FD Without a Savings Account

Fixed deposits (FDs) are one of the safest and most reliable ways to grow your savings, offering guaranteed returns and flexibility in tenure. But did you know that you can open an FD even if you do not have a savings account? 
 

Whether you are new to investing or looking for a secure option to park your funds, Bajaj Finance Fixed Deposits provide a seamless process to start your FD journey without requiring a savings account. Check rates!
 

Key Takeaways

• Online FDs offer a safe and convenient investment option, available to all customers, regardless of whether you have a Savings Account.
• Benefit from competitive FD interest rates and the flexibility to manage your investments anytime, anywhere.
• Read on to explore the full range of advantages of opening an online FD account.

Opening an FD without a savings account simply means that you do not need to maintain a bank account to invest in a fixed deposit. Traditionally, FDs are linked to savings accounts for convenience, but many financial institutions, including Bajaj Finance, allow you to open an FD directly. This process is especially beneficial for individuals who do not have a savings account or prefer to manage their finances differently.

Features of opening an FD without a savings account

• Eligibility: Anyone with valid KYC documents can open an FD without a savings account.
• Convenience: You can invest directly via online or offline channels without linking a bank account.
• Flexibility: Bajaj Finance Fixed Deposits offer flexible tenure options ranging from 12 months to 60 months.
• Product Uniqueness: Earn assured returns without the need for a linked account, making the process simple and accessible.

Opening an FD without a savings account is straightforward and can be done through both online and offline methods. Here is a step-by-step guide:

Online FD booking process

1. Visit the Bajaj Finance FD website: Go to the official Bajaj Finance Fixed Deposit page.
2. Open the application form: Click on the ‘Open FD’ button to access the form. 
3. Enter your mobile number: Provide your mobile number and verify it using the OTP sent to your phone.
4. Fill in investment details: Specify the deposit amount, tenure, and payout preferences (monthly, quarterly, or on maturity).
5. Complete KYC: Upload your KYC documents, including PAN card and Aadhaar card, passport, or voter ID.
6. Make payment: Transfer the deposit amount through NEFT, RTGS, or UPI.
7. Receive FD receipt: Once your payment is processed, you will receive your FD receipt within three working days.

Offline FD Booking Process

1. Visit the nearest Bajaj Finance branch: Locate a branch near you and visit during working hours.
2. Submit the application form: Fill out the FD application form and provide valid KYC documents.
3. Deposit the amount: Pay the deposit amount via cheque or NEFT.

With Bajaj Finance Fixed Deposits, the process is simple, ensuring that you can start earning assured returns without the need for a savings account.

Eligibility criteria for opening an FD without a savings account

Opening a Fixed Deposit (FD) without a savings account is accessible to a wide range of individuals and entities. The eligibility criteria include:

• Individual Investors: Any individual aged 18 years or above can open an FD. This includes residents, Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs), and Overseas Citizens of India (OCIs).
• Business Entities: Partnership firms, Hindu Undivided Families (HUFs), sole proprietorships, private and public limited companies, societies, clubs, and family trusts are also eligible to invest in FDs without a savings account.
• KYC Compliance: All applicants must complete Know Your Customer (KYC) verification. This involves submitting valid identity and address proof documents.
• Minimum Deposit: The minimum deposit amount varies by institution. For instance, Bajaj Finance requires a minimum investment of Rs. 15,000 to open an FD.

This flexibility allows individuals and entities without a savings account to still benefit from the safety and returns offered by FDs.

Documents required to open an FD without a savings account

To open an FD without a savings account, the following documents are typically required:

• Proof of Identity: A government-issued document such as a PAN card, Aadhaar card, passport, driving license, or voter ID.
• Proof of Address: Documents like an Aadhaar card, passport, utility bill, or bank statement that clearly display the applicant's address.
• Photographs: Recent passport-sized photographs may be required for identity verification.
• Bank Details: Information about the bank account from which the FD will be funded, including account number and IFSC code. This is essential for processing payments via NEFT, RTGS, or UPI.

For example, Bajaj Finance allows customers to complete the KYC process using Aadhaar-based e-KYC, facilitating a seamless online application experience.

While it is possible to open an FD without a savings account, there are scenarios where having one can simplify certain aspects of fixed deposit management.

Seamless online booking

A savings account allows real-time payments and auto-verification during the FD booking process, making it quicker and more convenient.

Auto-credit of interest and maturity proceeds

With a savings account, periodic interest payouts and maturity proceeds can be credited directly, eliminating the need for manual intervention.

Easy renewal and withdrawal

Linked savings accounts enable automated FD renewals and faster transfer of withdrawal proceeds, ensuring a hassle-free experience.

Benefits of opening an FD without a savings account (with Bajaj Finance)

Investing in an FD without a savings account comes with several advantages, particularly for individuals who prefer a direct and simplified process.

Accessibility

You do not need to open or maintain a savings account, making FDs accessible to everyone, including those who do not actively use banking services.

Guaranteed returns

Bajaj Finance Fixed Deposits offer fixed interest rates, ensuring that your returns are predictable and unaffected by market fluctuations.

Flexible tenure options

Choose a tenure that suits your financial goals, ranging from 12 months to 60 months.

Secure investment

FDs are a low-risk investment option, ideal for individuals seeking capital preservation and steady growth. 

So what are you waiting for?
Check out the latest rates offered by Bajaj Finance and book your FD now!

Opening an FD without a savings account is an excellent option for those looking for a secure and straightforward investment avenue. Bajaj Finance Fixed Deposits provide unmatched flexibility, guaranteed returns, and a seamless process, ensuring that you can start investing effortlessly. While having a savings account adds convenience in certain scenarios, it is not a requirement for opening an FD.

Take the first step towards financial growth with Bajaj Finance Fixed Deposits. Enjoy assured returns, flexible tenures, and a secure investment experience tailored to your needs. Open FD.