In today’s world, everyone needs a safe and reliable place to grow their money. Fixed Deposits (FDs) have long been a popular choice for people who want guaranteed returns on their savings. They offer better interest rates than savings accounts and are much less risky than the stock market. This makes them perfect for cautious investors who don’t want to gamble with their money.
Worried about how to open one? This article will guide you through the entire process step by step.
Why prefer fixed deposits in Stable Money?
Looking for a safe and reliable way to grow your savings? Investing in fixed deposits through Stable Money might be the perfect solution! Here’s why:
1. Steady Growth: Forget the ups and downs of the stock market. Fixed deposits lock in a guaranteed interest rate for your chosen period, meaning you know exactly how much your money will grow. It’s like a no-surprise savings boost!
2. Sleep Sound at Night: Worried about losing your hard-earned cash? Fixed deposits are considered low-risk investments, making them ideal for cautious investors who prioritize keeping their principal safe. So you can sleep without any tension at night.
3. Simple & Easy: No confusing charts or financial jargon here! Fixed deposits are straightforward to understand, even for beginners. It’s like putting your money away in a piggy bank, but with interest growing on top!
4. Unaffected by the Market Risk: Stock market crashes got you stressed? Fixed deposits are unaffected by market fluctuations, so your money stays protected no matter what happens outside. It’s like a peaceful island in a stormy sea!
5. Liquid Investment: Sometimes we need quick access to our fund and liquid cash at a very urgent time. While there’s a lock-in period, many fixed deposits offer options for early withdrawal or loans against your deposit. It’s like having a safety net just in case.
6. Tax Weaver: Looking for ways to reduce your tax burden? Certain fixed deposit schemes offer tax benefits, making them even more attractive. It’s like getting a double bonus on your investment!
7. Systematic Growth with Zero Risk: Think of fixed deposits as the stable foundation of your investment portfolio. They balance out the riskier, potentially higher-reward investments you might have.
So, if you’re looking for a safe, predictable, and easy-to-understand way to grow your savings, fixed deposits are worth considering. They offer a great combination of stability, assured returns, and peace of mind!
Stable Money Returns on FD
Stable Money makes investing in Fixed Deposits (FDs) as simple as ABC. They compare interest rates from top banks and NBFCs in India, all in one place. No need to visit multiple websites – find the best rates with just a few clicks.
Investing has never been faster. Open your FD in just 3 minutes through the Stable Money app, ditching the traditional hassle. Plus, enjoy tax benefits! Choose tax-saving FDs and pocket up to ₹1.5 lakhs every year. Current rates go up to 9.21%, which is comparatively higher than any other platform currently.
How to book FDs in Stable Money?
Stable Money takes the hassle out of finding the perfect Fixed Deposit (FD) for your needs. Book your Fixed Deposit in minutes with the Stable Money App. Here’s how to use their app to book an FD in just a few easy steps:
1. Download & Register: Get the Stable Money app from Google Play or Apple Store. Register with your mobile number linked to your Aadhaar Card for quick verification.
2. Check Your Options: Browse through FDs from over 200 banks and NBFCs like Utkarsh Small Finance Bank, Finacare SF Bank, Shriram Finance, Bajaj Finance, South Indian Bank, Shivalik SF, and Axis Bank. Compare interest rates, tenures, and features to find the perfect fit.
3. Choose Your FD: Found the ideal FD? Click “Proceed” to select the tenure (duration of your investment).
4. Enter Investment Details: Specify the amount you want to invest and confirm the chosen tenure. Click “Choose & Proceed” to move forward.
5. Complete KYC: Submit your basic details and complete the KYC process (Know Your Customer) through a hassle-free online verification.
6. Complete the Payment: Use your preferred payment method to complete the investment. Once the payment is processed, your FD is booked!
That’s it! Thus you can start investing in fixed deposits in just minutes. Now you can relax knowing your money is growing steadily with a trusted platform like Stable Money. This information is intended for informational purposes only and should not be considered financial advice. Please consult with a financial advisor before making any investment decisions.
Eligibility Criteria to Open an FD Account
Opening an FD account comes with some eligibility criteria, but don’t worry, it’s generally accessible! Here’s a quick rundown:
Individuals:
- Indian citizens or residents are welcome.
- Minors can open accounts with a guardian’s authority.
- Non-residents (NRIs) have special FD schemes and requirements.
Businesses:
- Companies, proprietorship firms, partnership firms, and family trusts can also open FDs.
Age Criteria:
- Some banks may require you to be 18 or older.
- It’s always best to check directly with your chosen bank for their specific age requirements.
Remember, this is just a general overview. Each bank might have slightly different rules, so double-check before applying for an FD.
Documents Required to Open an FD Account
Opening a fixed deposit (FD) account is a smart way to save money and earn interest. But before you head to the bank, here’s what you need to know about the documents you’ll likely need. To prove your identity you will require your Aadhaar card, PAN card, passport, voter ID card, or driving license. Utility bills like electricity or phone bills, or bank passbook front page can be treated as address proof. Overall you will require the following documents-
- Aadhaar card
- PAN card
- Passport
- Voter ID card
- Driving license
- Utility bills (electricity bill, telephone bill, etc.)
The specific documents required may vary depending on the bank’s policies. Remember to produce both originals and photocopies for verification.
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FAQs
What is the minimum deposit amount required to open an FD account?
The minimum deposit depends on the bank. It can range from a low Rs. 1,000 to higher amounts like Rs. 10,000 or more. Check with your preferred bank for their specific requirement.
Can I withdraw my FD prematurely?
Yes, but early withdrawals usually incur penalties. It reduces your overall returns. The penalty amount varies (usually 2-3% on the principle amount) based on the bank and how long you’ve kept the FD open.
What is the interest rate on FDs in Stable Money?
They offer rates up to 9.21%, potentially higher than traditional banks.