Fixed Deposit
(noun. /fɪkst/ dɪˈpɒzɪt/)
Savings that’ll only grow, come rain or storm. Your secret to fearlessly take on every situation
Fixed Deposit
(noun. /fɪkst/ dɪˈpɒzɪt/)
A Fixed Deposit That’ll Shield You from Uncertainties
You don’t need a crystal ball to stay ready for the future. All it takes is a click on digibank.
Instant
Opening
Paperless
Up to 5.5%* p.a.
interest rates
Set Up a Fixed Deposit Before Life Hands You Lemons
No matter what plot twists life springs up, you’re empowered to overcome it calmer, smarter, better prepared. Your fixed deposit will act as a contingency fund i.e. a fund created to tackle emergencies and unforeseen developments, and should be equal to 3 to 6 months’ worth of your expenses.
Why Are digibank FDs the Best Contingency Funds?
Risk-Free:
Your fixed deposit remains safe and unaffected by volatile markets.
Assured Returns:
Liquidate your fixed deposit instantly right when you need it. T&C apply.
You can effortlessly set digibank FDs for situations like:
Medical
Emergencies
Job
Uncertainties
Economic
Ups and Downs
Last Minute
Plans and more
digibank Quickies: Why fixed deposit as contingency fund with digibank is a must have?
Here’s Your Umbrella for Rainy Days
Setting up a contingency fund is one of the first and most important steps you take towards financial freedom. digibank does it all for you, so that whenever the going gets tough, you’re unstoppable.
Convenient
Manage your digibank FD - amount, tenure, add/change nominee, maturity instructions, termination, etc. all from your phone.
Customisable
Open digibank FDs starting from ₹5000. Decide your own amount, choose your own tenure.
Insured digibank FDs
Your deposits are insured by DICGC for up to ₹5,00,000 (5 lakh rupees).
digibank quickies- How to start a fixed deposit contingency fund instantly with digibank?
Never Run Out of Options
Take Your Pick:
Fixed Deposit
A lumpsum amount invested in one go.
Ideal if you’re looking to:
- Save for unexpected rainy days.
- Ideal to curb your spendthrift tendencies and save for emergencies instead.
- Earn a fixed interest rate.
Recurring Deposit
Smaller sums of money invested over a period of time to meet a specific goal.
Ideal if you’re looking to:
- Save to spend on a new gadget, travels or other goals.
- Ideal to meet all your purchase goals without breaking your budget.
- Enjoy interest rate similar to fixed deposit.
Think That’s All?
There’s More Where That Came From!
Whether it’s smarter savings, better investments, easy personal loans, international fund transfers - your digibank is designed to help you live better. It’s so easy, it feels like magic!
Personal Loan
Fast-track your life with instant paperless digibank personal loans of up to Rs. 15 Lakhs.
Recurring Deposit
Make goal-oriented savings effortlessly at a higher interest rate!
Remittance
Keep love and life undelayed with instant international transfers at no extra cost.
Insurance
Through thick and thin, we’ve got you covered with health insurance plans for the family, automobile insurance and travel insurance.
Investment
You don’t need to be a finance guru to make smart investment choices. You’ve got digibank to help you become your own expert.
Frequently Asked Questions
What is a fixed deposit?
A fixed deposit (FD) is an investment instrument that allows you to invest a lump-sum amount for a chosen tenure to earn interest at a fixed rate. You get a higher interest rate on a fixed deposit than on a regular savings account.
What is a recurring deposit?
RD or recurring deposit is a type of deposit that enables you to invest smaller amounts at regular intervals while giving you interest similar to a fixed deposit.
Is there a minimum amount or tenure for a term deposit?
The minimum amount for a fixed deposit is Rs. 5,000 while it’s Rs. 500 for a recurring deposit. The tenure can range from a few days to five years. You can choose to invest the RD amount on a daily, weekly, monthly or quarterly basis.
What interest rates does digibank offer on term deposits?
To know more about the interest rates on term deposits, please download our digibank app, or visit the ibanking website.
If I reinvest my term deposit at the end of the tenure, will the interest rate stay the same?
No. The current interest rate at the time of the creation of the new deposit will apply.
Can I encash my deposit before the maturity date?
Yes, you can terminate a deposit at any time, but there are penalties for the early closure. Use the "Manage" tab in the "Term Deposits" section of the digibank app to know more.
Are my deposits insured?
Yes. Your deposits are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC), a subsidiary of the Reserve Bank of India (RBI), for up to ₹ 5,00,000 (5 lakh rupees).
What happens when my deposit matures?
When your deposit matures, you have the option of reinvesting the balance in a new deposit, transferring the money into your digiSavings account, or only transferring the interest to your account and reinvesting the original investment in a new term deposit.
How can I set up a recurring deposit?
Setting up an RD is an easy and hassle-free process. You can do so via the digibank app on your smartphone or visit the digibank ibanking website, log in and select "Deposits (FD/RD)" in the navigation menu. Post that, click on "Open new deposit" and follow the instructions as shown on the website. You have the choice of setting up the frequency of the pay-out, the total amount, and the duration for which you want to have the deposit. In just a few minutes, you can open a deposit with DBS Bank and maximise your savings!
Will my deposit be automatically reinvested on maturity?
It will be automatically reinvested only if your instructions while opening the deposit mention reinvesting the amount on maturity. You can edit your settings in the "Deposits (FD/RD)" section of the digibank app., select the deposit you want to view or change and then click on the "Manage" tab.
Is there a cut-off date when I can no longer change the maturity instructions for my deposit?
No. You can change the maturity instructions at any time during the tenure by visiting the "Manage" tab in the "Deposits (FD/RD)" section of the digibank app.
What if my digiSavings account has insufficient funds for my recurring deposit payment?
In case your digiSavings account has insufficient funds, and we're unable to debit the payment, your term deposit will continue, but the amount and interest you receive at maturity will be adjusted based on the missed payments. Fees may also be payable.
If I choose to reinvest my deposit on maturity, will I be notified when it is reinvested?
Is there a charge for insuring my deposits with digibank?
No, we do not charge you for opening a fixed deposit with us. The bank covers the applicable cost.
Can I change the amount and frequency of my recurring deposit?
No. Once the RD has been created, changing the payment amount or the frequency is not possible.
How many deposits can I hold at the same time?
What if my deposit matures on a weekend or public holiday?
In case your term deposit matures on a weekend or a public holiday, the maturity will automatically happen on the next working day. However, the deposit will continue to earn interest for the extra days.
When will interest be paid on my deposit?
The Interest on your fixed deposit is credited to your account on maturity or premature termination. But an early termination may result in an interest rate lower than the current rate.
Can I see how much interest has been earned on my deposit?
To find out how much interest you’ve earned on your FD or RD, visit "Deposits (FD/RD)" section of the digibank app.
What are the requirements for opening a digibank term deposit?
If you have a digiSavings account, you can easily open a term deposit. For a fixed deposit, the minimum amount you need to invest is Rs. 5,000, and for a recurring deposit it is Rs. 100.
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