SDP Best Monthly Saving Scheme for Middle-Class Families

By Akshay Sharma September 30, 2021 Finance

An estimated 35 crore people in the middle class live in India, a country with over 135 crores. The majority of tax obligations and related financial burdens fall to them, along with other commitments. You will feel less stressed if you have multiple income sources to support your financial health. The issue can be overcome through investment.

Bajaj Finance has introduced the Systematic Deposit Plan (SDP) – an industry-first monthly savings plan that enables you to start saving with just Rs. 5000 every month.

Overview of Systematic Deposit Plan (SDP)

The Bajaj Finance Systematic Deposit Plan makes investing in a Bajaj Finance Fixed Deposit even more accessible than ever. It offers monthly savings opportunities starting at Rs. 5000. It provides a unique, one-of-a-kind capability for making payments to a monthly savings tool that mimics the ease of investing that can come with a Systematic Investment Plan (SIP). The Systematic Deposit Plan (SDP), however, does not offer market-linked returns at maturity, unlike SIPs. You can also calculate your maturity amount on SDP by Bajaj Finance online fixed deposit interest rate calculator. Thus, you don’t have to accumulate a large sum of cash together since you’re saving small amounts every month.

Systematic Deposit Plan: How does it work?

The SDP is a reasonably straightforward system in terms of its operation. The monthly deposits you make count as new deposits. According to your customer type, each deposit is booked with the interest rate that’s in effect that day. It is possible to decide once to make contributions on the 3rd, 7th, or 12th of every month until the last deposit is made. To understand it easily, you can use online fixed deposit interest rate calculator. There is a range of six to 48 deposits. Initial payments must be made by cheque. Subsequent payments should be made electronically through a NACH mandate in favor of Bajaj Finance Limited.

Benefits of Systematic Deposit Plans

Returns are guaranteed with a SDP. A monthly FD gives you guaranteed returns. CRISIL and ICRA have given a Top Security Rating to Bajaj Finance Fixed Deposit, which means there is maximum safety of your investment amount. In addition, Bajaj Finance has no unclaimed deposits and an FD customer base of 2,50,000+. Meanwhile, the company had nearly 20,000 crores in deposits.

An attractive interest rate

Offering great FD interest rates is a significant benefit of Bajaj Finance FDs. Each deposit you make is treated as a fixed deposit in and of itself with the Systematic Deposit Plan (SDP). By doing this, you enjoy returns throughout a particular investment period, which is especially helpful when interest rates rise.

Automated, convenient payment options

A further advantage of SDP is that they make saving easy and convenient. To get started, you have to submit a check for your first deposit and register your bank account in the process. To automate payments, you must submit a NACH mandate to Bajaj Finance Limited every month. Then, payments are direct debited from your account, and FDs are booked in your name according to your information.

Invest just 5000 rupees a month to begin saving

With a Systematic Deposit Plan (SDP), you can easily save for the future and start saving with as little as Rs. 5000 per month. Using this method, you can begin saving each month when you have no extensive investment portfolio. A significant portion of your earnings can be diligently held in this manner without disturbing your monthly budget.

Loan against Fixed Deposit

Your savings will accrue interest over time when you save with fixed deposits. If you need money for urgent matters, you may need it immediately. In Bajaj Finance FDs, you not only get to withdraw your investment early if you have invested for more than three months from the issuance date. Bajaj Finance also offers Loans against FDs, so you can fund your emergency needs without losing interest. If you need liquid funds in an emergency, a loan against your FD can prove immensely helpful.

A disciplined approach to saving

Young earners with limited earning capacity can work toward two financial goals simultaneously with the Systematic Deposit Plan (SDP) since the minimum deposit is Rs. 5,000 only. As you must deposit money each month, a Systematic Deposit Plan can convert into a savings tool that allows you to accumulate funds for future investment.

Author Bio:

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.