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.

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).