For decades fixed deposits have been the most popular investment scheme among Indians. A fixed deposit only requires you to lock in your money with a financial organization for a fixed tenure at an agreed rate of interest. At the end of the tenure upon maturity, you receive the money you invested along with interest.
When you invest in a fixed deposit, you are not only earning interest on your investment but even conserving your money. Unlike other investment assets, investing in a fixed deposit cannot generate negative returns. So, no matter how many new modern investment schemes emerge, fixed deposits are here to stay since they are perhaps the safest investments form and give guaranteed returns. So it would be best to have at least one fixed deposit account in your name.
Today opening a fixed deposit is very simple and easy. Unlike in the old days, there is no need to physically visit a bank or financial institution to open a fixed deposit in your name. You do not have to wait in long queues and fill out lengthy fixed deposit application forms. All you have to do is visit the bank or financial institution’s website, and you should easily find the option to open a fixed deposit online. For that, you only require a computer or smartphone with an internet connection.
To start a fixed deposit online, you must fill out an online application form and submit a few KYC (know your customer) documents to prove your identity and address. You can submit copies of your passport, PAN card, driving license or Aadhaar card for your ID proof. Likewise, for address proof, you can submit a digital copy of your driving license, Aadhaar card, or Voter ID. Besides that, you also submit your latest photograph and a cancelled cheque.
An NBFC (Non-Banking Financial Company) like Shriram City offers one of the most lucrative rates of interest on fixed Deposits. For senior citizens, the rate of interest stands at 8.40%, which is one of the highest in India. Besides a solid interest rate, you also get a flexible tenure starting from 12 to 60 months. A leading NBFC like Shriram City offers both cumulative and non-cumulative fixed deposits. You can start investing in a fixed deposit with Shriram City with a minimum deposit of only Rs 5,000 and a deposit in multiples of Rs 1,000.
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