Fixed Deposits help you get the most from your savings without risking a thing. You can use the digibank app to make a one-off deposit (FD), save monthly (RD) or set a savings goal. Choose how long you want to invest your money for and when the term ends, you can either reinvest in a new deposit or just add your newly boosted savings to your digiSavings account!
Instant, hassle-free and paperless
Invest on-the-go with the digibank app
Maximise your savings
Earn up to 6.5% interest per annum
Bank the way you want to
Save a one-off amount or make regular deposits
Benefits of Fixed Deposit
- Simple: anyone with a digiSavings account can make a term deposit
- Convenient: Manage your deposit using the digibank app or ibanking
- Paperless: no bank queues or filling in long forms
- Flexible: save towards a goal or make daily, monthly or quarterly payments
- Customisable: make a fixed deposit of ₹5000 and up or a recurring deposit of ₹100 and up and choose how long you want to invest for
- Secure: deposits are insured by the DICGC for up to ₹1 lakh (learn more here)
Frequently Asked Questions
A fixed deposit (FD) allows you to invest a one-off sum of money for a chosen period (tenure) to earn a fixed rate of interest. Until the tenure ends a fixed deposit usually earns a higher interest rate than a regular savings account.
A recurring deposit (RD) allows you to deposit smaller amounts at regular intervals, while earning interest comparable to a fixed deposit.
For a fixed deposit the minimum amount is ₹5,000. For a recurring deposit it is ₹100. Tenures range from three months to five years. Recurring deposit can be paid daily, weekly, monthly or quarterly.
Interest rates can be viewed on the digibank app, on the ibanking website in the term deposits section or viewed here.
If I choose to reinvest my term deposit at the end of the tenure, will the interest rate stay the same?
Not necessarily. The prevailing interest rate based on the tenure of the new deposit will apply. See here for more information.
You can terminate a deposit at any time on the “MANAGE” tab in the “Term Deposits” section of the digibank app, although there are penalties for early closure. The remaining balance will be paid to your savings account (takes a minimum of one working day).
How to Apply for Fixed Deposit
For digibank users
- Using the digibank mobile app
- Launch the app on your smartphone
- Log in and tap “Fixed Deposits” in the navigation menu
- Using the digibank ibanking website
- Log in and tap “Deposits (FD/RD)” in the navigation menu
- Click on “Open New Deposits”
New to digibank?
- Download the digibank mobile app on your smartphone
- Launch the app and sign up for a full digiSavings account
- Tap “Fixed Deposits” in the navigation menu