What is Systematic Deposit Plan?

Read more about Systematic Deposit Plans – a unique industry-first savings offering from Bajaj Finance.
What is Systematic Deposit Plan?
4 mins
11 June 2024

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.

Pro tip

Enjoy higher interest rate with Bajaj Finance Digital FD. Unlock returns of up to 8.85% p.a. by investing for 42 months via our website and app.

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.

Is it risky or safe?

The Systematic Deposit Plan (SDP) is a safe, reliable and low-risk avenue for individuals looking to build their savings systematically, this savings tool is provided by Bajaj Finance, offering the convenience of making monthly deposits. With the assurance of a 100% return, the SDP is considered a secure investment option.

How Do Systematic Deposit Plans Work?

Bajaj Finance Systematic Deposit Plan (SDP) is a savings tool that allows you to make monthly deposits as low as Rs. 5,000. Every monthly deposits you make earns interest. You can start a Bajaj Finance Systematic Deposit Plan with a small sum of just Rs. 5,000.

Based on your financial goals and preferences you can choose between two payout options:

  • Single Maturity Scheme (SMS)
  • Monthly Maturity Scheme (MMS)

Bajaj Finance SDP has AAA ratings from CRISIL and ICRA, hence considered very safe investment option.

 

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.

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 dishonoring the NACH mandate terms.

Systematic Deposit Plan Interest Rate

SDP rates for customers below 60 years:

Systematic Deposit annualised rate of interest for customers below the age of 60 is valid for deposit up to Rs. 5 crore (03 Apr, 2024)

*special interest rates are offered on special tenure of 18, 22, 33, 42 and 44 months.

Customer below 60 years – Special Period

Tenure

Customers below 60 years of age (p.a.)

18*

7.80%

22*

7.90%

33*

8.10%

42* 8.60%

44*

8.25%


Customer below 60 years – Regular Period

Tenure

Customers below 60 years of age (p.a.)

12 - 14

7.40%

15 - 23

7.50%

24 - 35

7.80%

36 - 60

8.10%


SDP rates for customers above the age of 60:

Systematic Deposit annualised rate of interest for senior citizens valid for deposit up to Rs. 5 crore (03 Apr, 2024)
*special interest rates are offered on special tenure of 18, 22, 33, 42, and 44 months.

Senior Citizen – Special Period

Tenure

Senior citizens (over 60 years of age) (p.a.)

18*

8.05%

22*

8.15%

33*

8.35%

42* 8.85%

44*

8.50%


Senior Citizen – Regular Period

Tenure

Senior citizens (over 60 years of age) (p.a.)

12 - 14

7.65%

15 - 23

7.75%

24 - 35

8.20%

36 - 60

8.35%


Eligibility Criteria for Systematic Deposit Plan

All resident Indians can book a Systematic Deposit Plan with Bajaj Finance.

  • Nationality: Resident Indians
  • Investor Type: Individuals, Senior Citizens, Minors
  • Documents Required: Latest photograph, PAN card, any KYC documents (Driver's license/ Passport/ Aadhaar card/Voter's ID) NACH mandate, and Account payee cheque

*Documents can also be fetched from registered KYC. You can update KYC Via CKYC, OKYC & Digi locker

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.

Calculate your expected investment returns with the help of our investment calculators

Investment Calculator
Systematic Investment Plan Calculator Fixed Deposit Interest Calculator SDP Calculator Gratuity Calculator Mutual Fund Calculator
Lumpsum Calculator Recurring Deposit Calculator Sukanya Samriddhi Yojana Calculator PPF Calculator
Employee Provident Fund Calculator

Frequently asked questions

What is the Digital FD offered by Bajaj Finance?

Bajaj Finance has launched a new FD variant called "Bajaj Finance Digital FD" for a period of 42 months. Bajaj Finance is providing one of the highest interest rates of up to 8.85% p.a. for senior citizens and for the customers below the age of 60 they are providing up to 8.60% p.a. The Digital FD can be opened and managed only through the Bajaj Finserv website or app.

Is a joint deposit account possible for a Systematic Deposit Plan?

Yes, a joint deposit account is possible for a Systematic Deposit Plan. One joint holder is allowed along with the primary applicant.

Can I stop the Systematic Deposit Plan anytime I want?

Yes, you can stop the Systematic Deposit Plan anytime you want, providing flexibility and control over your investments.

Will a change in SDP rates affect my current deposits?

No, the change in SDP rates will not affect your current deposits; each deposit operates at the interest rate applicable on its deposit date.

Can I get monthly interest payouts from my Systematic Deposit Plan?

Yes, you can get monthly interest + principal amount payout if you choose the monthly maturity plan or MMS plan.

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Trusted by 50 million+ customers in India, Bajaj Finserv App is a one-stop solution for all your financial needs and goals.

You can use the Bajaj Finserv App to:

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Disclaimer

As regards deposit taking activity of Bajaj Finance Ltd (BFL), the viewers may refer to the advertisement in the Indian Express (Mumbai Edition) and Loksatta (Pune Edition) furnished in the application form for soliciting public deposits or refer https://www.bajajfinserv.in/fixed-deposit-archives
The company is having a valid Certificate of Registration dated March 5, 1998 issued by the Reserve Bank of India under section 45 IA of the Reserve Bank of India Act, 1934. However, the 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.

For the FD calculator the actual returns may vary slightly if the Fixed Deposit tenure includes a leap year.