Systematic Deposit Plan (SDP) is a monthly savings tool that can help you grow your savings without any market-related risks. Launched by Bajaj Finance, it is a new concept in the Indian market.
SDP is a new feature of Bajaj Finance FD which gives you the flexibility to invest in FD with a minimal monthly saving. You can start by depositing just Rs. 5000 in your SDP account every month. The deposits can go up to 20 lakhs. The tenor options range from 12 to 60 months and you can make any number of monthly deposits from 6 to 48 as per your savings. Therefore, you do not have to wait to accumulate a large amount to create an FD as SDP plans can be started even with a small monthly saving.
For example, you decide to deposit Rs. 10,000 for ten consecutive months. Now, if you select a tenor of 12 months then your first deposit will mature on the 13th month and the remaining deposits will mature in the subsequent months.
Late payment charges are not levied in case you miss the stipulated date of deposit on a particular month.
Apart from these benefits, SDP allows you to open a joint deposit account. You can stop depositing in SDP account anytime by cancelling the NACH mandate if you do not want to continue with SDP.
This is the best SDP Plan for individuals who have just started earning as they can deposit smaller amounts in SDP and gradually, they can collect a large corpus by laddering the returns in either FDs or in SDP plan itself.
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