FD Select FAQs
What is a Fixed deposit (FD)?
Fixed deposit is a financial instrument where an investor deposits a sum of money for a fixed period and earns interest on it. The interest rates on FD(s) are fixed and guaranteed, making them a low-risk investment option.
The interest rates offered on FD(s) may vary depending on the financial institution with which FD is getting booked, tenure of FD and type of customer.
The interest rates offered on FD(s) may vary depending on the financial institution with which FD is getting booked, tenure of FD and type of customer.
How does an FD work?
Fixed deposit (FD) offers a safe way to grow your money. You invest a lump sum for a specific tenure and earn a guaranteed interest on it.
On maturity, depending on the action to be performed on maturity; the principal amount along with interest earned is either re-invested or credited to the withdrawal bank account you provided when booking the FD.
On maturity, depending on the action to be performed on maturity; the principal amount along with interest earned is either re-invested or credited to the withdrawal bank account you provided when booking the FD.
How does investing in an FD on Moneyview differ from investing in an FD with Bank?
Moneyview empowers you to digitally find the best FD that aligns with your financial goals.
You will get a wide range of RBI-regulated Banks and NBFCs to choose from on the Moneyview app. This wide selection allows you to easily compare different Fixed Deposit (FD) options and find the one that best suits your financial needs. Additionally, you can start investing in Fixed deposits with a min. of ₹1000; in under 3 mins without opening a new bank account. Thereby, making investing in Fixed deposits convenient and hassle-free.
Additionally, a deposit (i.e. your deposit amount + interest earned) amount of up to ₹5 lakhs per depositor per bank is insured by DICGC (a wholly owned subsidiary of RBI) for all Bank FDs.
You will get a wide range of RBI-regulated Banks and NBFCs to choose from on the Moneyview app. This wide selection allows you to easily compare different Fixed Deposit (FD) options and find the one that best suits your financial needs. Additionally, you can start investing in Fixed deposits with a min. of ₹1000; in under 3 mins without opening a new bank account. Thereby, making investing in Fixed deposits convenient and hassle-free.
Additionally, a deposit (i.e. your deposit amount + interest earned) amount of up to ₹5 lakhs per depositor per bank is insured by DICGC (a wholly owned subsidiary of RBI) for all Bank FDs.
Is there any fee or charge for investing in FDs on Moneyview?
No, there is no convenience charge or fee charged for investing in an FD on Moneyview.
Is it safe to book an FD on Moneyview?
Yes, booking a Fixed Deposit (FD) on Moneyview is completely safe.
When you make an investment, your money is transferred directly to the RBI-regulated Bank or NBFC you chose to book an FD
Additionally, a deposit (i.e. your deposit amount + interest earned) amount of up to ₹5 lakhs per depositor per bank is insured by DICGC (a wholly owned subsidiary of RBI) for all Bank FDs.
When you make an investment, your money is transferred directly to the RBI-regulated Bank or NBFC you chose to book an FD
Additionally, a deposit (i.e. your deposit amount + interest earned) amount of up to ₹5 lakhs per depositor per bank is insured by DICGC (a wholly owned subsidiary of RBI) for all Bank FDs.
How can I invest in FD in 3 mins?
You can invest in Fixed deposits in under 3 mins without opening a new bank account by following the below listed steps:
Note: Your FD receipt will be available via email directly from Bank / NBFC (all except Utkarsh Small Finance Bank) within 7 days of FD booking confirmation. You can also view / download FD receipt from the app.
- Download the Moneyview app and login with Aadhaar linked mobile no.
- Click on the Fixed Deposits card on Superhome.
- Choose FD from a wide range of RBI-regulated Banks and NBFCs that best suits your financial needs.
- Provide your PAN, Aadhaar, Personal & Professional details to verify your identity.
- You will have to provide withdrawal bank details to verify your bank account; your FD amount will be credited to this account on maturity or premature withdrawal.
- Complete your payment using UPI or Netbanking.
*VKYC might be applicable in a few cases.
Note: Your FD receipt will be available via email directly from Bank / NBFC (all except Utkarsh Small Finance Bank) within 7 days of FD booking confirmation. You can also view / download FD receipt from the app.
What is the min and max amount that can be invested in FD?
You can start investing from a min. of ₹1000 and a max of up to ₹10 Lakhs per transaction, depending on your Netbanking limit.
Who has my money when I invest in FD on Moneyview?
When you invest, your money is directly sent to the Bank / NBFC selected for booking an FD. Moneyview never holds any of your funds.
Upon maturity or premature withdrawal of FD, the respecive Bank / NBFC with which the FD was booked; will send the amount directly to the withdrawal bank account provided at the time of booking the FD.
Upon maturity or premature withdrawal of FD, the respecive Bank / NBFC with which the FD was booked; will send the amount directly to the withdrawal bank account provided at the time of booking the FD.
Is it possible to book an FD for a minor?
Currently, fixed deposit requests for minors are not supported on Moneyview.
What types of bank accounts are eligible for verification to invest in fixed deposits on Moneyview?
Currently, only savings accounts are supported for investing in Fixed Deposits (FDs).
Is it possible to withdraw from FD before maturity?
Yes, you can withdraw your FD before its maturity. The withdrawal conditions such as lock-in period and penalty may be different depending on the policies of the Bank or NBFC with which the FD was booked.
What happens to my money if Moneyview is no longer functional?
Rest assured knowing that Moneyview is here with a long term vision and is not likely to stop functioning. In the unlikely case this happens, your investments are perfectly safe with the Partner Bank / NBFC and you will get all the required help from Moneyview on how to access your funds.
What are the taxation rules that are applicable for this deposit?
Interest earned on your deposits gets added to your total income and gets taxed in accordance with your tax slab.