Grow your savings on a monthly basis with the Systematic Deposit Plan

The Systematic Deposit Plan(SDP) offered by Bajaj Finance is an industry-first scheme that combines the security of a fixed deposit with the convenience of a Systematic Investment Plan (SIP). The outstanding feature of the SDP is that it offers an unique opportunity to grow your savings by making monthly deposits in manageable proportions. Each of your deposits is considered a Fixed Deposit on its own with prevailing rate of interest on the date of deposit made applicable to it.

It has two convenient variants – Single Maturity Scheme andMonthly Maturity Scheme. Each offers attractive options for investors looking to park a portion of their income in a reliable savings scheme with assured returns.

Before going into how the two variants offered differ, it may be pertinent to know the features they have in common:

• Both the Single Maturity Scheme and the Monthly Maturity Scheme offer assured returns of up to 6.75%
• Deposits start at 5000 per month in both variants
• Prevailing interest rates on the date of deposit apply to each deposit in both schemes
• Tenor can be fixed between 12 and 60 months in both variants. To yield higher returns from your investments consider choosing longer tenors. Bajaj Finance is offering attractive  FD rates up to 6.75%, so you can choose to grow your savings steadily.
• For both variants, the first deposit is made by cheque and subsequent deposits are deducted from the depositor’s account by an NACH mandate duly registered.
• Premature withdrawal of one or more deposits is allowed under both schemes, provided the fixed deposit has completed three months since date of issuance.
• You can also avail an easy loan against your deposit, subject to applicable norms.

While sharing in these key features, the two variants differ in some significant details. To make an informed choice on which one works better for you, here are some points to consider:

• Payout option

This is the key area of difference between the Single Maturity Scheme and the Monthly Maturity Scheme. In the first, the tenor chosen applies to the first deposit you make and payout of the entire corpus including principal and interest is made on that date. The maturity date of each subsequent deposit is adjusted to that date which means the tenor gradually reduces for each subsequent deposit.

In the Monthly Maturity Scheme, the tenor chosen applies to each deposit you make. Every deposit matures on a different date as per the chosen tenor and payouts relating to that deposit are made on the date of maturity. Here, the goal of the scheme is not a lumpsum corpus at maturitybut monthly payouts as per the maturity date of each deposit.

You can use the easy and convenient SDP Calculator to get an idea of how your deposit can grow under each of these schemes.

• Number of Deposits

In the Single Maturity Scheme, you can make between 6 and 47 deposits. In the Monthly Maturity Scheme, you can make between 6 and 48 deposits.

• Auto Renewal option

The auto-renewal facility is available only for Monthly Maturity Scheme and comes with an additional rate benefit of 0.10%

Growing your monthly savings is now easier than ever, with the end to end online SDP process.You can start investing from the comfort of your home with no documentation hassles. If you’re an existing customer, you can easily visit our online investment form and invest right away. New customers can also fill the online application form and get started on your investment journey.

Bajaj Finance is accredited with the highest safety ratings of FAAA by CRISIL and MAAA by ICRA, making it the most reliable savings solution for investors.

Bajaj Finance has an answer to all your investment needs, choose to invest in a Fixed Deposit for stable savings or a Systematic Deposit Plan for monthly savings. As a prudent investor equipped with the required knowledge, you can investment in a Bajaj Finance online FD based on your personal needs and goals.