How to Open Nainital Bank Fixed Deposit Account

Overview FD Interest Rates Open FD Close FD Tax Saving FD Senior Citizen FD Rates

Updated 30 Aug 2023

Navigating the realm of financial investments, Fixed Deposits (FDs) stand out as a time-tested avenue, promising safety and decent returns. Nainital Bank, a bank deeply rooted in trust and customer-centricity, offers a variety of FD schemes tailored to fit diverse financial goals. If you're contemplating parking your funds in a dependable reservoir, an FD with Nainital Bank could be your ideal choice.

This guide is dedicated to unfolding the streamlined procedure to open an FD account with Nainital Bank. Join us as we walk you through every step, ensuring your journey into the world of savings is both informed and effortless.

How to Open an FD with Nainital Bank?

You can easily open an FD with Nainital Bank via the Naini Net Banking portal:
Step 1: Visit the Naini Net Banking portal and enter your login credentials.
Step 2: Go to ‘Fixed Deposits’, check out the Nainital Bank FD rates and select a scheme.
Step 3: When the FD account opening form loads, fill in all the necessary details.
Step 4: Take note of the terms and conditions and enter the amount you wish to deposit.

You will receive a notification on your registered email and phone number. Upon successful approval, your account will be ready.

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Nainital Bank FD Eligibility Criteria

Here are the eligibility criteria for opening an FD account with Nainital Bank:

Nationality: Indian
Age: At least 18 years
Applicant Type: Individuals (Single and Joint), Hindu Undivided Families (HUFs), Minors (under their guardian’s name), societies, clubs, associations, etc.

Documents Required for Nainital Bank FD Account

Nainital Bank has minimal documentation requirements for its term deposit schemes. They are as follows:

Identity proof: Voter ID card, Aadhaar card, Passport, PAN card or driving licence.
Address proof: Electricity bill, gas bill, Aadhaar card, Voter ID card or Passport.
Recent passport-sized photographs

FAQs

How can I apply for FD interest TDS exemption?

You can request a TDS exemption if the interest income is not more than ₹40,000 (₹50,000 for senior citizens) for a financial year. You must submit Form 15G to your bank to facilitate this. Senior citizens seeking this benefit need to submit Form 15H.

Why should I invest in FDs when other investment avenues offer higher returns?

It is a fact that assets like mutual funds provide better returns than FDs. However, the latter provides stable interest income throughout the maturity period. Due to their premature withdrawal facilities, they serve as a reliable emergency fund.

Is the ₹5 lakhs DICGC insurance cover applicable on Nainital Bank FD?

Yes. ₹5 lakhs DICGC (Deposit Insurance and Credit Guarantee Corporation) insurance cover is applicable on Nainital Bank FD.

How to break FD in Nainital Bank?

To close a term deposit in Nainital Bank, you can go to the nearest Nainital Bank branch. Ask for an FD liquidation form, fill up all the details and attach the necessary KYC documents. Sign and submit it to the bank officials along with your FD certificate. You can also complete this online via the Nainital Bank internet banking portal.

When is the right time for making term deposit investments?

The right time to invest in a fixed deposit depends on the investor's financial goals, risk appetite, and prevailing interest rates. Generally, it is advisable to invest in fixed deposits when the interest rates are high and are expected to remain stable for the investment period.

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