To invest in a fixed deposit in a bank, it is very important to have a savings account. But there is also an FD in which you do not need a savings account to invest and neither do you need much paperwork. We are talking about Digital FD. Many banks including Axis Bank offer digital FD. You can open it very easily and get many other benefits along with the benefit of interest on the deposited amount. Know about it in the slides below-

Interest rates of digital FD
According to Axis Bank, in digital FD also you get a guarantee of a fixed return like normal FD. Like normal FD, in digital FD also you are given the facility of a maximum tenure of up to 10 years to invest and you are offered the same interest rate that is given to you on normal FD. For those who want to earn better profits with a secured investment, this is a great option.

A savings account is not necessary for investment.
According to Axis Bank, investments can be made in digital FD very easily. You do not need a savings account for this. If your savings account is in any other bank, you can still invest in this FD.

Investment in Digital FD is very easy.
You do not need much paperwork to invest in Digital FD. For this, you just need to have an Aadhar card and PAN card. According to Axis Bank, the process of investing in it is so simple that even new customers can open a digital FD account in just 7 minutes.

This facility is also available for premature withdrawal
Most banks impose a penalty on withdrawal before the FD matures. But there is nothing like this in Axis Bank's digital FD. In this, there is no penalty for withdrawing a maximum of 25 percent of the deposited amount for the first time.

You can start investing with Rs 5,000
If you want to start a digital FD in banks like Axis Bank, or IDFC FIRST Bank, then you do not need a huge amount for this. You can open a digital FD account with just Rs 5000. The maximum limit for investing is different in different banks.