welcome to My deposit
My Deposit is the Large Depository Company Partnered With Small Finance Banks. We manage over 213 Cr. of Funds Over 1.5 Lakh Individuals We Also provide Loan Facility to our FD Members against Fixed Deposit at low interest rates. My Deposit are DICGC Insured Fixed Deposit.
Deposits are insured up to Rs. 5,00,000 (5 lakh) under the Deposit Insurance and Credit Guarantee Corporation (DICGC), a subsidiary of the Reserve Bank of India and It applies to all banks in india.
You do not have to pay any premium for it. DICGC charges nominal premium to the Bank.
You can find more details at DICGC website www.dicgc.org.in or email your specific queries at dicgc@rbi.org.in or address your queries to:
What is fixed deposit?
FD is a type of investment in which an individual invests a lump sum amount for a specific period of time with a bank. The amount deposited in the FD earns interest at a fixed rate which is set at the time of the account opening. FD holders can choose to receive the interest earned either monthly, quarterly, half-yearly or annually as per their preference.
How does an FD work?
When individuals open an FD Account, they need to deposit a specific amount of money for a predetermined period. The amount deposited should not be withdrawn until the maturity of the deposit. The period of investment can range from 7 days to 10 years, depending on the investor’s preference.
The interest rate offered on an FD depends on the period of investment and the amount deposited. The longer the investment period, the higher the interest rate and higher the interest earned consequently. The interest earned on an FD gets credited in the investor’s Savings Account (most banks require deposit holders to have a Savings Account with them) or gets reinvested in the FD at the end of the tenure.
Open Your FD With MyDeposit
A fixed deposit is one of the safest investment options available today, with guaranteed returns. Invest in a fixed deposit via My Deposit today and get up to 10% interest rate. The application process is super easy and completely digital. Apply today!
Fixed Deposit - FAQ
A fixed deposit account provides you with a safe investment option, where your funds are secured for a fixed amount of time while you earn a fixed rate of interest on the back of it.
There are different types of fixed deposits such as regular fixed deposits, senior citizen fixed deposits, cumulative or non-cumulative fixed deposits and many more
When you open your new FD account with My Deposit, the minimum amount required for a fixed deposit is ₹25000.
Here are some of the benefits of investing in Fixed deposit: high rate of interest on your investment, instant withdrawal or premature withdrawal benefits, a fully digital application process and much more.
Suppose you compare the interest rates for a general user against the interest rates offered to a senior citizen or woman. In that case, you will notice that the latter group usually gets higher rate of interest.
If your FD amount is more than ₹50,000, then the PAN card is mandatory.
There are no fixed eligibility criteria for opening a fixed deposit account at My Deposit. Anyone who is an Indian citizen and has all the documents required can invest.
The ideal tenure for your fixed deposit can differ between banking partners. The general tenure usually varies from 30 days to 10 years.
My Deposit offers special fixed deposit schemes for senior citizens, with interest rates up to 10.2%.
It is a different type of investment scheme where you keep on adding funds over the original FD. The interest is applied to your original investment amount, and then in the following cycle, you will get the benefit of the increased principal amount
Under Section 80C of the Income Tax Act of 1961, you can get a tax benefit of up to ₹1,50,000 for investing in a fixed deposit.
Yes, My Deposit offers pre-mature withdrawal benefits with its fixed deposit, available after 30 days of investing.
If you have made an FD investment with a tenure of less than 6 months, then your investment will be considered under simple interest. However, if it is above ₹50,000, you will get the benefit of compound interest.
Sweep-in is a form of fixed deposit where you can transfer the excess funds from your savings account to the FD account. A sweep-out facility is the exact opposite, where the deficit in your savings account is covered by transferring funds from the FD account.
Once your FD account has matured there are two options that you can choose from: renew your FD once again or transfer the entire amount back to your savings account.