Term 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, save monthly 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!
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Save a one-off amount or make regular deposits
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).
Your deposits are insured up to ₹1,00,000 (1 lakh rupees). We’re governed under the Deposit Insurance and Credit Guarantee Corporation (DICGC), a subsidiary of the Reserve Bank of India (RBI) set up to insure deposits and guarantee credit facilities. See here for more information.
You can reinvest the balance in a new deposit; transfer the money into your digiSavings account; or only transfer the interest you’ve earned to your digiSavings account and reinvest your original investment in a new deposit.