How to Open an FD/RD with an Online Savings Account?

Online Savings Account

Although the market is flooded with a whole lot of investment options, none offers the 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. All you need is 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, the process of opening an RD/FD account is all the easier.

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

How to Open an FD with an Online Savings Account?

How to Open an FD with an Online Savings Account?

The process of opening an FD account differs from bank to bank. 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 into 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 to have an IndusInd Bank online savings account to open an FD account, it will undoubtedly speed up the process. With an online savings account, you’ll just 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 of time post the date of application. Also, you will have to submit your Aadhaar card and PAN number to open a fixed deposit.

How to Open an RD with an Online Savings Account?

How to 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 the application form.
  3. On 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.

Wrapping Up

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

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

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