Grow your Pocket Money with the Best SDP Plan in India

With the help of a systematic deposit calculator, it is now easy to check the return on the remainder of the deposits of the best SDP plan.

The Systematic Deposit Plan can be a convenient option for any individual to create a large enough corpus even without an initial lump sum amount. While new earning individuals can easily invest in this plan even if they have low disposable cash at hand, the features offered by this policy make it a convenient option even for students.

 
Any individual with access to Rs.5,000 per month can save it in this plan to build a substantial financial asset for their future. While the minimum investment option for this plan is as mentioned, the maximum amount has no cap. As a result, from students with pocket money to new professionals with low disposable cash to individuals earning a substantial amount every month, the Systematic Deposit Plan can be a convenient savings tool for all.

How does the Systematic Deposit Plan help in growing an individual’s pocket money?


The best SDP plan to invest allows individuals to grow their money with ease and flexibility, be it pocket money or a substantial corpus later on. Any individual considering an investment should understand the offered features to chalk out their financial objectives and how to achieve them by investing in a Systematic Deposit Plan.

High returns: The rate of interest currently offered on this policy begins at 7.6% per annum. While any investor is eligible to accumulate their corpus at this rate, senior citizens, existing customers, etc. can benefit from higher interest rates.

Independent of market risk: The best SDP plans to invest in do not carry any market risk. While most market-linked investment options are risky, the returns on Systematic Deposit Plans are guaranteed. As a result, this plan is especially convenient for individuals who do not have much money at hand since their funds are not subjected to the risk of incurring losses.

Option to choose tenor: Investors can select the tenor for their investment flexibly. The minimum duration for maturity must be 12 months, though individuals can also choose for a higher tenor up to 60 months. The rates of interest of the best SDP plan to invest also vary based on the maturity tenor selected by an investor.

Individuals opting to apply for this savings tool are also offered a choice of deposition date, which remains fixed through this whole maturity tenor. Options offered are 3rd, 7th, and 12th of every month.

Choice of deposition frequency: Investors opting for a Systematic Deposit Plan are also offered the option to choose the number of deposits they want to make through their whole investment. While the minimum number of deposits must be 6, the maximum number of deposits made by an individual can go up to 48.

Easy premature withdrawal: Systematic Deposit Plans also offer its investors to withdraw any number of deposits in case of any emergency. Investors can use a systematic deposit calculator to check the return on the remainder of their deposits. While investors must have finished 3 months of their maturity tenor to be eligible for withdrawal, the remainder of their deposits keep generating interest as per contract.

What are the other benefits offered by SDP?


Along with ensuring a substantial growth of the pocket money of an investor, the best SDP plans to invest also offers the following benefits. These benefits ensure an enhanced experience for individuals considering to apply for this savings tool.


Simple eligibility: Offered by reputed NBFC Bajaj Finance, any adult Indian citizen can apply for Systematic Deposit Plans. 

Potential investors should arrange the following documents since these must be submitted to the representative from the NBFC once the application form is filled -
  • Recent passport-sized photograph.
  • PAN card of the applicant.
  • KYC documents.
  • NACH mandate for the investor’s financial account.
  • Account payee cheque for the initial deposit.
The convenience of payment: Best SDP plan to invest in is linked with the financial account of an investor. While the first payment requires an account payee cheque, investors need not concern themselves with completing subsequent deposits. The deposit is completed on the fixed date every month, thereby making it hassle-free for them.

Loan options: In the event of a financial emergency, investors can use their Systematic Deposit Plan as collateral to avail a loan against it at affordable interest rates. Furthermore, these loan applications are also approved quickly.

With multiple benefits offered on Systematic Deposit Plans, potential investors should also check their expected returns by using a systematic deposit calculator. It is important to decide on the deposit sum, number of deposits, and the maturity tenor before using this calculator. A convenient tool, it displays both the interest earned as well as the total amount of money that an investor will receive after maturity.

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With the help of a systematic deposit calculator, it is now easy to check the return on the remainder of the deposits of the best SDP plan.
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