Inflation is an economic phenomenon in which the prices of goods and services rise over time, leading to a decrease in the purchasing power of money. Inflation can have a significant impact on the value of your savings and investments. It is crucial to protect your investments against inflation to preserve your purchasing power. One way to do this is by investing in a Systematic Deposit Plan (SDP) offered by Bajaj Finance. In this article, we’ll explain how SDP helps preserve your purchasing power and how the Bajaj Finserv app makes investing in SDP easier.
What is an SDP?
An SDP is a type of fixed deposit plan that allows you to deposit a fixed amount of money at regular intervals, typically monthly, over a pre-determined period. This enables you to earn a higher rate of interest on your deposits than a regular fixed deposit. At the end of the deposit period, you receive the maturity amount, which includes the principal and accumulated interest.
How Does SDP Protect Against Inflation?
Inflation erodes the value of money over time, reducing the purchasing power of your savings and investments. Investing in an SDP helps protect against inflation by offering a higher rate of interest than regular fixed deposits. The higher interest rate helps you earn a higher return on your investment, thus preserving your purchasing power.
How to Invest in SDP Using the Bajaj Finserv App?
The Bajaj Finserv app makes investing in an SDP easier and more convenient. Here’s how to invest in an SDP using the app:
1. Download the Bajaj Finserv App
Download the Bajaj Finserv app on your smartphone and open the app.
2. Choose the SDP Option
Select the SDP option from the menu and choose the deposit amount, deposit frequency, and deposit duration.
3. Fill in Your Details
Fill in your personal details, including name, address, and contact information.
4. Choose the Payment Option
Choose the payment option and make the first deposit. The app offers multiple payment options, including net banking, debit card, and credit card.
5. Start Earning Interest
Once you make the first deposit, you start earning interest on your investment based on the selected interest rate.
Benefits of Investing in SDP Using the Bajaj Finserv App
The Bajaj Finserv app offers several benefits for investing in SDP, including:
The app offers a convenient and hassle-free way to invest in SDP. You can invest from the comfort of your home or office, without visiting a bank branch.
2. Competitive Interest Rates
Bajaj Finance offers competitive interest rates on its SDP plans, helping you earn a higher return on your investment.
3. SDP Calculators
The app also offers SDP calculators that enable you to calculate the maturity amount, interest earned, and monthly payments based on different parameters.
4. Secure and Safe
Investing in SDP using the app is secure and safe. The app uses advanced security features and encryption to protect your personal and financial information.
Investing in an SDP can help protect your investments against inflation, thus preserving your purchasing power. The Bajaj Finserv app makes investing in SDP easier and more convenient, while also offering competitive interest rates and advanced security features. By investing in SDP using the app, you can secure your financial future and achieve your financial goals.