5 Reasons to grow one's savings with Single Maturity Scheme from Bajaj Finance

Pune (Maharashtra) [India], May 24 (ANI/NewsVoir): Bajaj Finance introduces a whole new way to save with the
(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).
The scheme offers two variants of which the Single Maturity Scheme has much to attract young professionals looking to build up a corpus with pocket-friendly monthly contributions.
SDP is essentially a series of Fixed Deposits, with the unique feature that one does not need a substantial sum to get started. The scheme allows one to starting 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 offers maturity proceeds of all the deposits made on a single day, as a lumpsum 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 investor is left with a substantial sum at maturity, as the payout of the entire principal plus the interest on each deposit on the date of maturity is credited in one go.
For young professionals, looking to start their savings habit early on, here are 5 reasons why the Single Maturity Scheme should be their first choice.
1. Ease of monthly savings
With a starting amount of just Rs. 5000 per month, one can set their monthly savings amount as per their convenience, depending on the income and savings goal one has in mind. The number of deposits can range from 6 to 47, depending on the tenor chosen. One 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 the depositors' account using a NACH mandate, duly registered.
2. Attractive Single Maturity Scheme interest rates
Under the Single Maturity Scheme, each deposit is treated as a separate fixed deposit and the prevailing rate of interest on the date of deposit is applied to each. The scheme offers assured returns up to 6.75 per cent on one's savings. One can check the attractive
offered by Bajaj Finance on the official Bajaj Finserv website.
3. Most convenient for a short-term savings goal
For the young investor, the scheme offers the thrill of seeing one's savings grow in a short period. On the date of maturity, one gets a payout of the entire corpus that can fund a significant financial goal. The tenor for deposits under the Single Maturity Scheme can range from 19 to 60 months.
4. Liquidity when one needs it
The Single Maturity Scheme has a lock-in period of only three months. After this, the investor can withdraw one or more deposits in case of an emergency. One can also avail a loan up to 75 per cent against one's deposit, if the need arises.
5. No penalty on 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 one needs to stop the deposit for any reason, they can easily cancel the NACH mandate and stop the auto-debit of deposit amount.
One can easily choose whether to start growing one's savings with a Systematic Deposit Plan or
. As one of the safest investments 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.
One must consider starting their savings habit earlier on in life to benefit from the power of compounding. Young investors can meet their short-term financial goals and see their savings grow safely by saving with the Single Maturity Scheme.
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