- Monthly Fixed Deposit starting Rs. 5000 per month
- Flexible tenors from 12 to 60 months
Pune, January 10, 2020: Bajaj Finance Limited, the lending and investing arm of Bajaj Finserv, has launched Systematic Deposit plan – a monthly savings plan, for those looking to invest in Fixed Deposit through small monthly savings.
Starting at just Rs. 5000 per month, investors can reap the benefit of interest rates prevailing on the date of every monthly deposit, which are applicable to that particular deposit. With the number of monthly deposits ranging from 6 to 48, investors can choose tenors ranging from 12 to 60 months. At the end of tenor for each monthly deposit, the maturity amount, comprising the investment amount and earned interest, will be credited into their respective accounts.
Commenting on the launch Mr. Sachin Sikka, Chief Business Officer – Retail & Corporate Liabilities at Bajaj Finance Limited said: “Systematic Deposit Plan is a first-of-its-kind savings plan that will cater not just to the needs of mass affluent, but also tap into the pool of regular savers.”
Here’s what makes Systematic Deposit Plan a standout investment option.
- Industry-first monthly savings plan in India
Systematic Deposit Plan by Bajaj Finance Limited, is a unique monthly savings plan that offers the convenience and benefits of a Systematic Investment Plan, sans the risk of negative returns. It is the best option for regular savers, who need not wait to accumulate a corpus to invest in a fixed deposit. Instead, they can save through Systematic Deposit Plan on a monthly basis.
- Ease of investment
Regular savers can start saving with an amount of just Rs. 5000 each month with Systematic Deposit Plan. While the first payment is to be made via cheque, subsequent deposits are debited directly from an investor’s bank account through a NACH mandate. Investors will also have the option to withdraw their savings pre-maturely anytime, just like any other Fixed Deposit with Bajaj Finance.
- Loan against FD
For those who wish to access liquidity while maintaining the sanctity of the investment, Bajaj Finance allows for a loan against an FD that’s ideal for short-term or unexpected needs.
- Minimum documentation
Customers need to submit regular KYC documents to open an account along with a cheque and NACH mandate. A joint deposit account can also be opened under the Systematic Deposit Plan and it will follow the same guidelines as a regular Bajaj Finance Fixed Deposit. Depositors will need to make the first payment by cheque so that the bank account gets registered. Subsequent investments will be deducted from their registered bank account through NACH mandate.
- No bounce charges
Another winning feature of Systematic Deposit Plan is that an investor doesn’t have to pay any penalties on missing an instalment. This makes it an ideal option for young savers who may often find themselves strapped for cash but still have a desire to invest.
With a core proposition to help young customers, such as first-jobbers, to invest just as easily as they would shop for a smartphone or laptop on EMI, Systematic Deposit Plan is a boon for investors who are looking to put every rupee of their monthly budget to good use.
Corporate Comm India(CCI NewsWire)
