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Online Fixed Deposits you can open without a Savings Account

online savings account without savings account

Fixed deposit is one of the safest saving instruments. As fixed deposits give a fixed rate of interest over the duration, it is popular among the different sections of the society. With the advancement in digital initiatives, one can now open fixed deposits online.

Customers holding a savings account with a particular bank can easily open a fixed deposit with their bank through mobile banking app or internet banking. People who don’t have a savings account with the bank are required to visit a bank branch and fill the physical form to open a fixed deposit.

The fixed deposits of several banks have been revised. Depositors are likely to receive a lower interest rate on their new fixed deposit and on autorenewal of existing fixed deposit. Hence, it is likely that many depositors would want to open a fixed deposit with banks and financial institutions that are offering higher interest rates. 

Typically, small finance banks and new banks offer an attractive interest rate than large banks.   

In the current scenario, while banks are open, it is not advisable to visit a bank to open a fixed deposit. To make it easier, we have listed down some of the fixed deposits that you can open instantly online without any prior relationship with the bank. You just need to keep your PAN card and Aadhaar card handy and you can open these FDs within a few minutes through the mobile banking application or website.

Axis Bank’s Express Fixed Deposit

Customers without Axis Bank Savings Account can easily open fixed deposits with Axis Bank. Express Fixed Deposit is Axis Bank’s digital fixed deposit that you can open within 3 minutes. The FD can be opened by adding PAN and Aadhaar details.

To open Express Fixed Deposit, individuals need to be above 18 years of age, the mobile number must be linked to Aadhaar card and he/she should not be an existing Axis Bank customer.

axis bank express FD

One can deposit a minimum of Rs. 5,000 and a maximum of Rs. 90,000. You can choose tenure between 6 months and 12 months. If required, you can withdraw up to 25% of your fixed deposit amount without any penalty charges.

After the FD matures, the amount will be credited to your account. 

You also have the option of completing full KYC. It will allow you to avail the option of auto-renewal of Express FD, open an Axis Bank Savings Account and other financial solutions.

Ujjivan Small Finance Bank’s Digital Fixed Deposit

 Ujjivan Small Finance Bank offers digital fixed deposit that customers can open instantly through Aadhaar and PAN number. You don’t need to have a savings account with Ujjivan Small Finance to open an FD. 

The bank offers an attractive interest rate of 8.3% on FD for a tenure of 799 days. Customers can open a fixed deposit with a tenure of 30 days to 10 years.

Individuals can fund their fixed deposit by net banking, UPI and debit card of their existing savings account.

The fixed deposit is flexible as customers can withdraw prematurely without penalty after six months.

If required, FD customers can speak to the customer care representative or visit the nearest bank branch.

Equitas Bank’s Selfe FD

Equitas Small Finance Bank has introduced Selfe FD for its customers. Non-bank customers can easily open an FD instantly with the help of their Aadhaar card and PAN card. It offers attractive interest rates of up to 7.75%. Depositors can use the UPI Payment option to fund the FD.

To open a Fixed deposit, you need to be a tax resident of India and should be above the age of 18 and not an existing customer of Equitas Bank.

You can open the FD online instantly in 3 minutes. All you need to do is fill in the online form with key details such as your name, date of birth, Aadhaar number, PAN, the mobile number registered with Aadhaar, Email id, Father’s name and mother’s maiden name.

Individuals can book FDs maturing within 7days to 1 year. You can save any amount between Rs.5000 and Rs.90,000.  


FAQs On Online Fixed Deposits

Do I need a savings account to open a Fixed Deposit?

No. You can open a digital fixed deposit with these banks without a savings account.

What documents are needed to open online FD?

You will need your PAN card and Aadhaar number.

Who are eligible to open an online Fixed Deposit?

These FDs are for new customers who don’t have any existing relationship with the bank.
Customers should be a tax-paying resident of India and should be above 18 years of age.

Are there any limitations?

As these FDs are opened online, it comes with few limitations such as maximum amount or tenure. You can visit the bank’s nearest bank branch to complete the KYC process.


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