Standalone Fixed Deposit is an FD account that can be opened independently without the necessity of having a Savings Account with the bank. However, note that at least one savings account is required, Unique Payment Interface (UPI) enabled. This is required for funding purposes.
In addition, the account holder's phone number should be linked to their Aadhaar Card. This feature distinguishes it from traditional FDs, offering investors the convenience of a standalone investment product. Standalone FDs from major financial institutions like ICICI Bank provide a secure avenue for individuals to deposit a specific amount (minimum of ₹10,000) of money for a predetermined period at a fixed interest rate.
To initiate the Fixed Deposit (FD) application, the first step is to visit the official website of the chosen financial institution. Once on the website, navigate to the Fixed Deposit section, which typically can be found under the "Investments" or "Savings & Investments" tab. Within the Fixed Deposit section, locate and select the option for Standalone Fixed Deposit.
This choice ensures that you're opting for a fixed deposit account that can be opened independently, without the need for a linked Savings Account. Once selected, proceed to initiate the application process by following the on-screen instructions provided by the financial institution. After initiating the application process, you'll be prompted to provide your personal details and verify your identity.
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