According to Axis Bank, a digital FD offers the same fixed returns as a traditional FD. You can invest for a maximum tenure of up to 10 years,
and the interest rate is the same as that offered on normal FDs. This makes it a great choice for people who want to earn secure, higher profits.
Easy Investment Without a Savings Account
Axis Bank explains that you don’t need a savings account to invest in a digital FD. Even if you have a savings account with another bank, you can still invest in a digital FD, making it more convenient for many people.
Simple Process to Start Investing
Investing in a Digital FD is simple and requires minimal paperwork. You only need your Aadhar card and PAN card. Axis Bank says that the process is so quick that even new customers can open a digital FD account in just 7 minutes.
Premature Withdrawal Without Penalty
Most banks charge a penalty if you withdraw money from an FD before its maturity. However, Axis Bank’s digital FD does not charge any penalty if you withdraw up to 25% of the deposited amount for the first time.
Start with as Low as Rs 5,000
You don’t need a large sum to start a digital FD in banks like Axis Bank and IDFC FIRST Bank. You can open a digital FD with just Rs 5,000, while the maximum investment limit may vary between banks.
Easy Investment Process
Investing in a Digital FD is simple and doesn’t require a savings account with the bank where you’re investing. Even if you have an account at a different bank, you can still invest in Digital FD.
The process is quick and hassle-free, requiring only basic documents like your Aadhar card and PAN card. You can open an account in just 7 minutes, making it convenient even for new customers.
Premature Withdrawal and Investment Amount
One of the major benefits of Axis Bank’s Digital FD is the flexibility for premature withdrawal. Unlike other banks, Axis Bank does not charge a penalty if you withdraw up to 25% of your deposit for the first time
. Additionally, you can start your Digital FD with just Rs 5,000, making it an affordable option for many. The maximum investment limit may vary depending on the bank.
