Fixed deposits (FDs) have long been a popular choice for conservative investors looking for a safe and predictable way to grow their savings. In recent years, the rise of financial technology has made managing these investments even more convenient. One of the innovations in this space is the fixed deposit app, which simplifies the process of investing in FDs. This article will explore how a fixed deposit app works, its benefits, and how to choose the best one for your needs.
What is a fixed deposit app?
A fixed deposit app is a digital platform that allows users to open, manage, and monitor their fixed deposits directly from their smartphones or computers. These apps are offered by banks and non-banking financial companies (NBFCs) and aim to make the process of investing in fixed deposits more accessible and user-friendly. With a Rs. 50,000 fixed deposit app, you can invest a fixed amount of ₹50,000 or any other sum, depending on the app’s features.
Key features of a fixed deposit app
1. Easy account setup
Setting up an FD account through a fixed deposit app is typically a straightforward process. Users can complete the registration and account opening procedures online, without needing to visit a bank branch. This convenience saves time and effort, making it easier to start investing.
2. Flexible investment amounts
Fixed deposit apps allow users to invest amounts starting from as low as Rs. 10,000 to Rs. 50,000 or more, depending on the app's policies. This flexibility enables individuals to choose investment amounts that align with their financial goals and capabilities.
3. Interest rate comparison
Many FD apps provide features that let users compare interest rates offered by various banks and financial institutions. This comparison tool helps users find the best rates for their fixed deposit investments, ensuring they get the highest returns possible.
4. Convenient monitoring and management
With a fixed deposit app, users can easily track their FD investments, view interest earned, and check maturity dates. The app’s dashboard provides a comprehensive overview of all active FDs, helping users stay informed about their investments.
5. Online renewal and withdrawal
Most FD apps offer options to renew or withdraw fixed deposits online. This eliminates the need for physical paperwork and allows users to manage their investments with just a few clicks.
How to download the Bajaj Finserv App from the Google Play Store?
Following are the steps to download the Bajaj Finserv App on your Android device from the Google Play Store:
Step 1: Open the Google Play Store by tapping the Play Store icon on your device.
Step 2: In the search bar at the top, enter “Bajaj Finserv App”.
Step 3: Choose the Bajaj Finserv Loans, UPI & FD application from the search results and tap “Install” to download the app.
Step 4: After downloading and installing the app, open it directly or find its icon on your home screen.
Step 5: Accept the end user license.
How to download the Bajaj Finserv App from the App Store?
Following are the steps to download the Bajaj Finserv App on your iOS device through the App Store:
Step 1: Open the App Store by tapping the App Store icon on your device.
Step 2: In the search bar at the top, enter “Bajaj Finserv App”.
Step 3: From the search results, choose the ‘Bajaj Finserv: UPI, Loan, FD, MF’ app and tap “Download”. You might have to use Face ID or provide the password to your Apple ID to download the application.
Step 4: After the download and installation are finished, open the app directly or find its icon on your home screen.
Step 5: Choose your preferred language and click “Proceed” to continue.
Step 6: Log in with your registered mobile number and OTP.
Features of the Bajaj Finserv FD App
The Bajaj Finserv App offers simple account setup, seamless user experience, secure transactions, and intuitive navigation. Here are some of the key features of this fixed deposit app:
1. Easy opening of FD account
Opening an FD account through the Bajaj Finserv App is easy, involving only a few steps and minimal document submission. The app allows you to manage everything 24/7, and it guides you through selecting your deposit amount, term, interest payout, and more.
2. Online KYC
Traditionally, opening a fixed deposit required a visit to the nearest branch, which was time-consuming and tedious. With the Bajaj Finserv App, however, you can complete the mandatory KYC procedure directly within the app. All you have to do is upload your documents digitally for swift verification.
3. Secure payment
The app allows you to safely transfer funds for your FD investment using secure payment methods, such as net banking and UPI. It ensures that all transactions are encrypted and protected, providing you with a secure and seamless payment experience.
4. Investment tracking
user-friendly dashboard that allows you to easily monitor your investments. You can view details of your active FDs, including their interest rates, maturity dates, and accumulated interest.
5. FD calculatorThe app allows you to use a built-in FD calculator to calculate FD returns based on your investment amount, tenure, and interest rate.
Tips for maximising your returns
- Compare interest rates: Regularly compare interest rates offered by different banks and NBFCs to ensure you're getting the best deal.
- Lock-in longer tenures: Generally, longer tenures tend to offer higher interest rates. Consider locking in your money for a longer period if you don't need immediate access to funds.
- Invest during festive seasons: Many banks and financial institutions offer special interest rates during festive seasons. Take advantage of these offers to boost your returns.
- Consider senior citizen benefits: If you are a senior citizen, you may be eligible for higher interest rates on fixed deposits. Like Bajaj Finance offers addition interest rate benefits to senior citizens of up to 0.40% p.a.
Conclusion
Fixed deposit app offers a convenient and efficient way to manage your fixed deposit investments. By choosing the right app, you can benefit from competitive interest rates, easy account management, and valuable features like interest rate comparison and notifications. When selecting an FD app, consider factors such as interest rates, fees, customer service, and security to ensure you make an informed decision. With the right app, you can maximise your returns and achieve your financial goals with ease.
