Forbes India 15th Anniversary Special

Now make monthly deposits with single Maturity Scheme by Bajaj Finance

Bajaj Finance recently introduced the Single Maturity Scheme, which helps savers earn assured returns on monthly savings pool

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Published: Aug 21, 2020 12:57:01 PM IST
Updated: Aug 21, 2020 02:59:03 PM IST

Now make monthly deposits with single Maturity Scheme by Bajaj Finance
The unprecedented events of this year have brought the spotlight back on savings. For those living paycheck to paycheck, building a steady set of savings may appear unattainable, as it is believed that savings requires a lot of planning, time and discipline, which must align with the knowledge of how to save effectively. But, saving is not as challenging as assumed, with availability of several avenues like savings accounts, fixed deposit, recurring deposits, et.al.

For regular savers, investing a lumpsum in a fixed deposit isn’t always possible. Hence, to help savers grow their corpus in a disciplined manner, Bajaj Finance has introduced the Single Maturity Scheme variant under their Systematic Deposit Plan (SDP). Unlike regular FDs where you need to invest a lumpsum amount, SDP enables you to save on a monthly basis, with deposits starting as low as Rs. 5000 per month.

Thus, SDP enables savers to reap the benefit of assured returns, with the convenience of investing in a SIP, sans market risk. This industry-first savings solution enables savers to reap the benefit of attractive interest rates, with utmost safety, as Bajaj Finance has the highest safety ratings of FAAA by CRISIL and MAAA by ICRA. These ratings indicate highest safety of deposit, which is further attested by the trust of more than 2,35,000 FD customers and a deposit book of more than Rs. 20,000 crores.

What is Single Maturity Scheme?

The Single Maturity Scheme is a new variant under Systematic Deposit Plan that will enable investors to save on a monthly basis. With this savings option, they can choose to receive maturity proceeds on a single day, instead of receiving them every month. Once the investor makes their first deposit for a specific tenure, the tenure of every subsequent deposit is regulated to mature on the same date.

To save with this scheme, the investor must choose the number of deposits and tenure, as per the below-mentioned grid:

Maturity payout of all deposits

Count of deposits

(excluding the first Deposit which will be received through internet banking, e-mandate or cheque)

Choose only one of the below

Choose only one of the below

After 24 months of first deposit

6

--

--

--

After 36 months of first deposit

6

12

--

--

After 48 months of first deposit

6

12

24

--

After 60 months of first deposit

6

12

24

36

Let’s assume that an investor chooses to make 6 deposits for 36 months. If they’ve chosen to make the first Single Maturity Scheme on September 1, 2020; here’s a look at the tenure of every deposit:


Mode of Payment

Start Date

Maturity Date

Tenure of each deposit

SDP 1

Cheque

01-Sep-20

01-Sep-23

3 Years, 0 Months, 0 Days

SDP 2

NACH

01-Oct-20

01-Oct-23

2 Years, 10 Months, 29 Days

SDP 3

NACH

01-Nov-20

01- Nov-23

2 Years, 9 Months, 29 Days

SDP 4

NACH

01-Dec-20

01- Dec-23

2 Years, 8 Months, 29 Days

SDP 5

NACH

01-Jan-21

01- Jan-24

2 Years, 7 Months, 29 Days

SDP 6

NACH

01-Feb-20

01-Feb-24

2 Years, 6 Months, 29 Days

SDP 7

NACH

01-Mar-20

01-Mar-24

2 Years, 5 Months, 29 Days

The present times have exacerbated the need to build stronger savings, and Single Maturity Scheme by Bajaj Finance comes across as a flexible way to grow savings. Read on to know about other features that make this a great option to choose:

  • Attractive interest rates – Each deposit under Single Maturity Scheme is a Fixed Deposit on its own. Bajaj Finance offers attractive interest rates up to 7.10%, which can go up to 7.35% for senior citizens. Locking into these attractive FD interest rates is hence, a great way to grow your savings. You can raise a large sum of savings at the end of your tenure, enabling you to fund your short-term goals easily. You could also consider re-investing your proceeds to grow your savings furthermore. 
  • Convenient savings – Saving with the Single Maturity Scheme is easier than ever, and it can help inculcate financial discipline by saving regularly. Once you make the first payment by cheque, your bank gets registered with Bajaj Finance. The subsequent deposit amount can hence, be deducted periodically from your registered bank account through NACH mandate.
  • High liquidity – When choosing to save, easy access to instant cash is one of the main priorities. When saving with Single Maturity Scheme, you can easily liquidate your deposit(s) prematurely in case of emergencies, after the minimum lock-in period of 3 months. In case you don’t wish to disturb your savings, you can always consider availing a loan against your deposit(s) under SDP, as per the applicable norms.
Now that you know about these exciting new features, consider saving easily with the Single Maturity Scheme. You can also choose to save with the Monthly Maturity Scheme variant under SDP, which enables you to receive your maturity proceeds on a monthly basis. However, Single Maturity Scheme could be a great way to help you raise a lumpsum amount for the near future.

Bajaj Finance also offers attractive returns on Fixed Deposit, with the convenience of investing from home with Bajaj Finance online FD. You can reap the benefit of easy investment process and an additional rate benefit of 0.10% for online FD customers who are below 60 years of age. Senior citizens also benefit from an additional rate benefit of 0.25% on their deposit, regardless of their mode of investment.

Disclaimer: The views, suggestions and opinions expressed here are the sole responsibility of the experts. No Forbes India journalist was involved in the writing and production of this article.