You can open FD or Fixed Deposit in two ways: online or offline.
To open a fixed deposit offline, you need to go to the nearest bank branch and submit all the necessary documents and the amount to be deposited. Alternatively, you can also choose to open a Fixed Deposit online, at the comfort of your home.
Learn how to open a fixed deposit account step by step below.
How to Open a Fixed Deposit Account Online?
To open a Fixed Deposit account, different banks have different procedures. Following are some of the steps to take to open a fixed deposit at any bank.
- Visit the official website of the bank where you want to open a fixed deposit. (Before you do, you are advised to analyze the interest rates and other terms of fixed deposits offered by banks.)
- Enter your login information or create new credentials if you open a fixed deposit with a new bank
- In the portal, look for the ‘Fixed Deposit’ option
- Fill in all required fields, including term of office, nominee, amount, and digital signature, then submit all documents
- Once done, double check and confirm all the details
- Make payments using net banking
- After confirmation, remember to save the receipt for future reference
Why Paytm Fixed Deposit a Good Choice?
Since each bank has different features/conditions for opening a fixed deposit, it is advisable to compare the relevant features before deciding which bank to open a deposit. Paytm Payments Bank, for example, offers higher interest rates on fixed deposits than other banks. Also, there is no penalty if the deposit is dissolved before the maturity date. As a result, opening a Paytm Payment Bank Fixed Deposit is an excellent choice.
Here are some other reasons which prove the same-
- There is no maturity period on FDs; users can solve FD whenever they want.
- Users will receive an interest rate of up to 5.5%, while senior citizens will receive an FD interest rate of 6% on maturity
- Auto-renewal option available at maturity
- One can redeem the amount instantly
- There will be no penalty if the amount of FD is redeemed before maturity
- Passbook will contain all FD . information
How to Open Fixed Deposit with Paytm?
Now that you know all the advantages of Paytm Payment Bank FD, here’s how you can unlock it.
- Launch the Paytm mobile app.
- Navigate to and click on ‘Paytm Bank’.
- Paytm Bank requires your passcode.
- Click the ‘Create FD’ option
- Enter the amount of money you want to deposit.
- Click the ‘Continue’ button.
Paytm Payment Bank has an additional feature called ‘Create Automatic Fixed Deposit’, which allows you to set a minimum balance limit in your savings account and make a fixed deposit when your savings account balance exceeds the limit you set. This feature creates a fixed deposit for you at a predetermined time.
Is it safe to invest in Fixed Deposit online?
Yes, it is safe to invest in fixed deposits online. Banks, NBFCs, and other financial institutions provide easy interfaces, simple onboarding processes, and secure payment gateways. Once the amount is deducted from the bank account, the user will be instantly notified of the same.
Can I open Fixed Deposit online?
You can open an online FD by logging into your bank’s website. In the case of existing bank accounts, you will not be asked to submit KYC documents as your bank already has them. However, when opening an FD account at a new bank, you must keep all the documents.
Which bank provides the best FD options?
It is a good idea to choose and compare several banks before opening an FD account with one of them. Compare packages, services, each bank’s minimum/maximum investment amount, interest rates, account flexibility, penalty fees and other features.
Can I receive my FD interest every month?
Yes, you can get your interest according to pre-agreed terms. You can choose between monthly, quarterly and annual interest rates when investing in FDs.