Are you unsure about where to put your savings? Seeking a secure and stable way of building your savings? A Fixed Deposit Account (FD) could be the answer. It’s not high-risk, simple to begin, and generally provides you with better returns than having your money sit in a standard savings account.
With the Airtel Thanks App, you can open an FD instantly through Airtel Payments Bank – no long forms, no branch visits.
Never opened one before? No worries. Here’s a quick and easy guide to help you open an FD account – without any confusion.
A Fixed Deposit Account: What Is It?
A Fixed Deposit Account is exactly what the name suggests. You deposit a fixed amount for a set period, and the bank rewards you with interest on it. You just let your money stay for the time you choose and when the term ends, you walk away with a little extra.
So, where do you begin? It’s easier than you think.
Step 1. Choose Where You Want to Open the FD Account
First, select the bank or institution where you wish to open your FD account. Not all FDs offer the same benefits, so take a moment to compare.
Check for:
- The interest rate offered
- Minimum amount of deposit
- Duration (tenure) options
- What happens if you withdraw prior to maturity
Step 2: Decide The Amount and The Time Period
Then, select the amount you want to deposit and for how many years. You can choose a short-term FD that lasts a year or two, or choose a long-term one that runs up to 10 years – it all depends on your goals.
Helpful tip: Pick a tenure depending on when you may require that amount. Keeping money locked for more time tends to earn higher interest, but only do it if you’re certain you won’t require it anytime soon.
Step 3: Finish KYC-Requirements
The bank will request basic KYC (Know Your Customer) documents before you can open fd account:
- PAN card
- Aadhaar card
- Address proof
- A photograph (if opening offline)
Already have a savings account with the bank? Even better, it speeds things up, especially if you’re opening the FD online.
Step 4: Open FD Online or at the Branch
Once your documents are sorted, you’re good to go.
These days banks let you open FD online in a few taps – whether through their app or website. You just choose the amount, select the tenure, decide how you wish your interest (every month, every quarter, or at maturity), and confirm.
Prefer doing it in person? You can still visit your bank’s branch to open it the traditional way.
With Airtel Payments Bank, you can start an FD with as little as ₹500 right from your phone. No long forms, no queues. And the bonus? You could save up to ₹1.5 lakh a year in taxes under Section 80C.
Step 5: Keep Track of Your FD
Once your fixed deposit is open, note down the maturity date. The bank will send a confirmation receipt or email. Want to check your balance, interest earned, or renewal options later? Just open your banking app – it’s all easy to track.
Final Thoughts
A Fixed Deposit Account offers fixed returns that don’t sway with the market, making it one of the easiest ways to grow your savings. Just choose your amount, select a tenure, and let your money earn steadily in the background.
Whether you’re planning for something big or simply want to make the most of your idle funds, an FD gives you stability without the stress.
Ready to get started? Download the Airtel Thanks App, open your Airtel Payments Bank Account and open your FD in just a few taps, and start growing your savings the smart way – anytime, anywhere.
