form online to start earning without delay!

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