What’s a Fixed Deposit?
In simple words, a Fixed Deposit is a bank savings account in which you deposit money for a fixed period and you get a good amount of interest after it matures. Fixed Deposits are also known as ‘term deposits’, and you are sure of the interest that you would get at the end of the ‘term’ or maturity. It’s one of the safest and trusted means of saving money which has been used by people down the ages as its not prone to market risks and is secure.
Opening a Fixed Deposit account is a pretty simple task and here’s how you can do it!
Fixed Deposits go Online!
Nowadays, since most things can simply be done online, opening a Fixed Deposit too can be done in a similar fashion. All you need to open a Fixed Deposit online is a net banking login for your existing bank account. Once you log in to your net banking account, you can simply follow the steps and easily open a new Fixed Deposit account.
You can select the tenure, the amount that you would like to deposit and check the interest rates offered by the bank, simply by logging into your net banking account. You can also choose a nominee for your account at the time of opening the account or at a later stage. Within no time, your new Fixed Deposit account would be created and you would get an account number.
Mobile banking also helps!
Did you know that you can open a Fixed Deposit account with the help of mobile banking as well? Since most of the banking services these days can easily be handled using mobile banking, even opening a new Fixed Deposit account is just a click away.
All you need to do is use your mobile to log in to your net banking account and follow the steps of registering for and opening a new Fixed Deposit account. The chosen amount would be immediately deducted from your existing account and you would get the new Fixed Deposit account number. That’s all you need to do and your savings woes are solved via your mobile!
Keep Your ATM/Debit Card Handy
Even though not many people might be aware, you can use your ATM or Debit Card also to open a Fixed Deposit account. All you need to do is swipe your Debit Card at the nearest ATM and click on the Fixed Deposit request option and you would be guided through the steps.
You will be requested to choose the tenure of the Fixed Deposit account, and get to see the prevalent interest rates offered by your bank. Once you choose the tenure along with the amount, your account would be debited and you would receive a receipt of the same.
Just be aware that some banks have a minimum fixed amount which you need to opt for while opening a Fixed Deposit account through the ATM card. For instance, a singly owned Fixed Deposit at State Bank of India has a minimum cap of Rs. 10,000.
Fixed Deposit rates are different for all banks so it would be a good idea to compare Fixed Deposit rates across multiple banks before you decide to open one and start saving some money!