Fixed deposits are a popular investment avenue for risk-averse individuals. All you need to do is choose a high interest rate FD, which matures in time to fulfil your goals. Although many issuers have FDs with attractive interest rates, the Bajaj Finance FD rates are among the best in the market.
As such, you can earn better returns. Moreover, the Bajaj Finance FD has a CRISIL rating of AAA, which ensures the security of your investment and the stability of your returns. Apart from that, Bajaj Finance FDs have one more advantage; they help you deposit funds systematically.
Usually, FDs demand a lump sum, which requires saving up a significant amount first. Bajaj Finance introduced the Systematic Deposit Plan (SDP) allowing you to make the most of the attractive Bajaj Finance FD rates on offer, via monthly deposits.
Read on to learn more about the Systematic Deposit Plan offered by Bajaj Finance.
What is a Systematic Deposit Plan?
Offered by Bajaj Finance, the Systematic Deposit Plan (SDP) helps you make smart and easy investments. With SDP, you can start with amounts as low as ₹5,000, where each deposit you make is a separate deposit.
Also, you get to enjoy attractive Bajaj Finance FD rates and the benefit of choosing between monthly maturity and single maturity schemes. In addition, each investment earns returns on the prevailing FD rates. This enables you to ensure you do not miss out on an opportunity to leverage enhanced rates, whenever they are offered.
Benefits of the Systematic Deposit Plan
The Systematic Deposit Plan (SDP) has many features and benefits, making it a smart option for many investors. These benefits include:
Attractive Interest Rates
Interest rate is a crucial factor you need to consider before investing your money because they are directly proportional to returns you earn. As such, high fixed deposit interest rates will translate into high returns on your investment.
With the Bajaj Finance SDP, you can enjoy lucrative returns due to the attractive Bajaj Finance FD rates that go up to 8.35% per annum for non-senior citizens. Remember, the interest rates will differ for each monthly investment, allowing you to maximise your returns.
Availability of Two Schemes
With the Bajaj Finance Systematic Deposit Plan, you enjoy flexibility as it comes with two schemes - Single Maturity Scheme (SMS) and Monthly Maturity Scheme (MMS).
As the name suggests, SMS gives you access to your invested amount and interest earned at the end of the tenor. On the other hand, in MMS, you get access to the interest earned every month.
These schemes allow you to inject liquidity into your finances or enjoy the compounding power and secure better returns.
Higher Interest Rates for Senior Citizens
Most of the FD issuers offer senior citizens higher interest rates than non-senior citizens. The interest rate hike can be between 0.25% - 0.50%, depending on the financial institution.
Bajaj Finance FD rates are 0.25% higher than that for regular investors and can go as high as 8.60% per annum. As mentioned above, higher interest rates mean higher returns. Therefore, senior citizens can earn even better returns by investing in the SDP by Bajaj Finance.
Convenient Monthly Investments
You can invest in an SDP with a monthly deposit of just ₹5,000 for a defined period. This makes fixed deposit investments more accessible, allowing you to secure your financial future without causing undue stress on your current finances.
It is essential to remember that the tenor varies based on the scheme you choose. With MMS, each new contribution books a new FD with the identical tenor as the last. As such, your interest returns are secured.
With SMS, each contribution books a new FD with a shorter tenor, as all FDs are meant to mature after a set timeline. Hence, you may get different Bajaj Finance FD rates by choosing to go this route.
High ICRA and CRISIL Ratings
Bajaj Finance SDP has received high ratings from India’s top credit rating agencies – CRISIL and ICRA. It received an AAA(stable) rating from ICRA and a AAA/STABLE rating from CRISIL. The rating indicates that your investments are secure and will earn stable returns.
Special Tenors with Higher Interest Rates
While Bajaj Finance SDP already offers lucrative interest rates, some special tenors have higher rates. By investing in these tenors, you can earn better returns. Moreover, the additional interest rate of 0.25% for senior citizens is also applicable for these tenors.
Here is a tabular overview of the Bajaj Finance FD rates (annualised) in SDP for special tenors:
Disclaimer: The above rates are effective from 10 May 2023 and subject to change at the issuer’s discretion.
In addition to the above, you can use the SDP calculator which is similar to the Bajaj Finance fixed deposit calculator on the website. This tool estimates your returns based on the investment amount, tenor, and prevailing FD rates.
This helps you make an informed financial decision and choose the best investment terms. SDP by Bajaj Finance is a safe, convenient and effective investment option to assist you in getting the best possible returns on your investments.
High Bajaj Finance FD rates, with flexible maturity options, make SDP a great investment. In addition, the Systematic Deposit Plan calculator helps you optimise your investment. This way, you can make manageable investments and grow your wealth securely without stress.
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