Ideal to earn higher rate of interest, if the investor can spare money for a specified period of time. The period ranges from 13 month and above as decided by the investor. This deposit plan offers convenient solutions to both working class as well as senior citizens. These products facilitate the depositor to enjoy security and competitive rates of interest on their deposits.
How to Open an FD Account by Visiting a Bank?
If one already has a savings bank account with the bank they want to open their FD with, then one has to download the FD application form from the bank's website. One can also fill out the application form by physically visiting the bank branch.
After procuring the application form, one must follow these steps:
» Fill in the application for a fixed deposit with relevant and correct details.
» Write down the amount one wants to invest in and mention the tenure.
» Submit the duly filled-in application form at the bank, along with the required documents.
» Provide cash/cheque for the amount one would like to invest in FD.
» The application will then be processed, & FD account will be opened by the concerned bank institution.
Interest on Fixed Deposits is paid at specified intervals monthly
| Years | Months | Interest Rate ( % ) |
|---|---|---|
| 01 Year | 12 months | 8 % |
| 02 Year | 24 months | 9 % |
| 03 Year | 36 months | 10 % |
| 04 Year | 36 months | 12 % |
