Make a smart deposit choice with the Bajaj Finance Systematic Deposit Plan

Pune (Maharashtra) [India], Aug 24 (ANI/BusinessWire India): When investing in fixed deposits, investors need to invest a lumpsum amount in a single go. However, Bajaj Finance Limited, the lending and investing arm of Bajaj Finserv, offers Systematic Deposit Plan (SDP) for those looking for a stable and secure monthly investment option.
Saving with SDP enables investors to deposit a small sum on a monthly basis, so every deposit is treated as a new FD, which earns interest as per the prevailing rate at the time of deposit. Under SDP, investors can choose to save through any of the two variants -
Monthly Maturity Scheme - This plan allows investors to invest in 6 to 48 deposits and the tenure they choose gets applied to all the deposits they invest in. They can also choose tenures ranging from 12 to 60 months for each of their deposit, and the maturity proceeds can be received on a monthly basis, as per the chosen tenure.
Single Maturity Scheme - For investors looking to raise a lumpsum amount on a single day, this newly introduced variant works best for them. With Single Maturity Scheme, investors can start small deposits on a monthly basis, but they can receive their maturity proceeds on a single day. To save with Single Maturity Scheme, investors can choose the tenure and number of deposits as per the below grid -

It is also important to note that deposits under Single Maturity Scheme cannot be renewed, and there is a common application form for both schemes.
Read on to learn more about the features and benefits of a Systematic Deposit Plan-
Convenient and disciplined savings
Saving with a Single Maturity Scheme is very easy, as investors can choose to make their monthly deposits on 3rd, 7th or 12th of each month. However, the date they choose once will remain fixed for the rest of the deposits. The first payment is to be made by cheque, which enables registration of bank account with Bajaj Finance.
The subsequent payment for deposits can get deducted from the depositor's bank through NACH mandate, issued in favour of BFL and duly registered with Depositor's bank.
For Monthly Maturity Scheme, maturity proceeds are received in a series of months, when the deposit(s) mature as per the chosen tenure. In case of Single Maturity Scheme, if investor chooses tenure of 36 months with an option to make 6 deposits, with the first cheque deposited on April 3, 2020, here's the tenure of every deposit:

The above table indicates how each deposit made under Single Maturity Scheme, will mature over the tenure of 36 months, on a single day. Thus, the investor can receive all maturity proceeds on a single day, which can be an effective lumpsum amount to fund his/her investment goals easily.
High safety of deposit
Systematic Deposit Plan with Bajaj Finance is one of the safest deposit options for investors. Bajaj Finance FD is accredited with the high credit ratings from CRISIL and ICRA. Hence, savings are at the lowest risk.
Pre-mature Withdrawal
Premature withdrawal is permitted for either one or more deposit under the SDP provided the FD has completed more than 3 months from the date of its issuance.
Note- Current RBI regulations on premature withdrawal will be applicable.
Apart from allowing investors to benefit from a range of regular FD features, SDP lets the investors start small through bite-sized deposit amounts. Also, SDP is flexible when it comes to its cancellation process, in case investors need to cancel their SDP they can simply cancel their NACH Mandate anytime in between and stop the plan.
Note- Bounce charges may be levied by the Bank of the depositor for NACH dishonour and in that case BFL will not be held responsible.
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