What is Bank FD ( Fix Deposited ) : means an account in which money is deposited for the maturity period and on which investors get fixed interest. The money deposited in the fixed deposit account is not withdrawn before the stipulated period, if for any reason the investor has to withdraw his money then he has to inform the bank, after which the bank returns the money after deducting some penalty.
A large number of people get FD done to increase their money in a short time because the bank gives very low interest rate in savings account but if they get FD then the interest rate is up to 9%.
What is Bank FD ( Fix Deposited ) | Types of Fixed Deposit
Standard Term Deposit
In Standard Term Deposits the money is invested for a fixed period at a predetermined interest rate. The duration can range from 7 days to 10 years. In this, the investment period and interest rate depend on the financial institution in which the investment is being made.
Recurring Fixed Deposit
Recurring deposit is also a type of fixed deposit, in which the amount is deposited for a fixed period such as monthly or quarterly. In this the interest rate is already determined. On completion of the maturity period, interest is received along with the amount.
Corporate Fixed Deposit
Some corporate institutions also offer FD deposits. They offer higher interest rates than banks and NBFCs, but corporate FDs carry more risk. If a company goes bankrupt, there is no guarantee that the deposited amount will be recovered.
NRI Fixed Deposit
NRI FD is a good option for citizens earning in foreign currency. There are fluctuations in currency, but the most important advantage of NRI FD is that the entire amount including interest is tax free
Documents for Fixed Deposit
- Aadhar card
- Passport
- PAN card
- Voter ID Card
- Address proof
How to do FD online
If you want to open an FD account then the process is easy. For this you will have to contact the nearest bank with the necessary documents. Get information about fixed deposits from the bank. It is important to know about the interest being given on fixed deposits.
After getting all the information, you will have to fill the fixed deposit account form and deposit the amount to be deposited in the fixed deposit. After which the bank fixed deposit account will be opened. This process can also be done online. If you want, you can deposit the amount deposited in your savings account or current account in your fixed deposit account sitting at home through internet banking
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