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How college students can start their investment journey early with the safe and secure option of fixed deposits offered by various banks with healthy returns.
How college students can benefit from investing in FDs.
(Representative Image)
Amid uncertainty faced by non-professionals with no assured source of income, fixed deposits provide youth and college students a safe and secure option to kickstart their financial management and savings. With great benefits and healthy returns, investing in a fixed deposit is an excellent choice, helping encourage healthy money habits and a first step towards financial security.
Benefits
Fixed Deposits not only provide guaranteed returns through fixed interest rates and zero market risks, but they come with flexible tenures, allowing you to choose from a range of options. Students can align their FDs with their savings strategy and financial goals that serve their academic purposes the best.
Fixed Deposits also have a low investment threshold and help youngsters and students start their investment journey with minimum initial deposits. One can start really small and gradually increase their savings depending on the rise in income. Banks also allow you to take a loan against your fixed deposits, which helps you continue your education uninterrupted amid difficult times.
How To Open A Fixed Deposit Account Online
Apart from the offline filing of a necessary form with documents submitted, banks also allow college students to open a fixed deposit account online. Here is how you can proceed:
Step 1: Visit the official website of the bank
Step 2: Look for the financial institution’s FD page and click on the ‘Apply Online’ section
Step 3: Enter the mobile number registered with your bank account for verification
Step 4: Provide all the necessary details and documents asked, including your name, date of birth, bank account number, PAN card and others.
Step 5: Type the OTP sent by the bank to your registered mobile number for verification
Step 6: Choose the FD account type that suits you
Step 7: Input the amount you wish to deposit along with the tenure for your fixed deposit
Step 8: Review all the details given, confirm the information provided and finalise the authentication process to make your FD account operational.
Banks provide students the option to start with a minimal initial deposit of as low as Rs 1,000 and flexible tenure options ranging from seven days to ten years. Students will require valid identity and address proofs as well as university or college identity card details for the same.
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Delhi, India, India
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