Bajaj Finance Limited Introduces Industry-First Systematic Deposit Plan for Monthly Savings


Bajaj Finance Limited Introduces Industry-First Systematic Deposit Plan for Monthly Savings

The lending and investment wing of Bajaj Finserv, Bajaj Finance Limited, launches Systematic Deposit plan, a monthly savings plan. This savings plan is introduced to people interested in investing in a Fixed Deposit through small monthly savings.

The investors could reap the benefit of interest rates prevailing on the date of every monthly deposit, beginning at 5000 per month. But, this facility applies to certain deposits alone. The monthly deposits range from 6 to 48 and thus, the investors could choose tenors ranging from 12 to 60 months. Towards the end of tenor for each monthly deposit, the maturity amount, comprising the investment amount and earned interest, would be credited in their respective accounts.

The Systematic Deposit Plan offers various facilities such as easy investment, loan against FD, minimum documentation, no bounce charges. This savings plan is the country's industry-first monthly plan that is best-suited for regular savers. Some individuals do not accumulate huge amount to invest in FD, such people could opt for Systematic Deposit Plan for a monthly basis savings.

The savings plan brings the loan against FD, for people who want to access liquidity while maintaining the sanctity of the investment. Furthermore, the savings plan minimizes the documentation process. The customers need to just submit the regular KYC documents to open an account along with a check and NACH mandate. Also, this plan curbs the investor's penalties on missing an installment. 

"Systematic Deposit Plan is a first-of-its-kind savings plan that will cater not just to the needs of mass affluent, but also tap into the pool of regular savers," says Sachin Sikka, Chief Business Officer - Retail & Corporate Liabilities at Bajaj Finance Limited.