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Can I move my fixed deposit from one bank to another?

By Finserv MARKETS - Aug 1,2019
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Can I move my fixed deposit from one bank to another

Fixed deposits have turned out to be a popular method of investment among Indian investors. Besides the ease of creating a deposit account or renewing an existing one, one of the main reasons for its popularity is the assurance of returns that one gets with a fixed deposit investment,.

Why are fixed deposits popular?

Fixed deposits have always found popularity among individuals who take a low-risk approach to investment — a conservative approach where the focus is on preserving the capital and accumulating interest on it for a specific period of time.

Besides providing safety to capital, fixed deposits also provide liquidity to their owners. So if you invest in fixed deposits, you can access the amount at any point in time — access them in times of need, or raise a loan or it, even get an instant approval for a credit card. Fixed deposit accounts have a tendency to continue till the maturity period, after which they can either be renewed or dropped. However, if you want to close the FD account before its maturity period, you are welcome to do so, but with a fee.

Are fixed deposit accounts transferable?

Mobility has been a part of working individuals. Often, people change locations due to a change of job, or due to a transfer. Hence, they want to carry along their bank accounts — shifting them to the branch where they are located.

It is easy to transfer your fixed deposit account from one bank branch to another. The steps are quite simple — you will have to the manager of the present bank and request them to allow for a change in the location of your fixed deposit account to a new bank account within the same branch. Once all the necessary steps are taken, such as verifying the KYC details, your FD transfer request will be approved.

Should fixed deposits be compromised with?

While your fixed deposit is still maturing in the bank, you may come across other FD offers that may seem a lot more lucrative, leaving you to wonder whether you could have just gotten the very FD scheme instead of the one you currently have.

Can I move my fixed deposit from one bank to another

Indeed, fixed deposit interest rates must not be compromised with. Getting a below-par offer, or opting for a scheme which does not provide you with the full-fledged benefits of fixed deposit accounts can be quite disappointing.

To get away from the rush, you could look for fixed deposit schemes on Finserv MARKETS that good interest rates on your fixed deposit accounts — as much as 8.95%. If you invest in fixed deposits on Finserv MARKETS, you will have numerous options and gain access to features that will help you multiply your savings quickly without stressing on the risk factors.

If senior citizens invest in fixed deposits, it becomes a lot more lucrative for them. If you want to open a fixed deposit account for your parents and not get into the regular banking hassle of transferring accounts with a change in locations, then you should look at FDs as an option as they give higher interest rates to senior citizens — returns 0.35% more than the regular interest rates.

If you do not have enough savings and still want to go for a fixed deposit account, then FDs are the perfect option for you, as it allows opening a fixed deposit amount with the minimum amount of Rs 25,000. With a low investment threshold, you have the option to invest any time, without waiting for your finances to accumulate over a long period of time.

Conclusion

FDs on Finserv MARKETS offer smart, feature-rich options to get a fixed deposit account. Fixed deposits on Finserv MARKETS come with stable ICRA MAAA and CRISIL FAAA ratings, assuring you of stability. The online investment process at Finserv MARKETS is fast, efficient and transparent.

Before you invest in one, you might want to calculate what the value will yield at its maturity value. With several investment options available around. Fixed deposits might seem to be an outdated concept. However, if you are looking to invest in a risk-free scheme which can help you increase your savings over time while giving you an instant-credit feature, then fixed deposit accounts might be the thing for you.

Finserv MARKETS, from the house of Bajaj Finserv, is an exclusive online supermarket for all your personal and financial needs. We understand that every individual is different and thus when you plan to achieve your life goals or shop for the gadget of your dreams, we believe in helping you Make it Happen in a few simple clicks. Simple and fast loan application processes, seamless, hassle-free claim-settlements, no cost EMIs, 4 hours product delivery and numerous other benefits. Loans, Insurance, Investment and an exclusive EMI store, all under one roof – anytime, anywhere!

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522