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Fixed deposits are fixed-income investment avenues wherein you deposit a lump sum amount for a specified period and earn guaranteed returns on the deposit.
Disclaimer: Fixed Deposits are offered by Banks/NBFCs and are regulated by the Reserve Bank of India. Aditya Birla Capital Digital (using the brand name ABCD) is acting in the capacity of Sub Agent/Referral Partner for distribution of Fixed Deposits(FD) of Banks and NBFCs.
Given below are the simple steps which allow you to invest in an FD with ABCD App and earn attractive returns on investment. FDs are offered by Banks/NBFCs in partnership with Upswing.
Download the ABCD App & Go to ABCD App Homepage
Go to "Invest" section & Click on Fixed Deposits
Choose the desired Bank/NBFC FD
Complete KYC process
Choose the withdrawal account
Start earning interest !
Complete KYC process
Choose the withdrawal account
Start earning interest !
ABCD has strategically partnered with upswing to introduce an innovative feature within our app—offering a range of deposits from both leading banks and Non-Banking Financial Companies (NBFCs).
Deposit Insurance and Credit Guarantee Corporation (DICGC) is a wholly-owned subsidiary of the Reserve Bank of India (RBI). It provides deposit insurance that works as a protection cover for bank deposit holders when the bank fails to pay its depositors. The agency insures all kinds of deposit accounts of a bank, such as savings, current, recurring, and fixed deposits up to a limit of Rs. 5 lakh per account holder per bank. All your FDs booked with a bank (and not NBFCs) will thus be insured upto INR 5 lakh.
The interest rate depends on your age, gender, period of deposit, type of fixed deposit scheme, the current repo rate, and the financial institution with whom you make the deposit.
If you are not a senior citizen, the interest earned from a fixed deposit scheme would be taxed in your hands at your income tax slab rates. Senior citizens, however, can enjoy tax-free interest income up to Rs.50,000 under Section 80TTB.
You can make premature withdrawals through the ABCD app. The withdrawal, however, attracts a penalty which reduces your interest earnings.