How to Open FD Account through Net Banking, App & Offline?

Share on :

In today’s world, it is essential to have a secure and reliable investment option. FD or Fixed Deposit (FD) have been popular among individuals looking for an option to grow their savings while receiving fixed returns. FDs offer higher rates of returns in comparison to regular savings accounts. It is a preferred form of investment as it is safer in comparison to equities. Unlike equities, which cannot guarantee returns, you can get an idea of what returns you expect. FDs are a perfect investment option for conservative investors who wish to avert risk. If you are wondering how to open an FD account, this article will guide you through the entire process step by step.

Table of Contents

How to Open an FD Account?

If you are planning to open an FD account, there are multiple options to based on your convenience. Let’s explore each of them:

1. Steps to Open a Fixed Deposit Account Online

Opening an FD account online through net banking is a convenient and time-saving option. Here’s a step-by-step guide to help you through this process:

Step 1: Log in to your bank’s Internet banking portal using your credentials.
Step 2: Navigate to the FD account section or the “Open New FD” option.
Step 3: Select the type of FD account you want to open, such as a regular FD or a tax-saving FD.
Step 4: Enter the deposit amount, tenure, and maturity instructions.
Step 5: Review the terms and conditions, and if you agree, proceed to confirm the FD account opening.
Step 6: Complete the verification process, if any, as your bank requires.

Once the process is complete, you will receive a confirmation message along with the FD account details.

2. Steps to Open a Fixed Deposit Account Offline

If you prefer a traditional approach, you can open an FD account offline by visiting the bank branch. Here’s what you need to do:

Step 1: Visit the nearest bank branch where you wish to open an FD account.
Step 2: Collect the FD account opening form from the customer service desk.
Step 3: Fill in the required details accurately, including the deposit amount, tenure, and nominee details.
Step 4: Collect all the documents the bank specifies, such as identity proof, address proof, and PAN card.
Step 5: Submit the filled-up form along with the documents to the bank representative.
Step 6: Pay the deposit amount in cash or through a cheque as per the bank’s guidelines.

The bank will verify the details provided by you and initiate your account opening process.

3. Steps to Open a Fixed Deposit Account Through an App

With the advancement of technology, many banks now offer the convenience of opening an FD account through their mobile apps. Here’s a general step-by-step process regarding how you can book a fixed deposit account using the bank’s mobile app:

Step 1: Download and install your bank’s mobile app from the respective app store.
Step 2: Register and log in to the app using your credentials.
Step 3: Navigate to the FD account section or the “New FD” option.
Step 4: Select the type of FD account you want to open.
Step 5: Enter the deposit amount, tenure, and other required details.
Step 6: Review the terms and conditions before proceeding.
Step 7: Confirm the FD account opening by following the instructions provided on the app.

Once the process is complete, you will receive a confirmation message with the FD account details.

4. Steps to Book FD on the Stable Money App

Stable Money is India’s biggest FD booking platform which allows you to compare FDs from 200+ banks and choose the best FD that suits your goals. Here’s how to book a fixed deposit through the Stable Money app:

Step 1: Download the Stable Money app from the Play Store and App Store.
Step 2: Register with your mobile number linked with an Aadhaar Card.
Step 3: On the Homepage, you will see multiple bank and NBFC FD options. Now, choose the FD you want to book.
Step 4: Click on Proceed to choose the tenure
Step 5: Enter the amount, select the tenure, and click Choose & Proceed.
Step 6: Now, enter your details and do the KYC/v-KYC as required.
Step 7: Make the payment, and your FD is booked.

Note* – At Stable Money, you can book FD with these banks & NBFCs – Utkarsh Small Finance Bank, Finacare SF Bank, Shriram Finance, Bajaj Finance, South Indian Bank, Shivalik SF, and Axis Bank – coming soon.

Eligibility Criteria to Open an FD Account

To open an FD account, you need to fulfil certain eligibility criteria, which may vary from bank to bank. Generally, the requirements for applying are as follows:

1. Applicant Type

You must be an Indian citizen or a resident Indian.
Minors with a guardian.
Non-resident Indians (NRIs) have separate schemes and eligibility criteria for opening an FD account.
Companies
Proprietorship firms
Partnership firms
Family trusts

2. Age of Applicant

Certain banks have a minimum age requirement (e.g., 18 years).

Note* – It is advisable to check with your bank for specific eligibility requirements before applying for any FD scheme.

Documents Required to Open an FD Account

To open an FD account, you must submit certain documents, such as proof of identity, address, and date of birth. The standard documents required are:

Aadhaar card
PAN card
Passport
Voter ID card
Driving license
Utility bills (electricity bill, telephone bill, etc.)

The specific documents required may vary depending on the bank’s policies. It is recommended to carry both original and photocopies of the documents to the bank for verification.

Conclusion

An FD account is a reliable way to grow your savings and earn a fixed return on your investment. The process is simple and convenient whether you open an FD account online, offline, or through a mobile app. Now that you know how to open a fixed deposit account, you can invest your money for an interest rate and tenure that will help you reach your financial goals easily. Following the step-by-step process mentioned in this blog, you can easily book your FD account and grow your savings. Make sure to go through the terms and conditions associated with the scheme before investing in it. This will help you better decide which scheme might offer the best results for you. So, take the first step towards your financial stability and start your FD account today!

FAQs

What is the minimum deposit amount required to open an FD account?

The minimum deposit amount required to open an FD account varies from bank to bank. It can range from as low as Rs. 1,000 to higher amounts like Rs. 10,000 or more.

Can I withdraw my FD prematurely?

Yes, most banks allow premature withdrawal of FDs. However, there may be penalties or charges associated with early withdrawal, which can vary depending on the bank and the tenure of the FD.

Are the interest rates fixed for the entire tenure of the FD?

Yes, the interest rates for FDs are fixed at the time of account opening and remain constant for the entire tenure. The rates are usually higher for longer tenures.

Can I have multiple FD accounts in the same bank?

Yes, you can have multiple FD accounts in the same bank, provided you meet the eligibility criteria and comply with the bank’s policies.

Are the returns from FDs taxable?

Yes, interest earned from FDs is taxable as per income tax regulations. The interest income is added to your total taxable income and taxed at the applicable slab rate.

Disclaimer

This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.