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How to Make a Fixed Deposit

 

1. Choose a Bank or Financial Institution

  • Compare FD interest rates across banks (public, private, or NBFCs).

  • Consider factors like interest payout frequency (monthly/quarterly/annually), tenure options, and penalties for premature withdrawal.

2. Decide the Amount and Tenure

  • Choose how much money you want to deposit.

  • Tenure can range from 7 days to 10 years.

3. Open the FD Account

You can open an FD account:

  • Online Raivik Finance

  • Offline by visiting the bank branch.

  • https://raivikfinance.com

Online Process:

  1. Log in to your bank’s net banking or app.

  2. Go to the Fixed Deposit section.

  3. Select:

    • Amount

    • Tenure

    • Type (cumulative or non-cumulative)

    • Interest payout frequency

  4. Confirm and submit.

Offline Process:

  1. Visit your bank branch.

  2. Fill in the FD account opening form.

  3. Submit documents if needed (ID proof, address proof).

  4. Deposit the amount via cash or cheque.

4. Choose Interest Payout Option

  • Cumulative FD: Interest is paid at maturity (good for compounding).

  • Non-Cumulative FD: Interest is paid monthly/quarterly/annually.

5. Nomination & Maturity Instructions

  • Add a nominee to the FD.

  • Choose what happens at maturity: auto-renew or credit to your savings account.

📝 Example:

Bank: Raivik Finance
Amount: ₹1,00,000
Tenure: 1 year
Interest Rate: 11%
Maturity Amount: ₹1,30,000 (if cumulative)

🔒 Things to Keep in Mind

  • Premature withdrawal may attract penalties.

  • Senior citizens usually get higher interest rates.

  • TDS (Tax Deducted at Source) is applicable if interest exceeds ₹40,000 (₹50,000 for senior citizens) in a financial year.

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