How to Make the Most of the IndusInd Bank Online Fixed Deposit?
The sooner you start investing your hard-earned money, the quicker you will fulfill your financial aspirations. After all, it takes time and an appropriate financial instrument to grow your wealth. So, if you are looking to invest your income, there’s no time like the present! IndusInd Bank’s online fixed deposit is the most convenient and secure financial vehicle to park your funds.
For starters, it only takes a matter of minutes to open an online fixed deposit account with IndusInd Bank. Moreover, you can enjoy significant benefits, including high interest rates, easy application, and flexible tenure. Still not convinced? Here are a few simple tips on how to get the most out of your online FD.
Opt for the Cumulative FD Option
There are broadly two different types of fixed deposits – Cumulative and Non-Cumulative. A cumulative FD provides you with the extended benefits of compounding interest to help you grow your corpus. The interest you earn on the principal amount is compounded and paid at the time of maturity. Simply put, it allows you to reinvest the interest you earn on a quarterly or yearly basis.
A non-cumulative FD offers you periodical payouts, making them perfect for retirees, freelancers, and individuals looking for a periodic income. Thus, if your purpose of opening an FD is not to earn a regular income, it’s best to pick the cumulative option and maximize your returns.
Open the FD in Your Parent’s Name
It’s common knowledge that senior citizens can get higher interest rates on fixed deposits. If your parents are senior citizens, opening the deposit in their name will get you the benefit of higher returns. IndusInd Bank offers 6% interest per annum to adults and a 6.5% interest rate to senior citizens. That’s why opening an FD in your parent’s name is beneficial and can help secure their future.
Book a Tax Saver Fixed Deposit
Did you know, under Section 80C of the Income Tax Act, you can claim a tax deduction of up to Rs 1.5 lakh on an investment amount by opting for a tax saver FD? All you have to do is book a tax saver FD with IndusInd Bank for a lock-in period of 5 years. It is an easy and secure way of saving tax while fetching decent returns on your deposit. Make sure to check your eligibility and other regulations for a tax-saving fixed deposit account before applying.
Download the Indus Mobile App
Lastly, a simple hack to make the most of your online fixed deposit account with IndusInd Bank is to opt for the mobile banking facility. So, download the multi-purpose and highly resourceful Indus Mobile app and make your banking experience hassle-free!
If you are an existing IndusInd Bank customer, you can redeem or withdraw your deposit amount through the Indus mobile app. It saves you the trouble of visiting the nearest IndusInd bank branch. Moreover, you can instantly book another FD or another financial product offered by IndusInd Bank through mobile banking.
To Sum Up
IndusInd Bank’s online fixed deposit is an excellent savings tool that helps you keep your funds secure and, at the same time, make your money work for you! By following these simple tips, you can make the most of your FD and fulfill your short-term and long-term goals with utmost ease.
Therefore, if you are ready to take this significant step in your savings journey, apply for an online FD with IndusInd Bank today!