Fixed deposit (FD) and Recurring deposit (RD) are one of the most commonly used savings options by people in India.
If you have a lump sum amount with you and if you don’t need that cash for a while, you can deposit that amount in a FD rather than having it in your savings bank account.
This way, your money will fetch higher interest.
Similarly, by opening a RD account, you can develop the nice habit of monthly saving.
Both FD and RD fall into the “types” of bank accounts. And I have made a dedicated video on the topic – on the types of bank accounts and their features and benefits.
You can watch it below:
It doesn’t matter how commonly used and how good FD and RD accounts are, opening one such account is a time consuming process.
You need to visit your bank, fill up the form sign it, wait and so on.
Due to this, many people hesitate to open a FD or RD account. I have myself postponed the process as I don’t have the time.
But after the introduction of mobile banking, things have got a lot easier.
With mobile banking, you can open a FD or RD account at the comfort of your home by simply opening the official mobile apps.
This post and the video is about how you can open a FD or RD account with SBI using the SBI’s YONO app.