Fixed deposit is an investment option where you earn attractive interest income on your invested amount. In an FD, you invest a lump sum amount for a set tenor and a predetermined interest rate on the principal amount. You will get the entire invested amount along with the interest income at the set rates.
You can start your fixed deposit investment with a bank, NBFCs or post office as well. An FD investment is widely considered a trustworthy investment option as it is unaffected by any market risks. Irrespective of market fluctuations, you will still receive your decided interest income. Further, opening and managing a fixed deposit account is now simple thanks to digitalisation. Let’s have a look at how to open a fixed deposit account.
A fixed deposit account can be opened either through offline or online mode. To start your fixed deposit offline, you will have to visit the nearest branch of the bank, post office, or NBFC where you want to start your FD investment. To make it simple for you, here is a step-by-step process of how to open FD online and offline.
Different banks or NBFC have different procedures to open a fixed deposit account. Here is a look at the generic procedure to start your fixed deposit account online:
Go to the official website of the bank or NBFC where you want to start a fixed deposit account
Register with a new ID or login using the existing credentials. Select the open FD account option from available facilities
Enter the required details, like the fixed deposit amount, the tenor you wish to deposit it for as well as the type of FD
Upload the required documents that are needed to facilitate the opening of your fixed deposit account
Cross-check all the details once and complete the payment via net banking to get started with your FD
Download the receipt and take a printout of it for future reference
Apart from opening an account online, you can also track your FD investment and make use of several other features such as easy payment, renewal, and closure.
You can start your FD in any bank at your convenience even if you do not have an existing account. The procedure to start a fixed deposit account with or without having an existential account is almost the same. Find the steps for the same below:
Visit the nearest branch of your convenience
For those with an existing account, just fill up the application form of a fixed deposit and submit it to the branch
For those investors without an existing account, you will have to provide KYC documents like identity proof, address proof and other required documents along with the FD application form
With Bajaj Finance FD on Finserv MARKETS, you no longer need to worry about lengthy documentation or visits to any branch. You can submit the documents online and track your FD in a simple and fast process.
Bajaj Finance FD offers one of the best interest rates on FD in the market that are as high as 7.60%.
With Bajaj Finance FD on Finserv MARKETS, senior citizens get additional interest rates up to 0.25% over and above the non-senior citizen rates.
You can invest your amount in a flexible tenor ranging from 12 months to 60 months as per your financial goals.
Safety and Bajaj Finance FD go hand in hand. Irrespective of any market fluctuations, your money is in safe hands and you will get assured interest income.
Starting your Bajaj Finance FD is a seamless process. Know how to open FD online with the FD eligibility criteria given below:
Minimum investment amount – ₹15, 000
You must be an Indian citizen residing in India
Hindu Undivided Family (HUF)
A fixed deposit is a financial investment tool offered by banks and NBFCs where you invest your amount at a fixed tenor and a fixed interest rate. You get the interest income along with the principal amount upon maturity.
For opening a fixed deposit account, there is usually a set of generic FD eligibility criteria, like a minimum deposit amount, Indian residents, non-resident Indians, Hindu Undivided Family (HUF), sole proprietorships, partnership firms, companies, clubs, associations, family trusts, societies.
The different types of fixed deposits available on various banks are cumulative fixed deposits, non-cumulative fixed deposits, tax-saving fixed deposits, senior citizen fixed deposits, NRI fixed deposits, standard/regular fixed deposits.
To complete KYC, you need identity proof, and address proof such as an aadhaar card, PAN card with photograph, voter’s card, passport, driving license, etc.