Understand how to open an FD account offline and online
When you have a sizeable amount that needs to be saved or invested in a low-risk instrument, opening a Fixed Deposit (FD) account can help.
Opening a fixed deposit account and taking concrete steps towards your financial freedom is hassle-free. Once you have decided which bank or financial institution you want to open an FD with, you can choose to open it offline or online. Please continue reading to understand how you can go about it.
If you already have a savings account with the bank, then download the application form from their website.
You are well on your way to ensuring a safe financial future with a fixed deposit.
An FD has been a popular saving and investment instrument for millions of Indians for decades now. Let's add to your knowledge of the FD and clear any doubts you may have by understanding an FD's different features.
You can choose the FD amount that you want to deposit. It can be as less as Rs. 5,000 or can run into crores. You can choose any tenure with which you are comfortable.
Your FD is insured by Deposit Insurance and Credit Guarantee Corporation (DICGC) for up to ₹5,00,000.
Do you want to change the nominee for your FD or extend the tenure and amount? You can easily add these instructions and variables from the bank's app or net banking facility.
Your FD will come to your rescue in case of a financial emergency. You can immediately liquidate your FD and use the cash for whatever purpose you need. However, you may not get the full benefits of the interest rate if you withdraw the FD before its maturity date.
Your FD savings can help you out with getting a loan. It acts as collateral for your loan. You can get a loan for up to 95% of the FD amount contingent on the lending institution's terms and conditions.
You know the features of a fixed deposit account, and the steps to open a fixed deposit account in a bank. However, if you prefer to save time and effort, and open an FD account remotely, then download the digibank by DBS app right away!