Fixed Deposits (FDs) continue to be an evergreen investment for Indians due to the low risk, security, and predictable returns they offer. Even better is the digital transformation in the banking sector that has simplified the process of saving through FDs. What was once a time-consuming and lengthy process is now completed in just a few minutes through online platforms.
The shift to online FDs has further increased their popularity due to the world of convenience they bring. More and more people are now able to enjoy the benefits of these investment instruments without facing traditional barriers.
Keep reading to explore the multiple advantages of investing in online FDs and how they can enhance your investment strategy.
Convenience at your fingertips
A major benefit of online FDs is convenience. You can open afixed deposit account from the comfort of your home or office without the need to visit a bank branch. This saves time and effort, as you can complete the entire process online at a time that suits you.
Whether it is during a break at work, late at night, or a public holiday, online banking platforms are available 24/7, giving you uninterrupted access to FD services. This ease particularly benefits the elderly and those with busy schedules.
No paperwork or other hassles
Investing in FDs digitally means getting a hassle-free and almost paperless experience. Usually, only your PAN and Aadhaar card details are required to open an FD online.
This approach removes the complexities associated with opening FDs, such as filling out complicated application forms, submitting multiple documents, or collecting physical deposit slips. Online FDs make the entire process quick and user-friendly.
Competitive interest rates and higher returns
The online convenience allows you to effortlessly compare and choose fixed deposits that offer the highest growth.
If good returns and premium features are your primary concern, consider IndusInd Bank Fixed Deposits. Enjoy impressive interest rates and other benefits at your fingertips, like:
● Book an FD of any amount from your home through video KYC
● Auto-renewal option
● Choose flexible payout options, i.e., monthly, quarterly, half-yearly, etc.
● AA+ CRISIL and ICRA rating
● Invest in a five-year FD to claim tax benefits under section 80C of the Income Tax Act, 1961
● Use an FD interest rate calculatorto figure out the interest accrued and the final amount at maturity. The data can help you decide how much to save and for how long to get the targeted returns.
Open your fixed deposit accountwith IndusInd Bank today!
Better tracking and management of investments
With digital access, you gain real-time visibility into all your FD details. You can view accrued interest, maturity dates, and performance against your financial goals. This instant visibility is particularly useful if you are using an FD laddering strategy for goal-oriented savings.
You can conveniently track the maturity date and interest rate of each deposit to plan reinvestments or withdrawals as per your goals or changes in interest rates. This overview prevents overlap, helps you create a steady flow of income, and aligns your FDs with both short-term and long-term financial goals.
Additional advantages of investing in FDs online
Single dashboard management
Manage all your investments from a single online dashboard for convenience.
Automated alerts
Receive timely notifications about your FD’s status and maturity reminders.
Instant loan against FD
Obtain a loan against your FD quickly online without any paperwork.
Ease of nomination
Add or change nominees online anytime.
Quick access to multiple types of FDs
Open a tax-saving FD, auto-sweep FD, senior citizen FD, etc., instantly from anywhere.
Online reinvestment options
Seamlessly reinvest matured FDs into new deposits with preferable rates directly through the platform.
The bottom line
Investing in an FD online has multiple benefits. You enjoy 24/7 convenience, higher returns, digital access, robust security measures, personalised tools, regular income through multiple payout options, and much more. These features make online FDs a practical as well as a strategic choice for the growth of your investments.
Remember that banks differ in their rates, fees, and terms and conditions. Hence, ensure the bank you choose to book a fixed deposit account with offers best-in-class interest rates and features that are the most relevant for you.
