Exclusive Guide on How to Open a Fixed Deposit Account Online

How to open a fixed deposit account online?

There are two ways to open your FD or Fixed Deposit- Online and Offline.

To open a fixed deposit offline, you need to visit your nearest bank branch and submit all the required documents along with 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 below step by step.

How to Open a Fixed Deposit Account Online

Different banks follow different processes to open a Fixed deposit account. Explained below are a few steps that must be followed generally to open a fixed deposit with any bank.

  • Visit the official website of the bank with whom you wish to open your fixed deposit. (Before you do so, it is advised that you take a look at the interest rates and other conditions on fixed deposits offered by banks)
  • Enter your login credentials or create new credentials in case you are creating a fixed deposit with a new bank
  • Look for the ‘Fixed Deposit’ option on the portal
  • Fill in all the required fields, tenure, nominee, amount, digital signatures and submit all the documents
  • Once done, check all the details, and confirm
  • Make payment via net banking
  • After confirmation, make sure to download the receipt for future reference

Why is Paytm Fixed Deposit a Good Option?

Since every bank has different features/conditions for opening fixed deposits, it is better to compare the relevant features before deciding the bank with which you wish to open the deposit. For instance, unlike various other banks Paytm provides a relatively higher interest rate on the fixed deposits and does not charge any penalty for dissolving the fixed deposit before its maturity date. Hence, opening a Paytm Payments Bank Fixed Deposit with Induslnd as its banking partner would be an ideal choice.

Here are some other reasons that prove the same-

How to open a Fixed Deposit with Paytm?

Now that you know about all the Paytm Payments Bank FD (with Induslnd as its banking partner) benefits, here’s how you can create one with Paytm-

  • Open your Paytm mobile application
  • Navigate to ‘Paytm Bank’ and click on it
  • Enter your passcode to Paytm Bank
  • Scroll the screen and locate ‘Create a New Fixed Deposit’
  • Enter the amount you wish to deposit
  • Click on ‘Proceed’

Paytm Payments Bank offers an additional feature to ‘Auto-create Fixed Deposit’ that allows you to set a minimum balance limit in your savings account and create a fixed deposit as and when your savings account balance exceeds the limit as set up by you. This feature automatically creates a fixed deposit for you at a fixed time every day.

Is it safe to invest in an online Fixed Deposit?
Yes, it is safe to invest in an online fixed deposit. Banks, NBFCs and other financial institutions provide an easy interface, a simple onboarding process and a secure payment gateway. Once the amount gets deducted from the bank account, the user will be instantly notified about the same.
Can I open a Fixed Deposit online?
You can open FD online by logging in to your bank’s website. In the case of an existing bank account, you will not be required to submit the KYC documents as your bank will already have them. However, when opening an FD account in a new bank, you should keep all the documents handy.
Which bank provides the best FD options?
Before opening an FD account with any bank, it is good to first shortlist and compare several banks. Compare the plans, services, minimum/maximum amount to invest, interest rates, account flexibility, penalty charges, and others of each bank you shortlisted.
Can I get my FD interest monthly?
Yes, you can get your interest as per the pre-decided terms. During the time of investment in FD, you can opt for any of the options- monthly, quarterly or annual interest.
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