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Updated 29 Aug 2023
Many individuals move towards reliable and stable investment options in today's volatile financial landscape. Fixed Deposits (FDs) have long been a trusted choice for risk-averse investors. IDFC Bank, one of India's leading private sector banks, offers attractive FD schemes suitable for various financial goals.
Whether saving for a dream vacation, a significant purchase, or merely safeguarding your money, understanding how to open an FD account with IDFC Bank is pivotal. This blog aims to guide you through the straightforward process, ensuring you have the knowledge to make your investment journey smooth and beneficial. Dive in to get started!
Anyone can open an FD account in IDFC bank with the IDFC bank app who has a saving or current account in IDFC bank
Follow the below-given steps to open the FD account through the app;
If an investor does not want to open online, one can apply offline by visiting the nearest IDFC Bank branch.
Resident Indians, senior citizens, members of HUF, and NRIs are eligible to open their fixed deposit accounts with IDFC Bank.
What is the minimum amount required to open an FD account in IDFC Bank?
The minimum amount required to open an FD offline is ₹10,000; if an investor opens through the Mobile app, the minimum amount is ₹1,000.
Is the Rs. 5 lakh DICGC insurance cover applicable separately for every bank?
Yes, for such extreme situations, each depositor is insured up to a maximum of ₹5 lakhs (for both principal and interest). In case you have multiple fixed deposits with several banks, the insurance coverage cap is separately applied to the amount in every bank.
In the case of a Joint deposit account, who can claim tax exemption under section 80C?
In the joint holder deposit case, the First holder will get a tax deduction under 80C.
Disclaimer: Wint Wealth makes no guarantee or warranty on the accuracy of the data provided on this site, the information displayed is subject to change and are provided on an as-is basis. Nothing contained herein is intended to or shall be deemed to be investment advice, implied or otherwise. You are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions. We accept no liability for any loss arising from the use of information contained on this website.
