The Systematic Deposit Plan (SDP) from Bajaj Finance is a unique savings plan for regular savers. It allows you to invest bite-sized amounts in your choice of single maturity or multiple-maturities investments. You can start investing with as low as Rs.5,000 to earn FD interest rates on your small deposit. Let us find out more about SDP. Here are its features that make it unique in the industry and its benefits for you that make it the best monthly income scheme.
Features of Bajaj Finance SDP
- Tenor policy
With SDP, you can make 6-48 monthly deposits for the tenor 12-60 months. The same chosen tenor will be applied to all your deposits towards SDP. Under the single maturity scheme, you do not need to make a deposit for all the months. You can choose the number of deposits you want to make during your chosen tenor.
- Investment Amount
SDP allows you to start investing with Rs.5,000 only. The investment amount goes up as per the desire of the depositor. This feature is more attractive to youth who have just started their job.
- Interest Rates
Bajaj Finance is offering FD interest rates on your deposits through SDP. You will earn prevailing interest rates on your deposits.
- Multiple Deposits, Single Maturity
With SDP, you can take maturity benefits on a single day on the corpus built over a time. This makes SDP more attractive.
- Laddering Instrument
SDP allows you to make deposits with different maturities that can be used to ladder your investment. It is a beneficial investment for experienced investors
If you are keeping a Systematic Deposit Plan (SDP) parallel to a Systematic Investment Plan (SIP), then it should be noted that SDP is a safer instrument than SIP that carries no risk. Bajaj Finance FDs have earned high credit ratings from ICRA and CRISIL.
- No Penalty
Bajaj Finance is not going to charge you for a miss on your monthly deposit if you meet their conditions. This feature is not available with recurring deposits.
Benefits of Bajaj Finance SDP
- Start with Small Amount
SDP is a helpful investment avenue for new earners. They can easily maintain their budget to make an investment of such a low amount of Rs.5,000 only. It can be a starting of your investments that will result in a significant amount at the maturity date.
- Convenient Mode of Payment
The monthly deposit will be deducted through the NACH mandate after your first deposit through your bank account cheque. It makes it more convenient to manage hassle-free investments.
- Easy Deposits
You have the choice to make deposits on the 3rd, 7th or 12th of every month. You can fix a date at your convenience to make monthly deposits.
- Flexible Tenor
Flexibility is prefered by every investor so that they can align their short term and long-term financial goals with their investment. With Bajaj Finance SDP, you have the choice to make an investment for 12-60 months.
- Choice of Number of Deposits
You can choose from 6-48 deposits to earn competitive interest rates. With each payment, you will get a new deposit.
- Base to Inculcate Regular Saving
With SDP, you are building a habit of regular savings and investing in them. Such a habit will help to create a considerable corpus in the long run.
- Investment for Retirees Also
SDP is also a beneficial investment for retirees as it offers monthly interest payouts. It will keep your funds safe and provide a source of regular income.
The Bottom Line
The Systematic Deposit Plan is an efficient option to answer your question of where to invest with a small amount of money to earn at competitive interest rates. You do not need to wait for a long time to accumulate a large corpus to earn higher interest rates as a fixed deposit. SDP will provide you with the convenience of a SIP and the safety of fixed deposits altogether. Thus, make a wise decision to grow your savings with Bajaj Finance.