Make the most of your savings with IDFC's Fixed Deposit

IDFC Bank maximises the earning potential of that surplus fund of money lying in your home. Create a fixed deposit today to reap bumper returns for the future.

Fixed deposits have been most Indians’ go-to option for safe investment. Though the word ‘safe’ cannot be said in the same sentence as the word ‘investment’ in case of market-linked options, in terms of the fixed deposit it can be safely said that it is a reliable investment that never fails.

Since the interest rate on the fixed deposit account remains constant throughout the tenure of the deposit, it provides guaranteed growth that may be computed at the time of opening the account. What makes this investment a safe one is the fact that the interest rate is not affected by market fluctuations.

At the moment, some of the leading banks in the country offer about 6% interest rates on fixed deposits, while premier banking institutions like IDFC Bank offer higher rate of interest. IDFC Bank offers FD account rates at 7.5% for 366 days or 7.25% to 7.2% for tenures up to 10 years.

Opening a fixed deposit with IDFC Bank

Recently, the demonetisation initiative announced in November 2016 shook up the banking and lending systems of the country. After the initial chaos subsided, banks announced a drop in lending rates for home loans as also the interest on fixed deposit accounts. However, despite a drop in FD account rates, these deposits are still a very good investment option.

Demonetisation proved that storing excess money at home or in the office is not a viable practice any more. Besides, the country is slowly going cashless and hence, cash transactions are better kept to a minimum. In this scenario, any excess funds must either be deposited in the savings account, or in the FD account. The latter option is better for those looking for higher capital appreciation, since interest on fixed deposits is normally higher than that on savings bank accounts.

Besides, it is easy to open a fixed deposit account online, when you bank with IDFC Bank. This is how you do it:

• Deposit your surplus cash in the account, or divert your excess funds from savings to the fixed deposit account. Ascertain that the amount has been credited before you proceed.
• Now access IDFC Bank’s portal and click on ‘Fixed deposits’.
• A deposit account opening form will pop up on the screen. Fill in the information asked for.
• The bank now checks the details and when verified, approves the account opening. The bank emails your login credentials (Customer ID, Account number), IFSC code and other particulars.

You can now transfer money directly into the FD account. You can deposit money between Rs 10,000 and Rs 10,00,000 in the account from another savings bank account or from your IDFC bank account.