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Open a Fixed Deposit Without a Savings Account
Posted on Thursday, September 26th, 2024 | By IndusInd Bank
Fixed Deposits (FDs) offer numerous benefits, including zero risk, predictable returns, loan facilities, tax benefits, and even Deposit Insurance and Credit Guarantee Corporation (DICGC) backed insurance. No wonder why millions of Indians put their trust in these investment options.
The traditional route to opening an FD typically starts with owning a savings account at a bank. However, many wonder, “Can we open a fixed deposit without bank accounts entirely?” There could be several reasons behind this interest. For example, some may not want to manage multiple bank accounts, and others might seek to avoid the minimum balance conditions of savings accounts.
Let’s explore if the option to open an FD without a bank account exists and, if yes, how to take advantage of this opportunity.
Is it Possible to Open an FD Without a Savings Account?
To open IndusInd Bank Fixed Deposits, you don’t need to have a savings account with the bank. This option caters to those who seek a simple way to invest without the complexities of managing multiple accounts. With this flexibility, more individuals can take advantage of competitive interest rates and secure financial growth, no matter if they hold a savings account with the bank or not.
Open a Fixed Deposit Without a Savings Account | 3 Easy Steps
Step 1: Click on “Apply Now” and Provide Personal Details
Navigate to the IndusInd Bank website and locate the Fixed Deposit section. Click on the “apply now” button to start your application.
You will be prompted to enter your personal details, such as your full name, address, phone number, email, and identification numbers (PAN or Aadhaar card). This step is crucial for identity verification and to ensure that all communications related to your FD are correctly directed to you.
Step 2: Input Your FD Details
Next, decide on the specifics of your FD. You can choose from different types of fixed deposits, from a tax-saving fixed deposit to a senior citizen FD. Once finalised, decide on the deposit amount, tenure, and interest payout frequency (monthly, quarterly, annually, or at maturity). These choices will affect the interest you earn, so review the options carefully to match your financial goals and needs.
Make sure to review the terms and conditions to understand the penalties for early withdrawal and other relevant details.
Step 3: Fund Your FD
As you do not have a savings account with IndusInd Bank, you can transfer the deposit amount from another bank account via NEFT, RTGS, etc. Once the funds are received and verified, you will receive an FD receipt online, which confirms your investment. This receipt includes important details such as the principal amount, interest rate, tenure, and maturity date.
Note: Since you are opening this account using Aadhaar eKYC, for fixed deposits exceeding ₹90,000, you will need to complete a video KYC session with a representative. Make sure you have your original PAN card, a pen, and a piece of paper handy before beginning the process.
Also Read: Fixed deposit myths debunked: What you need to know
Benefits of Opening a Fixed Deposit Online
| Convenience | You can complete the entire process from the comfort of your home. No multiple bank visits, paperwork, long queues, or wastage of time. |
| Speed | Once you provide all the necessary details and fund your FD, the account can be activated almost immediately, which means you can start earning interest without any delay. |
| Automated calculations | You can use an online FD calculator to determine the maturity amount and interest you will earn based on the deposit amount and tenure. This helps you choose the FD amount and tenure wisely. |
| Customisation | Customise your FD with adjustable amounts, terms, and maturity options to fit your financial goals. |
IndusInd Bank Fixed Deposits | Easy Investment, Big Benefits
As you can see, opening an FD without a bank account with a specific bank is entirely possible. This facility offers a convenient investment route for those who want to enjoy the benefits of FDs but don’t want the hassle of opening a new bank account. IndusInd Bank facilitates this process and allows investors to capitalise on attractive interest rates and secure financial growth.
Just apply online, fill in your personal details, choose the appropriate FD, select the tenure, decide on the amount, and fund it. So, don’t delay anymore and watch your hard-earned money grow with attractive FD returns. Book an FD online today!
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.
