Fixed deposits are one of the most trusted investment options for most Indians. However, opening an FD can be time-consuming.
With digital solutions dominating the financial market, Quick or digital FDs have made opening and managing an FD easier. You can enjoy the same benefits a traditional FD offers but with added speed, simplicity and convenience.
Let’s look at 8 compelling reasons why Quick FD might be wiser for your investments.
- You Can Open an FD Instantly
Speed Matters: In today’s digital era, transactions are done instantly. With Quick FD, you can open an FD in minutes. You do not have to visit a branch, wait for your turn or fill out numerous forms.
South Indian Bank’s Quick FD has a seamless online process, meaning you can open an FD, and instantly track it or close it online.
You save precious time and avoid the hassle of spending hours visiting the branch!
All you need is PAN and Aadhaar: Unlike a traditional FD, which may require a range of documents, Quick FDs need only two essential documents: your PAN and Aadhaar.
You can enter your PAN and Aadhaar online for a smooth verification process, which will speed up your account activation and reduce errors.
This way, you can ensure there is less paperwork and faster processing.
- Low Investment Requirement
Start Small: Traditional FDs may require higher initial investments, which can limit flexibility. With Quick FDs, you can begin by investing as little as Rs.1000/-.
This is especially ideal for first-time or young investors who want to diversify with smaller commitments.
You can make your money work for you, regardless of the starting point, making it accessible to everyone!
- No Savings Account Needed
Stand-Alone Product: Unlike traditional FDs, quick digital FDs do not require a South Indian Bank Savings Account. This makes Quick FD a better choice for those who prefer faster and more straightforward solutions. You can skip the extra step of opening a separate savings account
Avoid the extra banking commitment of managing a savings account, invest independently and keep things simple!
- Anytime, Anywhere Convenience
Accessible 24/7: You can open a Quick FD anytime, anywhere. There is no need to worry about restrictive banking hours.
You are in complete control, whether on the go or at home.
You enjoy the flexibility that works around your schedule, not the bank’s!
- Reduced Paperwork and Faster Processing
Less Paperwork and More Efficiency: With traditional FDs, you must wait to fill multiple forms and get approvals, which can be time-consuming. With Quick FDs, you do not need to worry about physical paperwork.
Your FD will be processed digitally and approvals will be quicker.
Track and Modify with Ease: South Indian Bank’s Quick FD interface is designed with the user in mind. You can enjoy a smooth interface without any hiccups and easily open your FD !
- Competitive Interest Rates and DICGC Insured
Enjoy Competitive Returns: You can enjoy the same interest rates as Traditional FDs. Therefore, you don’t lose out on returns while gaining convenience.
DICGC Assured: Rest assured, your investment is protected by the Deposit Insurance and Credit Guarantee Corporation (DICGC), which insures deposits up to Rs.5 lakhs per depositor, per bank.
You can invest confidently, knowing your principle is secure, and your funds are protected up to Rs.5 lakhs!
Quick FD simplifies the process of investing, giving you freedom and flexibility and the same dependable benefits as a traditional FD. With minimal setup time, lower investment requirements, and the ability to access and manage your funds whenever and wherever you choose, Quick FD is tailored for today’s digital-first world. If you want a hassle-free, efficient investment option that’s quick to set up and easy to manage, Quick FD could be the right choice. Take control of your financial goals! Open a Quick FD and enjoy the power of a secure, stable, and accessible investment – wherever and whenever you want.
Disclaimer: The article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of The South Indian Bank Ltd. or its employees. The South Indian Bank Ltd and/or the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial/non-financial decisions based on the contents and information’s in the blog article. Please consult your financial advisor or the respective field expert before making any decisions.