Choose Bajaj Finance for Best SDP Plans for 1 Year
Bajaj Finance, one of the reputed NBFCs of the country, has recently introduced a systematic deposit plan as an add-on feature to their existing fixed deposit schemes. The goal of this quick savings tool is to encourage young professionals who have just started their career to make a systematic saving to fulfil their future financial requirements. Best SDP plans for 1 year allows individuals to avail the same benefits of a fixed deposit but without investing a substantial amount upfront.
Additionally, it offers investors a savings option which is not vulnerable to market fluctuations and offers assured returns. Thus it can be mentioned that this savings plan proposes the same advantages of a SIP (Systematic Investment Plan) but eliminating the obvious market risks.
Features of a systematic deposit plan
1. Minimum deposit amount
Individuals can start their systematic deposit plan with just Rs.5,000. It provides a convenient option for investors who do not have a lump sum amount available at once.
Best SDP plans for 1 year offers flexibility in terms of its tenor. The tenor of this savings plan ranges from 12 to 60 months allowing individuals to select a tenor according to their financial need.
3. Interest rates
Follow the below-mentioned table to know about the interest rate of a systematic deposit plan.
|Tenor (in months)||New investors||Senior citizens||Existing customers/Employees of Bajaj Group|
Unlike a fixed deposit, here every deposit an investor makes is treated as an individual fixed deposit, and the interest is calculated on each of them rather than the entire amount. The interest rate available on the date of the monthly deposit will apply to that individual deposit.
4. Loan against deposit
In case of any financial emergency, investors can avail a loan against their systematic deposit plan to manage such scenarios instead of liquidating their savings.
5. Pre-mature withdrawal
After completing 3 months from the date of deposit, an individual can withdraw the deposit from their systematic deposit plan. This facility allows investors to manage their financial requirements by only withdrawing the required funds and without hampering the interest accrual on other deposits.
6. Automatic payment
After paying for the initial deposit with a cheque, individuals can opt for an automated payment method via a NACH mandate.
This Systematic Deposit Plan of Bajaj Finance has a high credit rating from ICRA and CRISIL, which makes this quick savings tool a safe and secure savings option.
8. Joint account facility
Investors can avail a joint account facility under this savings plan. However, it will follow the similar guidelines of a regular fixed deposit.
- No bounce charges
In case an individual misses his/her monthly deposit, there will be no penalty charges levied by the company.
How to plan your finances with systematic deposit plan?
Systematic deposit plans offer flexibility in terms of tenor and a number of deposits. This means individuals can choose a tenor and the number of deposits keeping their financial planning in mind.
Thus, individuals planning to avail this best SDP plan for 1 year can look at this detailed breakdown to understand their earnings.
- Investment amount/Deposit amount per month: Rs.5,000
- Tenor: 12 months
- Number of deposits: 12
- Interest rate: 7.6%
- Interest earned on each deposit: Rs.380
- Total monthly pay-out: Rs.5,380
- Total pay-out at the end of the tenor: Rs.64,560
- Total interest earned: RS.4,560
However, the final amount may vary if an investor opts for higher monthly deposit amount or a less number of deposits throughout the tenor. One such example is –
- Investment amount/Deposit amount per month: Rs.8,000
- Tenor: 12 months
- Number of deposits: 6
- Interest rate: 7.6%
- Interest earned on each deposit: Rs.608
- Total monthly pay-out: Rs.8,608
- Total pay-out at the end of the tenor: Rs.51,648
- Total interest earned: RS.3,648
Aspiring investors can take help of the SDP calculator available online to compute their investments, providing the deposit amount, tenor and number of deposit.
- KYC documents.
- PAN card.
- Account payee cheque for the initial deposit.
- NACH mandate for the following deposits.
Reasons to opt for a systematic deposit plan
- Assured returns
Systematic deposit plans are not susceptible to market fluctuations; thus they offer assured returns to the investors. Additionally, the interest rate on each deposit is fixed, and steady returns are guaranteed.
- Better earnings
The best SDP plans for 1 year offer a higher rate of interest compared to other regular savings schemes which are not prone to market fluctuations.
- Develops a regular savings habit
By investing as low as Rs.5,000 per month to start the systematic deposit plan, individuals can not only build a considerable sum but also develop a regular savings habit. This monthly savings scheme forms a financial discipline amidst young investors that may help them in future with their financial planning.
Best SDP plans for 1 year by Bajaj Finance is armed with investor-focused benefits and allowing investors to meet their financial requirements without any hassle. This quick savings tool is allowing individuals to build a substantial corpus according to their convenience.
Gaurav Khanna is an experienced financial advisor, digital marketer, and writer who is well known for his ability to predict market trends. Check out his blog at Highlight Story