Business Wire IndiaBudgeting and saving a portion of your salary every month helps you build a corpus over time, which you can later utilise to meet your goals. However, the rate of interest offered on a savings account is hardly enough to combat inflation. Just last week, the Reserved Bank of India (RBI) announced a whopping 75 basis points cut in the repo rate, bringing it down to 4.4. percent.
To ensure you get the maximum returns on your savings in the current volatile market scenario, consider investing in a Fixed Deposit before there is a reduction in FD interest rates. This way you get guaranteed returns at a competitive rate of interest. This is especially true of issuers like Bajaj Finance, who extend interest rates running up to 8.05%.
What’s more, Bajaj Finance now offers the Systematic Deposit Plan (SDP) feature. Through this facility, you can deposit a small portion of your salary, as little as Rs.5,000 per month. You can enjoy all the advantages of an FD, without securing a lump sum first. Read on to know more about how you can use a Systematic Deposit Plan to build your savings steadily.
Build wealth through small monthly payments
With a Systematic Deposit Plan, you aren’t required to accumulate a large amount of money before you start saving. A minimum monthly contribution of just Rs.5,000 suffices to begin working towards a financially secure and stable future. Moreover, here, you make the first payment by cheque and the rest via a NACH mandate. Hence, you don’t have to worry about making contributions manually, as the amount gets deducted from your bank account automatically. You can also stop payments by cancelling your NACH mandate whenever you wish to. The upside to bite-sized deposits is that you can start earlier in your career, and earn higher interest returns as a result of being invested for longer.
Benefit from a safe and attractive investment environment
On opting for a Bajaj Finance FD through a Systematic Deposit Plan, you enjoy competitive FD interest rates. Each contribution you make creates a new FD, that earns interest at the rate prevailing on the date of deposit. Currently, for a tenor of at least 48 months,
Tenor (in months) | Number of contributions | Total Payout (in Rs.) | Interest earned (in Rs.) |
60 | 24 | 5,24,088 | 1,64,088 |
60 | 36 | 7,86,132 | 2,46,132 |
60 | 48 | 10,48,176 | 3,28,176 |
About Bajaj Finance Limited
Bajaj Finance Limited, the lending arm of the Bajaj Finserv group, is one of the most diversified NBFCs in the Indian market catering to more than 36 million customers across the country. Headquartered in Pune, the company’s product offering includes Consumer Durable Loans, Lifestyle Finance, Digital Product Finance, Personal Loans, Loan against Property, Small Business Loans, Loans for Professionals, Home loans, Credit Cards, Two-wheeler and Three-wheeler Loans, Commercial lending/SME Loans, Loan against Securities and Rural Finance which includes Gold Loans and Vehicle Refinancing Loans along with Fixed Deposits. Bajaj Finance Limited prides itself on holding the highest credit rating of FAAA/Stable for any NBFC in the country today. It is also the only NBFC in India with the international ‘BBB-’ with a stable outlook for the long-term, by S&P Global Rating.
To know more, please visit: https://www.bajajfinserv.in