You can open an FD or Fixed Deposit in two ways: online or offline.
To open an offline fixed deposit, you must go to your nearest bank branch and submit all the required documents as well as the amount to be deposited. Alternatively, you can also opt 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. The following are a few steps that must be taken in order to open a fixed deposit with any bank.
- Go to the official website of the bank where you want to open a fixed deposit. (Before you do so, it is recommended that you analyse the interest rates and other terms of fixed deposits offered by banks.)
- Enter your login information or create new credentials if you’re opening a fixed deposit with a new bank
- On the portal, look for the ‘Fixed Deposit’ option
- Fill out all of the required fields, including tenure, nominee, amount, and digital signatures, and then submit all of the documents
- Once completed, double-check and confirm all of the details
- Make a payment using net banking
- After confirmation, remember to save the receipt for future reference
Why is Paytm Fixed Deposit a Good Option?
Because each bank has different features/conditions for opening fixed deposits, it is best to compare the relevant features before deciding which bank to open the deposit with. Paytm Payments Bank, for example, offers a higher interest rate on fixed deposits than other banks. Also, it does not charge a penalty if the fixed deposit is dissolved before its maturity date. As a result, opening a Paytm Payments Bank Fixed Deposit is an excellent option.
Here are some other reasons that prove the same-
- There is no maturity period on FDs; users can break the FD whenever they want.
- Users will receive interest of up to 5.5 %, while senior citizens will receive a 6 % FD interest rate on maturity
- Auto renewal option is available on maturity
- One can redeem the amount instantly
- There will be no penalty if the FD amount is redeemed before maturity
- The Passbook will contain all of the FD information
How to Open a Fixed Deposit with Paytm?
Now that you’re aware of all the advantages of a Paytm Payments Bank FD, here’s how you can open one.
- Launch the Paytm mobile app.
- Navigate to and click on ‘Paytm Bank.’
- Paytm Bank requires your passcode.
- Click on ‘Create FD’ option
- Enter the amount of money you want to deposit.
- Click the ‘Proceed’ button.
Paytm Payments Bank has an additional feature called ‘Auto-create Fixed Deposit,’ which allows you to set a minimum balance limit in your savings account and have a fixed deposit created when your savings account balance exceeds the limit you set. This feature creates a fixed deposit for you at a predetermined time.