Business Wire IndiaSaving a portion of your income helps you accumulate funds in the long run and places you in a better position to manage future expenses with ease. To grow your savings steadily and without risk, it is best to invest in a fixed deposit scheme where you can be sure of getting guaranteed returns. However, investing in an FD requires you to start with a lump sum, which may not be possible to accumulate if you are just starting at a job or have other financial obligations. To help you overcome such hindrances, Bajaj Finance allows you to invest in an FD through its Systematic Deposit Plan (SDP).
As the name suggests, a Systematic Deposit Plan is a smart tool that lets you save in a disciplined manner every month. Each deposit you make is considered as a new FD and helps you earn profitable returns. This convenient saving feature also comes with other benefits that help you grow your wealth stress-free. Take a look at what these are.
Make a minimum deposit of just Rs.5,000
With the Systematic Deposit Plan, you can start investing with a minimum deposit of just Rs.5,000. This minimal sum is fairly easy to put aside and allows you to contribute without disrupting your monthly budget. Further, you can choose to make these deposits on the 3rd, 7th or 12th of every month, at your convenience. However, do note that once you pick the date, it will apply to all subsequent deposits.
Enjoy a lucrative rate of interest
A key benefit of opting for the Systematic Deposit Plan as both a saving and investing instrument is that it books a new FD each month at prevailing FD interest rates. This means that you don’t miss out on earnings if the interest rate increases. Currently, as a new customer you can earn at an interest rate of up to 7.80% which goes up to 8.05% for senior citizens. These rates can help you grow your wealth steadily as it also combats inflation effectively.
Opt for a flexible tenor and contribute as per your goals
Upon assessing your financial goals, you can choose to make between 6 to 48 contributions over a tenor ranging from 12 to 60 months. This way you can build your wealth in the shortest time possible and with minimal commitment too! However, do note that the tenor you choose for the first deposit will apply for all the rest.
To better understand your potential earnings, take a look at the table below to check your returns based on the number of contributions you make as a new customer.
Monthly deposit (in Rs) | Number of contributions | Tenor (in months) | Interest rate (in %) | Interest amount on every deposit (In Rs) | Payout per month (in Rs) | Total payout (in Rs) | Interest earned (in Rs) |
5,000 | 6 | 36 | 7.70 | 1,246 |
6,246 |
37,476 |
7,476 |
5,000 | 12 | 48 | 7.80 | 1,752 |
6,752 |
81,024 |
21,024 |
5,000 | 24 | 60 | 7.80 | 2,279 |
7,279 |
1,74,696 |
54,696 |