Opening Fixed Deposit Without Savings Account Online

Fixed deposits, being the traditional investment option, are the popular choice of many Indians. It is like that old recipe that’s been passed on to generations. Opening an FD is easier and offers a lot of benefits, including stable returns, tax benefits, zero risks and flexibility, making it an attractive investment option. The biggest question that arises is Can I open FD without bank account? It's absolutely possible to open an FD account without having a savings account. This is where Standalone FD comes into play. In this blog, we will discuss how to open a fixed deposit without a savings account.

Quick Summary

• Yes, you can open FD without a bank account.
• No new account needed, high interest rates, low risks, maximum benefits.
• Compare interest rates, select tenure, proceed with KYC, make payment to book FD without a bank account.

Understanding a Standalone Fixed Deposit

A standalone fixed deposit is a fixed deposit that allows depositors to open an FD without having a savings account. It is the same as a usual fixed deposit where depositors deposit a lump sum amount in a bank for a fixed time period, which may range from a few days to years (typically ranging from 7 days to 10 years), but without the need for a savings account. On maturity, the amount invested and interest earned on it are received. Fixed deposits are safe and DICGC insured up to 5 lakh per bank per deposit.

ALSO READ: https://stablemoney.in/investments/fixed-deposit-minimum-period

Who Should Consider Opening a Standalone FD?

Now that you are aware of the standalone FD meaning, let’s move on and understand who can open a fixed deposit without a bank account.

• Individuals who have multiple bank accounts and want to keep some investments separate from their regular savings account.
• Anyone who is looking to diversify their funds in different investment instruments without a complicated account opening process.
• NRIs who wish to invest in an FD without opening a savings account.

Before discussing the process of how to open FD without bank account, let's take a look at some of the advantages of a standalone fixed deposit account.

Benefits of Opening a Standalone Fixed Deposit Account-

Here are some of the benefits of opening a fixed deposit without a savings account-

No Savings Account Required:

You can open a standalone FD without the need to open and maintain a savings account. This makes the process of opening a fixed deposit account much easier for those who want to have a minimum bank account.

Higher Interest Rates:

Interest rate on standalone FDs is the same or slightly higher than the interest on regular FDs. This makes these FDs a good option for earning returns on investment.

Safe and Secure:

Like any other usual FD, a standalone FD carries low risk as it is insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC).

Tax Benefits

Interest earned on standalone FDs is also taxable as other regular FDs. These FDs can also be used to claim a deduction of 1.5 lakh if qualified under section 80C.

Flexible Tenure:

Standalone FDs usually come with flexible tenure ranging from a very short-term to long-term tenure, offering you the option to choose a tenure that suits your goals.

Simple to Invest:

Opening a standalone FD account is much easier, as the process is simple with minimal paperwork.

Higher Liquidity:

You can choose premature withdrawal on a standalone FD with a penalty the same as in the regular FD. 

As we discussed the benefits of opening an FD without a savings account, next is how to open these standalone FDs.

How to Open a Standalone FD?

Based on your expected outcomes of the fixed deposit, you can proceed to open a standalone FD by following the process given below:

Select a Bank

Depositors first need to choose a bank where they want to invest by comparing different bank rates. Look for a bank offering an FD without a savings account. or use the Stable Money platform to compare FD Interest Rates & Invest Without a Savings Account for Max Returns.

Select FD & Tenure

Next, select the FD from different types of FDs and then select the tenure for which you want to lock investment in a fixed deposit account.

Enter Details

Now, enter the required details like deposit amount, payout option, etc.

Complete KYC

Many banks offer instant eKYC, for which you need to add Aadhaar and PAN details.

Make Payment

Once KYC is complete, you need to make a payment for opening an FD without a savings account.

Once the Fixed deposit is booked, you will receive a receipt for your standalone FD.

Conclusion

Standalone FDs are a smart and simple way to grow your money without the hassle of opening a savings account. Whether a first-time investor or someone looking to diversify investments, this is the best option offering the same benefits as a usual FD. If you are holding back from opening an FD because you don’t have a savings account, now you can open a fixed deposit without the need for a savings account.

Book Your FD with Stable Money for Up to 8.40% Returns