Frequently asked questions
A Systematic Deposit Plan is the best investment tool for investors looking for regular monthly savings options. Here investors can start their savings with a minimum deposit of Rs. 5,000.
Systematic Deposit Plan offers two deposit variants:
1. Single Maturity Scheme
2. Monthly Maturity Scheme
In the Monthly Maturity Scheme (MMS), you receive the maturity proceeds monthly.
You can start your investment with a minimum amount of Rs. 5,000 per month. The tenure can range from a minimum of 12 months to a maximum of 60 months and choose no. of deposits from 6 to 48.
In MMS, the tenure you choose gets applied to all the deposits you invest in. The maturity date for each deposit is different, as your deposits mature as per the selected tenure and no. of deposits.
In the Single Maturity Scheme (SMS), you receive maturity proceeds of all your deposits on a single day. You can invest for a minimum of 19 months to a maximum of 60 months and choose no. of deposits from 6 to 47. The tenure of each deposit placed after the first deposit will be gradually reduced, so all deposits mature on a single date.
Resident Individuals can only apply for a Systematic Deposit Plan online (web & app) and offline mode.
If minors want to apply for SDP, they must apply through offline mode. They can schedule an appointment and our representative will get in touch with them shortly.
Only the cumulative option of interest payment is available under SDP. The interest will be compounded annually, and the maturity amount will be subject to a tax deduction, wherever applicable.
No
BFL is one of the most reputed brands in India; BFL fixed deposit (FD) offers a host of benefits:
• Minimum deposit size of Rs. 5,000.
• Rated AAA/stable by CRISIL and AAA/stable by ICRA, which means the highest safety of your money.
• Attractive rates of interest for your money to grow periodically.
• Flexible tenure ranging from 12 to 60 months for Monthly Maturity Scheme & 19 to 60 months for Single Maturity Scheme.
• Branch presence across over 1000 locations in India.
• Access to all product details on our Customer-Portal My Account and Bajaj Finserv App.
• Flexibility of payment through electronic mode.
• Special rates benefit for senior citizens.
Yes, under section 194A of the Income Tax Act, 1961, if the interest earned from investments in fixed deposits across all NBFCs exceeds Rs. 5,000 interest income is taxable. TDS will be calculated by Bajaj Finance and paid to the government quarterly. If the depositor provides 15G/15H during the application stage, he will be exempted from paying tax on his interest income. However, if the aggregate amount of interest paid or payable during the financial year exceeds Rs. 3,00,000 for non-senior citizens and Rs. 5,00,000 for senior citizens, then form 15 G/H will not be valid, and tax will be deductible. The tax will be deducted monthly in monthly payout frequency, and for all others, the scheme's tax will be deducted quarterly.
If Bajaj Finance Limited revises or updates the interest rates of the Systematic Deposit Plan, it will not impact the returns on deposits that are already booked. But it will be relevant to your new forthcoming deposits.
For instance, if you have booked your SDP for 24 months, the number of deposits is 11. If the SDP rates get revised after booking six deposits out of 11, the new revised rates will be applicable for the five forthcoming deposits.
E-Mandate is a digital payment service incorporated by RBI and the National Payments Corporation of India (NPCI). E-Mandate is a more innovative way for customers to manage all recurring payments like premium, instalments, etc.
It allows businesses to debit the mentioned amount from your bank account automatically. In other words, as a customer, you authorize Bajaj Finance Ltd to debit your bank account towards the Systematic Deposit Plan deposit amount based on the instructions submitted.
Yes, this is mandatory if you have opted for the Systematic Deposit Plan from BFL. E-Mandate registration allows you an easy auto-debit of payments or investments from your registered bank account basis the agreed frequency.
If you are unable to complete E-Mandate registration, you can reach out to your nearest branch and allow our representatives to help you. To locate the nearest branch, click here.
You have to set up an E-Mandate by following the below-mentioned steps while applying for a Systematic Deposit Plan online.
Step 1: After applying for an SDP, you receive an SMS on your registered mobile no. with the E-Mandate registration link.
Step 2: Click on the link & begin the E-Mandate process. You will be redirected to the E-Mandate registration page.
Step 3: Select the registration mode out of NetBanking or debit card.
Step 4: Mandate details & bank account details with registration reference no. will be shown to you.
Step 5: Fill in your NetBanking or debit card details to complete the process.
Step 6: Select the declaration and click on submit to redirect to the mandate approval automation screen.
Step 7: Once the post-transaction is completed on the bank web page, NPCI will share acknowledgement for a successfully mandate initiated towards the destination bank.
E-Mandate registration is mandatory while investing in a Systematic Deposit Plan. If your bank is not participating in the E-Mandate registration process, you can reach out to your nearest BFL branch for physical NACH registration. To locate your nearest branch, click here.
In such a case, you can submit your request at wecare@bajajfinserv.in to stop your upcoming deduction mandate.
Once you update or change the bank for auto-debit, the old/ existing mandate is cancelled. The new bank details are updated in our records.
To view all details related to Systematic Deposit Plan, please visit Customer Portal – My Account > My Account > My Relations > Fixed Deposit tile. To know more, click here.
