• Depositors to receive maturity benefits on a single day
• Depositors can build their monthly savings with deposits starting at Rs. 5000 per month
Pune, August 05, 2020: Bajaj Finance Limited, the lending and investing arm of Bajaj Finserv, has introduced a new Single Maturity Scheme variant under the Systematic Deposit Plan (SDP). The Single Maturity Scheme allows the depositors to receive maturity benefits of the plan on a single day, for the investment corpus built over a time with Systematic Deposit Plan (SDP). Depositors can start building their corpus with monthly deposits starting at Rs 5,000 per month.
Depositors using the scheme, can choose tenures ranging from 12 to 60 months and raise a lumpsum amount with bite-sized contributions every month. The depositors also benefit from placing each deposit at interest rates prevailing on the date of each deposit, over the complete tenure. Once the first deposit is booked for a specific tenure, the tenure for every subsequent deposit will be regulated to mature on the same date.
For this scheme depositors need not wait to accumulate a corpus to investment in a fixed deposit as they can save easily on a monthly basis and get returns on a single day. The scheme comes as boon for young investors who have a strong desire to invest but often find themselves short of cash.
Commenting on the launch, Mr. Sachin Sikka, Chief Business Officer - Retail & Corporate Liabilities at Bajaj Finance Limited said: “The Single Maturity Scheme variant will prove fruitful for regular savers, by helping them get guaranteed returns on monthly savings’ pool.”
· As a variant of Systematic Deposit Plan, the Single Maturity Scheme comes with guaranteed returns on monthly deposits along with the convenience and benefits of a Systematic Investment Plan (SIP), without the risk of negative returns.
· Like the previously launched Monthly Maturity Scheme variant of Systematic Deposit Plan, this scheme comes with no bounce charges as no penalty will be levied even if a depositor misses the monthly deposit.
· The first payment is to be made via cheque or online payment, while subsequent deposits are debited directly from an investor’s bank account through a NACH mandate. Once the first deposit is booked for a specific tenure, the tenure for every subsequent deposit will be regulated to mature on the same date.
About Bajaj Finance Limited
Bajaj Finance Limited, the lending company of Bajaj Finserv group, is one of the most diversified NBFCs in the Indian market catering to more than 31 million customers across the country. Headquartered in Pune, the company’s product offering includes Consumer Durable Loans, Lifestyle Finance, Digital Product Finance, Personal Loans, Loan against Property, Small Business Loans, Home loans, Credit Cards, Two-wheeler and Three-wheeler Loans, Commercial lending/SME Loans, Loan against Securities and Rural Finance which includes Gold Loans and Vehicle Refinancing Loans along with Fixed Deposits. Bajaj Finance Limited prides itself on holding the highest credit rating of FAAA/Stable for any NBFC in the country today.
To know more, please visit: https://www.bajajfinserv.in