How to Renew a Fixed Deposit Online?

In today’s digital age, renewing a fixed deposit online has become a popular and convenient option for many investors. With just a few clicks, you can extend the tenure of your fixed deposit without having to visit a bank branch. In this article, we will discuss the step-by-step process of renewing a fixed deposit online and the eligibility criteria you need to meet.

Understanding Fixed Deposits

First, let’s understand what a fixed deposit is. A fixed deposit is a type of savings account where you deposit a sum of money for a specific period of time, known as the tenure. In return, the bank pays you a fixed rate of interest on your deposit. At the end of the tenure, you can choose to renew the fixed deposit for another period or withdraw the principal amount along with the interest earned.

Fixed Deposit Eligibility Criteria

Before renewing your fixed deposit online, you need to meet certain fixed deposit eligibility criteria set by the bank. Typically, the eligibility criteria include:

• Age: You must be a minimum of 18 years old to open a fixed deposit account.
• Citizenship: Some banks may require you to be a citizen or a resident of the country where you are opening the fixed deposit.
• Minimum Deposit Amount: There is usually a minimum deposit amount required to open a fixed deposit account, which varies from bank to bank.
• KYC Documents: You need to provide Know Your Customer (KYC) documents such as Aadhar card, PAN card, passport, or driver’s license for identity verification.

How to Renew a Fixed Deposit Online

Renewing a fixed deposit online is a simple and hassle-free process. Here’s a step-by-step guide to renewing your fixed deposit:

1. Log in to your internet banking account: Visit the bank’s official website and log in to your internet banking account using your credentials.
2. Select the fixed deposit tab: Navigate to the fixed deposit section on the website or app to view your existing fixed deposits.
3. Choose the fixed deposit to renew: Select the fixed deposit you wish to renew from the list of existing deposits.
4. Select the renewal option: Click on the renewal option and choose the tenure for which you want to renew the fixed deposit.
5. Verify details and confirm: Review the details of the fixed deposit renewal, including the interest rate and tenure, and confirm the renewal.
6. Make the payment: Transfer the funds from your savings or current account to renew the fixed deposit online.
7. Receive confirmation: Once the payment is successful, you will receive a confirmation message on the website or app, along with an updated fixed deposit receipt.

Benefits of Renewing a Fixed Deposit Online

Renewing a fixed deposit online offers several benefits to investors, including:

• Convenience: You can renew your fixed deposit from the comfort of your home or office without visiting a bank branch.
• Time-saving: Online renewal saves you time and effort compared to traditional methods of renewal.
• Instant updates: You can get real-time updates on the status of your fixed deposit renewal online.
• Secure transactions: Banks use encryption and secure protocols to ensure the safety of your online transactions.

In Conclusion

Renewing a fixed deposit online is an easy and convenient way to continue growing your savings. By following the simple steps outlined in this article and meeting the eligibility criteria, you can renew your fixed deposit from anywhere at any time. Take advantage of the digital age and make the most of online banking services to manage your finances efficiently.