Contact-less fixed deposit: These banks offer special FD schemes

To maintain norms of social distancing and contact-less transactions, some banks provide fully contact-less FD schemes.

July 02, 2020 / 11:16 AM IST
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Investment is the essential thing that you must do to secure your future amid lockdown imposed in India as well as across the globe to curb the spread of coronavirus. You can opt for online bank fixed deposits (FDs) if you are still cautious to step out of your house to stay safe.

To maintain norms of social distancing and contact-less transactions, which ensure elimination of the need for physical contact. Some banks provide fully-contact-less FD schemes.

Also read: Fixed Deposit rates | Check out which banks are offering higher return on FDs

Axis Bank and DCB Bank are the banks that offer special contact-less FD schemes:

Axis Bank Express FD: Through the digital mode, without opening a savings account with the bank. Axis Bank’s ‘Express FD’ is a digital fixed deposit (FD) product that allows a customer to open an FD account in three minutes.


The Bank said, "‘Express FD’ offers attractive interest rates, zero issuance fees and no penalty on pre-mature withdrawal of up to 25 percent of the amount".

Also read: Here are 10 tax-saving fixed deposits offering high interest rates

For a tenure of six to 12 months by investing Rs 5000 to Rs 90,000, a customer can open an Express FD account, so that rate of interest is 5 percent to 5.8 percent. Through net-banking, debit card or via UPI, the funds can be deposited in Express FD accounts.

DCB Zippi online fixed deposit: This account can be opened easily and with the convenience of sitting at home because the DCB Zippi online fixed deposit facility is contact-less and touch-less. The online experience is simple. A customer can choose between regular DCB Zippi online FD or opt for the benefit of free life insurance with DCB Zippi Online Suraksha Fixed Deposit.

Praveen Kutty, Head - Retail and SME Banking, DCB Bank, said "The DCB Zippi has a strong technology framework that ensures a contact-less and touch-less interface between the bank and the depositor, thereby enhancing customer experience. DCB Zippi is ideal and practical for investment, more so with Covid-19 measures in force, this requires no visit to any bank branch at all. The customer can make the deposit and manage the Zippi Online FD from home or office".

Also read: Here are 10 tax-saving bank fixed deposits that offer high interest rates

For a tenure ranging from 30 days to five years, one can invest from Rs 10,000 to Rs 5 lakh in DCB Zippi Fixed Deposit. The interest rate payable for the DCB Zippi FD varies with the duration. The interest rate for a three-year fixed deposit is 7.35 percent per annum*(as on June 3).
Faizan Javed

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