If you want to live a financially stable life, you have to invest. It gives you a good way to keep your extra money safe. It also lets your money grow as much as it can. Because of this, you’ll be able to reach your financial goals more quickly.
A Fixed Deposit is a well-known and popular tool that can help with this. It is a type of investment that gives a relatively high rate of interest. It lets the investor put in one lump sum for a certain amount of time.
So, it’s also easy to do what it says. Opening an FD is now a piece of cake. Most financial institutions give it out easily and with few requirements. Here are some ways to open a
Online:
These days, most people have an online account. FDs are the same way. Most people prefer to open one digitally because it is easier. How to do it:
Step 1: Choose a bank and go to their site.
First, choose a bank with a good name. Then, look for the FD facility on their website.
Step 2: Make sure you meet the requirements.
Check out the different plans that the provider has to offer. Then, look at what you need to do to be eligible. Take your time to figure out what each scheme is about.
Step 3: Fill out the form and send in the papers
The next step is to fill out the application. While doing so, make sure you enter your details correctly. After that, you can send in the necessary documents.
Step 4: Fill out the KYC form.
This step is needed to open a new bank account with a different bank. For example, you don’t have to do this step if you apply for an FD at your old bank. This is because they would already know the information about your account.
Step 5: Send the money.
The final step is to pay the deposit. This amount will be added to your FD by the bank. Keep in mind that they won’t do this until they’ve checked your information. If things don’t match up, you might have to reapply.
Offline:
Even though it’s not as common as it used to be, you can still open an FD account this way. The same steps are used as with other accounts. You need to go to the bank branch closest to you. Fill out the application form there and give it to the right person. After you’ve been checked, you need to put down the required amount. You will get the FD receipt, which you need to keep.
- Things to keep in mind before you open an FD
- If you’re looking for a new bank, you can get a better idea of how good they are by reading customer reviews.
- When you look at the different types of FD online, like on a banking app, make a note of the features and requirements.
- Keep one FD going for a long time before opening another one.
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