Fixed Deposit for Women: Benefits, Interest & Eligibility

Posted on Thursday, October 17th, 2024 | By IndusInd Bank

Securing financial stability is crucial for women aiming to achieve long-term economic independence. One such reliable avenue is through fixed deposits (FDs). This instrument offers a safe harbour for your savings and serves as a robust tool for wealth creation. FDs also offer competitive interest rates. Fixed deposits ensure your money grows steadily over time and shields you against economic uncertainties.

In this article, we explore the myriad benefits of women’s fixed deposits and a detailed guide on how to open and manage them effectively.

Eligibility Criteria

• The FD (Fixed Deposit) is open to all women at least 18 years old. It serves a varied clientele, including working women, stay-at-home moms, and senior citizens.
• To take advantage of these fixed deposits for women, you must be an Indian resident.
• You need a recent photo and proof of address along with identity verification (PAN, Aadhaar, etc.)
• Accessible to female investors individually or in joint accounts where a female primary holder holds the account.

Advantages of Fixed Deposits for Women

• Women investors can meet their unique financial goals and needs with fixed deposits. Fixed deposits provide benefits like guaranteed returns and the security of their money.
• Gives your savings a safe place to be invested, giving you peace of mind.
• FD rates for women are marginally higher compared to standard FDs. This gain can greatly boost the total returns. It makes FDs a better investment option.
• Long-term and short-term tenures are available to meet different financial objectives.
• Loans against FDs are also available, offering financial flexibility when needed.
• Permits beneficiaries to be nominated, guaranteeing a seamless benefit transfer.
• Senior citizens are eligible for tax deductions under Section 80TTB on interest earned up to ₹50,000 annually.
• Women can use special schemes, including loans against FDs and exclusive offers on other banking products.

Also read: Smart Ways to Diversify Your Portfolio with Fixed Deposits

How is a Woman’s Fixed Deposit Opened?

Opening a fixed deposit account can empower women by helping them understand the procedures and paperwork required to securely grow their savings. Here’s a step-by-step guide to help you get started on your financial journey.

1. Record-keeping: Prepare your KYC documents with your UID, PAN, and recent photos.
2. Application: Apply online by visiting the bank’s website, Indus mobile app, Indus net, or the closest location. Completing online applications only takes a few minutes and needs primary financial and personal data.
3. Deposit Amount: Choose how much you want to invest. A broad spectrum of investors can participate because of the minimum deposit amount.
4. Choose a Tenure: Depending on the financial objectives, you can choose a tenure of seven days to ten years.
5. Confirmation and Receipt: You will get a receipt after submitting the application and making the deposit. It will outline the terms of your account.

Conclusion

Fixed deposits stand out as a cornerstone of financial planning, offering a secure and profitable avenue to grow savings. Beyond safeguarding wealth along with competitive fixed deposit interest rates for women, these instruments provide stability and peace of mind for your financial future.

Whether you aim to build an emergency fund, save for a specific goal, or secure a reliable source of passive income, fixed deposits offer flexibility and security. By understanding the eligibility criteria and procedures, women can confidently harness the benefits of fixed deposits to enhance their financial well-being. Embrace the power of IndusInd Fixed Deposits today and pave the way for a more secure tomorrow.

Ready to secure your financial future? Open an IndusInd Bank Fixed Deposit account and take advantage of competitive interest rates, flexible tenures, and exclusive benefits designed for women. Start your journey towards financial independence now!

Disclaimer: The information provided in this article is generic and for informational purposes only. It is not a substitute for specific advice in your circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for making any financial decisions based on the contents and information.