Here are the steps of opening a FD account from your bank app

Fixed deposits (FDs) are an investment instrument which is offered by banks as well as non-banking financial institutes to people to help them save money and provide a high interest rate on them. This helps and motivates people to open a FD account and earn by investing in them.

As the interest rates on FD differs according to the financial institution or banks, it is important for you to conduct your research and then choose to open your FD account in a financial institution that offers the best deal. Many people choose to open their FD account from their bank, if you too are looking to open your FD account from your bank app, you could do so by following the steps below:

• Choose the bank app where you want to open your FD account

There are many banks that allow their users to open a FD account through their banking app. However, as their interest rates on FD differ, you should choose the bank in which you would like to open an account carefully and install their banking app. The banking app can be found on ‘google play’ or ‘app store’ on your device, however, you should ensure to install the official banking app as there are many other similar apps available.

• Create a new ID or log in with your existing ID

Once you have selected and installed the bank’s app, you must log in with your ID and password. In case you do not have an account in the bank, you must create a new ID. The option to create a new ID would be displayed on the app while logging in. Fill in all the details correctly and create a new ID to log in to the bank’s account.

• Select the ‘open FD account’ option

After logging in to your account, you would find a lot of options and sections which can be now explored. Select the ‘open FD account’ option from the list of options available on the app. Once you select this option, you must select the type of FD account that you would like to open. Choose an account according to your preference and financial planning carefully and then proceed.

• Provide the necessary details

You would be redirected and a form would be displayed, you must fill all the necessary details in the form. These details include principal amount, tenure, nominee, etc. The information should be entered correctly and checked to avoid facing any inconveniences while opening your FD account.

• Confirm the details and make payment via netbanking

Once all the details are entered, you must re-check the details before opening your FD account with the bank. In case any changes are required, you can make the changes before opening your FD account. After your FD account is opened, you must make your first payment via net banking.

You could even opt to open a savings account with the bank, however, most banks offer only 3.50% p.a. interest on savings accounts which is much lower than what FD accounts offer. However, savings accounts provide you with liquidity which FD accounts do not provide. Hence, you should think carefully about which account you would like to open before opening the account.

Original Article : Here are the steps of opening a FD account from your bank app