How To Open An FD/RD With An Online Savings Account?

Although the market is flooded with a whole lot of investment options, fixed deposits (FDs) offer more financial security and consistent returns than fixed deposits (FDs) and recurring deposits (RDs) do. 

Fortunately, with advancements in online banking, you no longer have to deposit cheques and queue up at the bank to invest in FDs and RDs.  

You can now open an FD or RD account online in just a few clicks from the comfort of your home. You only need your KYC documents, an Internet connection, and a compatible device. 

What’s more, if you have an online savings account, such as the ones IndusInd Bank offers, opening an RD/FD account is all the easier. 

So, if you have an online savings account in your name, here’s how to open an FD or RD account using it. 

Things To Consider Before Initiating An RD/FD

As we all know, fixed deposits and recurring deposits are popular investments for individuals. The RD/FD helps to grow their savings with a guaranteed return.  

Opening an FD/RD is a very straightforward process. It only requires a few easy steps.  

The process of initiating an RD/FD depends on whether you have an account with a bank or not. These are the following things that you must consider before opening a RD/FD:  

Do You Have An Account With The Bank?

You can simply visit the bank and complete an application, which will help you start an RD. If you already have an account with the bank, the bank has all the necessary details about you in their record.  

This helps to make the process much smoother. Once you fill out the application form, you give them the indication that you want to open an RD. The bank might also ask for some more information that is required for the process.  

What Happens If You Don’t Have An Account With The Bank?  

There can be instances where maybe you don’t have an account with that particular bank. In such cases, when you are visiting the bank, don’t forget all your KYC or Know Your Customer documents.  

These documents will be the ultimate proof of your identity, your address, etc. You should also carry a photograph as per the requirements.  

As you are new to this, the bank staff will thoroughly guide you in the process of opening an RD account. They will also help you with KYC verification.   

What Happens Once All Your Details Are Verified?

Once you have submitted your RD application and completed your KYC verification, the bank will create an RD account for you.  

They will review all the necessary details before finalizing the account for you. They may also proceed with some necessary internal checks. Once all the verification is completed, the bank will proceed with initiating the RD account for you.  

Always remember that the procedures and requirements vary from bank to bank. So, I would suggest you visit the bank branch once or chat directly with the bank manager.  

You can also find all the necessary information on how to open an RD account on the bank website.  

How To Open An FD with An Online Savings Account?

Opening an FD/RD is an easy and straightforward process. It is more like a journey that helps you to achieve security and stability in your financial growth.  

The process of opening an FD account differs from bank to bank. At IndusInd Bank, opening an FD is a very quick and hassle-free process. But you can do it in some easy and simple steps:   

Here are the steps to open a fixed deposit with an IndusInd Bank Online Savings Account: 

1. Visit the IndusInd Bank’s website and select the ‘Fixed Deposit’ option. 
2. Click on ‘Create a Fixed Deposit’. 
3. Enter your account and nominee details and link your savings account to the fixed deposit. 
4. Once confirmed, the desired amount will be debited from your savings account and added to your new fixed deposit amount. 

The interest rate on your FD will be applied as per the date of request and will remain constant throughout the tenure. Once the fixed deposit is opened, IndusInd Bank will send a copy of its details via mail or on your registered mobile number. 

Though you don’t need an IndusInd Bank online savings account to open an FD account, it will speed up the process. With an online savings account, you’ll have to transfer funds from your account into the FD without undergoing the KYC procedure. 

However, if you plan on funding it from another bank’s account, your FD account will open within a short period after the date of application. Also, you will have to submit your Aadhaar card and PAN number to open a fixed deposit. 

How Do You Open An Rd With An Online Savings Account?

Here are the steps to open a recurring deposit with an online savings account: 

1. Visit IndusInd Bank’s official website and select the ‘Recurring Deposit’ option. 
2. Fill out the application form. 
3. When submitting the form, link your online savings account to your RD account. 
4. Once you transfer the first monthly deposit, IndusInd Bank will activate your FD. 

The RD Benefits At IndusInd

If you invest a fixed amount from your savings for the recurring deposit at IndusInd, there are certain things that you can enjoy, such as:  

• A fixed monthly installment will be separately added to the recurring deposit.  

• Please note that the minimum value is Rs. 1000, and the maximum value that you can deposit is around Rs. 3 crores.  

• There are certain benefits to terming deposits for senior citizens.  

• You will get a TDS on the income tax regulations.  

• The deposit tenure is from 10 to 120 months.  

• You can close your deposit at a premature stage. 

Wrapping Up

FDs and RDs are ideal investment vehicles for risk-averse investors wishing to earn consistent returns. 

With an online savings account, investing in FDs and RDs becomes a walk in the park. So, if you have an online account in your name, invest your savings in FDs or RDs today with just a few clicks and watch your wealth grow steadily. 

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