get selected dropdown value using jquery

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$('#ddlSDIDepositSchedule').change(function () {
    alert($("#ddlSDIDepositSchedule").val());
});

http://jsfiddle.net/rahularyansharma/KSwcd/ 

get the dropdown value and text using jquery

we have a drop down an ID, Name Pair.
Example

Rahul has ID of 1
Chand has ID of 2
Parthavi has ID of 3
When I do the followng:

alert($('#Crd').val());

and we select Rahul , we get 1

but in case we want selected text in jquery for a dropdown
then

$('#dropdownId option:selected').text();