What is the process for opening a Fixed Deposit online?

Opening a Fixed Deposit (FD) online is a convenient and simple process. Here’s a step-by-step guide to help you understand the procedure:

• Select a Bank or NBFC: First, choose a bank or Non-Banking Financial Company (NBFC) that offers competitive FD interest rates and meets your requirements.
• Check for Special Offers: Look for any special rates for senior citizens, women, or promotional offers.
• Log in: Go to the official website or mobile banking app of the bank or NBFC you’ve chosen.
• Select Fixed Deposit: Look for the Fixed Deposit section, which is usually under the ‘Investments’ or ‘Deposits’ tab.
• Decide the FD Amount: Enter the amount you want to invest in the FD (e.g., ₹50,000, ₹10 lakhs).
• Choose a Tenure: Depending on the offerings, you can choose the tenure for the FD, which can range from 7 days to 10 years.
• Provide Personal Information: Fill in personal details such as name, address, date of birth, and contact details.
• Complete KYC (Know Your Customer): Complete the KYC process by submitting Aadhaar or PAN card for identity verification and bank account details for the FD link.
• Review and Confirm: Double-check the FD amount, tenure, interest rate, and personal information.
• Make the Payment: You can pay through bank account transfer (NEFT/RTGS/IMPS), UPI, debit card or net banking.
• Provide Repayment Account Proof: You will have to submit proof of your active savings account where the FD maturity amount (principal + interest) will be credited.
• Receive Confirmation: After successful payment, you will receive an e-receipt confirming the creation of your FD.