How to Open Federal Bank Fixed Deposit Account

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Updated 29 Aug 2023

Knowing robust investment options is essential for navigating the financial landscape, and fixed deposits (FDs) have repeatedly been shown to be a shelter for investors. With its long history and dedication to providing excellent customer service, Federal Bank should be on your radar if you wish to diversify your investment portfolio with a reliable organisation.

This blog provides a detailed walkthrough for opening an FD account with Federal Bank, ensuring a simple and hassle-free process. Understanding the complexities of Federal Bank's FD procedure will give you an additional financial tool for your future pursuits, whether you are an experienced investor or a novice. Jump in!

Opening an FD Account in Federal Bank

A Federal Bank FD account can be opened through mobile apps, Internet Banking, and offline.

1) Internet Banking
Follow the below-mentioned steps for opening a Federal Bank FD account via Internet banking-

Sign in to the Federal Bank NetBanking account.
Open the Home page and select ‘Fixed Deposit’.
Select the type of fixed deposit scheme.
Fill in all the required details, nominee information, interest payout frequency, deposit duration, payment and maturity instructions.
After verifying the details and completing the account opening process, click ‘Submit’.

2) Through Mobile App - Federal Bank App
Follow the steps mentioned ahead to open an FD account via Federal Bank App-

Under the home menu, choose ‘Fixed Deposit’.
Select the type of fixed deposit scheme.
Fill in all the required details, nominee information, interest payout frequency, deposit duration, payment and maturity instructions.
After verifying the details, click Submit to complete the account opening process.

3) Opening Federal Bank FD Offline
To open a Federal Bank FD account offline, one must visit the nearest Federal Bank branch. Fill out the Federal Bank FD application form and present all the necessary documents with the deposit amount. On successful processing of the application, an FD receipt will be provided by the Federal bank.

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Eligibility Criteria

The following individuals and entities are eligible to apply for a regular Fixed Deposit online:

Individuals
Individuals jointly with other Individuals
For Minor Individuals by Guardian
HUF
Sole proprietary concerns
Clubs/Associations
Firms
Joint stock companies
Any other entity not prohibited by RBI

Documents Required

Identity Proof

Aadhaar Id
Passport
PAN Card
Voter ID Card
Driving License
Government ID Card
Photo Ration Card
Senior Citizen ID Card

Address Proof

Passport
Telephone Bill
Electricity Bill
Bank Statement with the cheque
Certificate ID Card issued by Post Office

FAQs

Can you withdraw FD before its maturity?

Yes. If you need funds urgently, you can avail of premature withdrawal of your Fixed Deposit.

Will I be notified that my deposit has matured?

Yes, you will be notified when your deposit is about to mature and again on the date it matures through SMS and E-mail.

Is the ₹ 5 lakh DICGC insurance cover applicable separately for every bank?

The deposit insurance scheme of RBI covers all Federal Bank deposits of up to ₹ 5,00,000 at the customer level. If an individual's deposit exceeds ₹ 5 lakhs in a single bank, only ₹ 5 lakhs, including the principal and interest, will be paid by DICGC if the bank becomes bankrupt.

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