5 reasons why you should grow your savings with Single Maturity Scheme

5 reasons why you should grow your savings with Single Maturity Scheme

If you are looking for a smart investment option to fund a short-term or long-term financial goal, with regular monthly deposits, your options are no longer limited to a Recurring Deposit (RD). Bajaj Finance introduces a whole new way to save with the Systematic Deposit Plan (SDP), a unique savings instrument that combines some of the best features of a fixed deposit with the convenience of a Systematic Investment Plan (SIP).  SDP is a series of fixed deposits, with the convenient feature that you do not need a substantial lump sum amount to get started. The scheme allows you to start saving with just Rs. 5000 per month. Each deposit made under SDP functions like a stand-alone fixed deposit, with the prevailing interest rate on the day of deposit applying to it. SDP offers two variants, Single Maturity Scheme and Multiple Maturity Scheme.

The Single Maturity Scheme is an ideal savings option for you if you are looking to build up a corpus or fund a financial goal with pocket-friendly monthly contributions. The Single Maturity Scheme offers maturity proceeds of all the deposits made on a single day, as a lump sum amount. Once the tenor for the first deposit is selected, the tenor for each subsequent deposit placed is regulated to mature on a single date. The entire payout of the principal and interest earned is credited at maturity, in one go.

Here are 5 reasons why should consider growing your savings with Single Maturity Scheme: 

  • Ease of monthly savings

With a starting amount of just Rs. 5000 per month, you can set your monthly savings amount as per their convenience, depending on the income and savings goal you have in mind. This means you see your corpus grow quicker and you develop a more disciplined savings structure. You can choose to make the first deposit through an account payee cheque, or through Net Banking, if the mode of investment is online. The subsequent deposits are deducted from your account using a NACH mandate, duly registered.  

  • Tenor of Deposit

With the Single Maturity Scheme, the tenor of the first deposit ranges from 12 to 60 months and the tenor for the subsequent deposits is adjusted accordingly allowing all deposits to mature on a single day.

  • Number of deposits

Depending on your chosen tenor, the number of deposits in a Single Maturity Scheme can be fixed between 6 and 47. This gives you a faster and more focused route to your savings goal.

Attractive Single Maturity Scheme interest rates

In an SDP, each deposit is treated as a new FD with the interest rates on the date of deposit applying to it. The scheme offers assured returns of up to 6.75% on your savings. You can check the attractive  FD rates offered by Bajaj Finance on the official Bajaj Finserv website.

No penalty on the missed deposit

One of the most attractive features of the Single Maturity Scheme for young investors is that Bajaj Finance does not levy bounce charges on a missed deposit. If you need to stop the deposit for any reason, you can easily cancel the NACH mandate and stop the auto-debit of deposit amount.

You can easily choose whether to start growing your savings with a Systematic Deposit Plan or Bajaj Finance online FD. As one of the safest investment options available, Bajaj Finance is accredited with the highest rating of FAAA by CRISIL and MAAA by ICRA. This implies the highest safety of one’s deposit, with the assurance of timely payments and a default-free experience. 

For young earners and those just starting on a savings habit, the Single Maturity Scheme provides an ideal platform to start your investment journey. It is a reliable means of building up a corpus for short terms financial goals like travel or buying a car.

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