With the rise of internet usage and accessibility, opening a fixed deposit account at banks has become easier. Financial institutions now provide services through websites or mobile apps owing to technological improvements.
Nowadays, completing an online form and submitting a few essential documents allows you to invest from the comfort of your home.
Since you can avoid long lines and easily access your money whenever needed, starting an FD online is becoming increasingly popular. Some banks even provide speedier processing time and competitive interest rates.
Saving money and earning income on your deposits are significant benefits of a fixed deposit account. Thus, you must understand how to open a fixed deposit account to take advantage of this savings opportunity.
What characteristics does a fixed deposit have?
A few characteristics of a fixed deposit include:
Usually, FD investment terms range from seven days to ten years, and they differ between banks. With RBL Bank Ltd., FD tenure ranges from seven days to twenty years.
Lenders may allow premature or partial withdrawals with penalties. With RBL Bank Ltd., you can easily withdraw your FD before maturity with a penalty as low as 1% and get the best FD rates.
Returns are guaranteed because, unlike in the case of equity and mutual funds, they are not based on market highs and lows.
Investors can renew their investment once it has reached maturity.
In an emergency, individuals can opt for a loan against FD without withdrawing their investment.
The investment return is compounded regularly - monthly, quarterly or annually.
How can a fixed deposit account be opened at RBL Bank?
A person can open a fixed deposit online or offline.
a. Online
The steps for opening an FD account online are listed below:
First, visit the website rblbank.com.
In the top-left corner, select the menu option to continue.
Next, click on personal banking and select fixed deposits.
Under the fixed deposit option, you will see five schemes, i.e., Regular FD, Tax-saving FD, Senior Citizen FD, Recurring FD, and Flexi FD.
Click on read more after choosing the kind of FD you want to invest in.
Click the apply now button on the following page.
Now, enter the following information: Name, Pincode, Email address, Mobile number, State and City. Get OTP and input the same.
Click “call now” or “call later” once you have read and accepted the terms and conditions.
You will hear from a representative of RBL Bank Ltd. to complete the request. Additionally, online and mobile banking are options for opening an FD account.
b. Offline
To open an FD account offline, go to your nearby RBL Bank. Choose the preferred fixed deposit with the best FD rates. An FD account can be started once the application and the required paperwork are submitted.
What is the RBL Bank online fixed deposit calculator?
An RBL Bank fixed deposit calculator is an easy-to-use, hassle-free online tool that helps calculate a fixed deposit’s return on investment (ROI) by using predetermined parameters, such as best FD rates, principal amount and tenure.
This option is quite helpful for investors interested in knowing how much money they could make by investing in a fixed deposit. It is a tool that can guide your decision-making regarding your financial future.
That said, you can use an FD calculator to determine the maturity amount and the interest generated at the end of the tenure.
Conclusion
The decision to open a fixed deposit account may be motivated by various factors. Whether you want some regular income (interest) or wish to start saving towards something later down the line.
A fixed deposit account is a kind of savings account where you put away a lump sum of money that comes with a specific interest rate over a specified period. They come with varying terms and conditions but generally offer higher rates than regular savings accounts.
You can consider several factors before investing in a fixed deposit. For example, you need to check out the type of fixed deposit you intend to apply for, the amount of money you plan to invest, and the length of the fixed deposit. Thus, carefully analyse all the points before investing.
