As a parent, you want the best for your child. You work hard to provide them with a comfortable life, but have you thought about their financial future? Building wealth for the next generation is an important aspect of parenting that many overlook. It is never too early to start saving and investing for your child’s future. Investing in a fixed deposit is a wise choice, and Bajaj Finance offers a special plan for children, the Bajaj Finance SDP Plan for Children.
What is a Fixed Deposit (FD)?
Fixed Deposit is a type of investment where you deposit a fixed sum of money into a bank or financial institution for a fixed period, usually ranging from one to five years. The interest rate is fixed and remains the same throughout the deposit. After maturity, you receive your principal amount along with the accumulated interest.
Why is Fixed Deposit a Good Choice for Building Wealth?
Fixed Deposit is a safe and secure investment option. Unlike stock trading or investing in the stock market, fixed deposits do not carry any significant risk. The returns are fixed, and you can be sure of getting your principal amount back at the end of the term. Additionally, the interest rate on fixed deposits is higher than savings account interest rates, which makes it an attractive investment option.
What is Bajaj Finance SDP Plan for Children?
Bajaj Finance SDP Plan for Children is a special fixed deposit plan offered by Bajaj Finance for parents who want to invest in their child’s future. This plan offers higher returns than regular fixed deposits, making it an attractive option for parents who want to maximize their investment.
Features of Bajaj Finance SDP Plan for Children
Here are some of the features of the Bajaj Finance SDP Plan for Children.
High-Interest Rate: The interest rates offered by Bajaj Finance SDP Plan for Children are higher than regular fixed deposits.
Regular Deposits: You can make fixed monthly deposits for a specified duration.
Flexibility: The plan offers flexibility in terms of the amount and tenure. The minimum deposit amount is Rs. 25,000, and the tenure ranges from 36 months to 60 months.
No Penalty for Premature Withdrawal: Bajaj Finance offers the option to withdraw the deposit prematurely with no penalty. This means that if you need the funds for an emergency, you can withdraw the amount without any penalty fees.
Auto-Renewal: The plan has an auto-renewal feature that ensures that your investment continues to earn interest even after the maturity of the deposit.
Nomination Facility: Bajaj Finance SDP Plan for Children allows you to nominate a beneficiary for the deposit amount, eliminating the need for legal formalities in case of your untimely demise.
Maturity Benefits: At the end of the tenure, you’ll receive the maturity amount, which includes the principal and accumulated interest.
Additional Features: Some plans might offer insurance benefits or other add-ons for the child’s financial security.
How to Invest in Bajaj Finance SDP Plan for Children?
Investing in the Bajaj Finance SDP Plan for Children is easy. You can invest online by visiting the online website or by using the Bajaj Finserv app. Here are the steps to invest in the Bajaj Finance SDP Plan for Children.
Step 1: Visit the Bajaj Finserv Website or Download the Bajaj Finserv App
Visit the Bajaj Finserv website or download the mobile app from the App Store or Google Play Store.
Step 2: Register and Login
Create a new account with Bajaj Finserv or log in to your existing account.
Step 3: Select the Bajaj Finance SDP Plan for Children
Select the Bajaj Finance SDP Plan for Children from the list of available investment options. Choose the deposit amount, tenure, and mode of payment.
Step 4: Submit Documents
Enter your personal and bank details and upload the necessary documents such as PAN card, Aadhaar card, and address proof.
Step 5: Make the Payment
Make the payment using net banking, debit card, or credit card.
Benefits of Investing in Bajaj Finance SDP Plan for Children
Here are some benefits of investing in the Bajaj Finance SDP Plan for Children.
- Higher Returns: The interest rates offered by Bajaj Finance SDP Plan for Children are higher than regular fixed deposits, which means your investment earns more.
- Safe and Secure: Bajaj Finance is a trusted brand, and your investment is safe and secure.
- Flexibility: You can choose the amount and tenure that suits your investment needs.
- Tax Benefits: The interest earned on fixed deposits is taxable, but you can claim a deduction of up to Rs. 1.5 lakhs under Section 80C of the Income Tax Act, 1961.
- No Hidden Fees: Bajaj Finance SDP Plan for Children doesn’t charge any hidden fees, making it a transparent investment option.
Investing Online via Bajaj Finserv App
Investing online via the Bajaj Finserv app is a quick and convenient way to invest in the Bajaj Finance SDP Plan for Children. The app is available on the App Store and Google Play Store.
Benefits of the Bajaj Finserv App
Here are some benefits of using the Bajaj Finserv app.
Invest Anytime, Anywhere: With the app, you can invest in the Bajaj Finance SDP Plan for Children anytime and from anywhere.
Real-Time Tracking: You can track your investment in real-time and get regular updates on the status of your investment.
Convenience: You don’t have to visit a physical branch or fill out any paperwork. Everything can be done from the comfort of your home.
Secure: The app is secure, and your personal and financial details are safe.
Conclusion
Investing in your child’s future is one of the best decisions you can make as a parent. Building wealth for the next generation is not as difficult as it seems. By investing in a fixed deposit, you are creating a secure and safe financial future for your child. With Bajaj Finance Systematic Deposit Plan for Children, you can maximize your investment and enjoy higher returns. And, by using the Bajaj Finserv app, you can invest anytime and from anywhere, making it a convenient investment option. Start investing in your child’s future today!