Investing is essential if you want to lead a financially stable life. It allows you to safeguard your surplus wealth effectively. It even lets your money grow to its greatest potential. As a result, you become more capable of fulfilling your monetary objectives efficiently.
A prominent and popular facility that assists in this process is a Fixed Deposit. It is an investment instrument that provides a relatively high-interest rate. It lets the investor deposit a lump sum for a fixed tenure. Therefore, it is also easy to follow through. Nowadays, opening an FD has become a cakewalk. Most financial institutes offer it readily with minimum criteria. Following are the ways to open one:
Having an online account has become the norm recently. The same goes for FDs. People prefer to open one digitally as it offers more convenience. Here is how:
Step 1: Select a bank & visit their website
Firstly, pick a reputable bank. Then, visit their website and check for the FD facility.
Step 2: Check for the eligibility criteria
Look at the different plans offered by the provider. Then, go through their eligibility criteria. Take your time analysing the features of each scheme.
Step 3: Fill out the form & submit documents
Next, fill out the application form. While doing so, make sure you enter your details correctly. Once done, you can proceed to submit relevant documents.
Step 4: Complete the KYC
This step is necessary to open a Bank Account with a new banking partner. For example, if you apply for an FD with your old bank, you need not follow this step. This is because they would already have your account details.
Step 5: Make the payment
Finally, you need to make the deposit payment. The bank will transfer this amount to your FD. Note that this only happens after they verify your information. In case of discrepancies, you might need to reapply.
Although the route-less-taken nowadays, opening an FD Account offline is also an option. The process is the same as one for other accounts. You need to visit the nearest bank branch. There, fill out the application form and submit it to the concerned official. Post verification, you need to deposit the required amount. You will receive the FD receipt that you should maintain.
Things to remember before opening an FD
- If you are opting for a new banking partner, read their customer reviews for a better judgment
- While going through the different types of FD online, like a Banking app, note down the features and eligibility criteria
- Sustain one FD for a considerable amount of time before opening another