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Digital Investing Made Simple: Your Roadmap to Opening an FD Account Online

October 16, 2024

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Beat the queue and open an FD online in few easy steps. Thanks to digital banking, you can now open a fixed deposit account from anywhere. The entire process is extremely simple, straight-forward, 100% online and safe; all you need is a proper Internet connection.

Step-By-Step Guide: Opening an FD Online

For the uninitiated, here's a simple guide on what you should do to open an FD account online. do to open an

Step 1: Research Comes First

The first step in opening a fixed deposit is to research different financial institutions and their offerings. Look for FD service providers that offer competitive interest rates and flexible terms. By comparing the options available, you can make an informed decision about where to invest your money.

Step 2: Log in or Create a New Account

If you already have an account with the bank where you want to open an FD, simply log in to your online banking portal. If you are a new customer, create a new account by providing your personal details.

Step 3: Select Online Fixed Deposit or Digital Fixed Deposit

Once logged in, navigate to the bank's portal and look for Digital or Online Fixed Deposit tab. This will typically be located under the "Deposits" section.

Step 4: Fill out Required Fields

Click on the "Fixed Deposit" option and fill out all the required fields. These may include details such as:

Type of FD (Tax Saver, Regular FD, etc.)
Tenure (the duration for which you want to invest)
Aadhaar details
PAN details
Personal details
Nominee (the person who will receive the deposit in case of your absence)
Amount (the sum you wish to invest)

Note: Video KYC is mandatory. Ensure you have your original Aadhaar, PAN and your signature on a white paper ready, before you connect on Video KYC.

Step 5: Double-Check and Confirm Details

Double-check all the details you have entered before submitting your application. Ensure that the tenure, amount, and nominee details are accurate.

Step 6: Make the Payment

Once you have confirmed all the details, proceed to make the payment using net banking or any other available online payment method. Keep a record of the receipt for future reference.

Eligibility Criteria for Opening an FD Online:

To open an FD online, you must meet the following criteria:

Nationality: Indian resident
Aged: 18 years or above
Valid PAN and Aadhar card.
Your mobile number should be linked to your Aadhaar card

However, opening a digital fixed deposit account with Ujjivan SFB is far simpler. Let's understand how you can apply for Ujjivan SFB Digital Fixed Deposit.

Steps to Open Ujjivan SFB Digital FD

You can apply for Digital FD in 5 easy steps:

Step 1: Enter your mobile number, PAN and Aadhar

Step 2: Enter deposit details and complete the payment

Step 3: Provide personal details

Step 4: Complete Video KYC (between 8 am - 8 pm)

Step 5: Receive FD receipt

Complete these steps and start growing your savings.

Final Thoughts

Choosing the best FD plan requires careful consideration of various factors such as interest rates, credibility of the institution, maturity amount, and penalty charges. Sign up for an FD that's aligned with your financial aspirations.

Looking to grow your savings? Ujjivan SFB offers a wide range of fixed deposit products. Select the FD of your choice and take a step forward to your financial goals. Alternatively, you can browse through Ujjivan SFB product suite - our wide range of financial products are designed to make your financial life better.

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FAQs

1. What documents do I need to provide to open a Digital FD online?

You need to provide the following documents to open a Digital FD online:

Aadhaar card
PAN Card (Physical PAN required for Video KYC)
Mobile number linked with Aadhaar

2. Is it safe to open an FD online?

FD is considered one of the safest investment instruments. However, it's always recommended to take necessary precautions before you start investing. Always ensure your banking password aren't saved on your mobile, PC or laptop. Also, to steer clear of fraudulent activities, bank with RBI-registered entities. With Ujjivan SFB, enjoy safe and secure investments.

3. Can I open multiple FDs online with different tenures?

Yes, you can open multiple FDs online with different tenures. This allows you to diversify your investments and better manage your financial goals. This strategy is popularly known as FD laddering.

4. What is the minimum amount required to open an FD online?

The minimum deposit amount varies from bank to bank. It can range from as low as ₹100 to ₹10,000 or more. With Ujjivan SFB, you can open a digital FD with just ₹1,000.

5. Will I be able to withdraw money from FD online?

Yes, online FD withdrawals can be done by logging into your account, choosing the desired FD, and following the provided instructions. Note that terms and processing times may vary.

6. How does an online FD differ from an offline FD?

Online FDs are opened and managed digitally, offering convenience and faster processing. In contrast, offline FDs involve physical paperwork and branch visits for transactions.

7. How much FD amount is safe in the bank?

Under DICGC (Deposit Insurance and Credit Guarantee Corporation) regulations, each depositor is insured up to ₹5 lakh.

8. Can I open an FD online without a bank account?

Yes, with Ujjivan SFB, you can open a standalone FD online without a savings account, using a UPI-enabled account for funding, linked to your Aadhaar card.

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