18 July 2024 | By INDIE
The banking sector in India is undergoing rapid digitisation. From online payments to digital lending, technology is transforming how banking services are delivered and consumed. One key area seeing massive disruption is Fixed Deposits (FDs) – the most popular savings and investment product.
Traditionally, opening an FD meant physically visiting your bank branch, filling out lengthy paperwork and waiting for days before account activation. However, with the rise of digital banking, the entire process has moved online enabling customers to open and manage FDs seamlessly from their smartphones. Some key innovations in online FDs include the following.
Using video KYC and e-signatures, you can now open an FD account within minutes from apps like INDIE by IndusInd Bank without paperwork or a branch visit.
Digital banks tend to offer higher FD interest rates compared to traditional banks to attract customers. For instance, INDIE offers up to 7.75% interest on FDs.
You can check your FD details, interest earned, maturity status, etc., in real time through the mobile app. Key facilities like renewals, premature withdrawals, nominee management, etc., can also be done instantly via digital channels.
Digital FDs allow customising tenure as per your needs – 15 months, 18 months, etc. Payout options are also flexible – monthly, quarterly, annually, or at maturity.
Booking and managing your fixed deposit through mobile/internet banking offers many benefits.
Online FDs allow instant account opening and management from anywhere, anytime. No need to visit branches or fill out paperwork.
Online FDs allow instant renewal, closure, or premature withdrawals. You can access funds quickly in case of emergencies without visiting a branch.
Manage your FDs at your fingertips. Open multiple FDs with different tenures, interest payouts, etc., as per your needs. There’s no dependence on branch staff or need to adhere to branch timings.
Leading banks use advanced security systems to protect your money. Paperless online FDs reduce frauds like signature forgery.
Banks have introduced new-age offerings like monthly interest payouts, sweep-ins from savings accounts, etc., making FDs more flexible.
Here is a step-by-step process to book, renew, and manage your fixed deposit through digital banking channels.
● Visit your bank’s website or app. INDIE by IndusInd Bank helps you book an FD seamlessly through its app within a few minutes.
● Enter basic personal details like name, contact information, PAN, Aadhaar, etc.
● Upload digital KYC documents (PAN, Aadhaar, etc.).
● Enter FD details – amount, tenure, and interest payout frequency.
● Make an online fund transfer using net banking, UPI, etc.
● E-sign the FD application form to complete the account opening.
● Check FD details: Login to internet/mobile banking and go to the FD section to view current status and interest details.
● Renew FD: Initiate renewal online before the maturity date. Confirm renewal details like amount, tenure, etc.
● Premature closure: Request for premature withdrawal online. FD proceeds get credited to linked savings accounts instantly.
● Partial withdrawals: Withdraw a portion of the FD amount, keeping the account active.
Opening and managing fixed deposits online is quickly becoming the preferred choice for customers. It offers unmatched convenience, good returns, and instant liquidity. Going online for your FD is a smart way to maximise returns on your hard-earned savings in a seamless manner.
With secure video KYC, innovative offerings like auto-sweep FDs, and attractive interest rates, managing your fixed deposits through your phone or internet banking is the future of smart banking. A fixed deposit is one of the most preferred investment options as it offers guaranteed returns. Now with an online FD app like INDIE by IndusInd Bank, you can manage it seamlessly on your phone.
Disclaimer: The information provided in this article is generic and for informational purposes only. It is not a substitute for specific advice in your circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for making any financial decisions based on the contents and information.
