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2 mins Read | 1 Month Ago

What is Stand Alone Fixed Deposit - Its Features & Benefits

What is a standalone Fixed Deposit: Its features & benefits

 

Fixed Deposits (FDs) are financial instruments offered by banks and financial institutions that allow individuals to deposit a specific amount of money for a predetermined period at a fixed interest rate. This investment option is known for its safety, stability and returns that are more or less assured. 

Among the various types of FDs offered by financial institutions, the Standalone Fixed Deposit stands out as a unique and flexible investment option. In this guide, we will get into the concept of these, exploring their features and benefits that make them an attractive choice for investors.

What is a Standalone Fixed Deposit?

As the name suggests, it is a fixed deposit account that can be opened independently without having a Savings Account with the bank. Unlike traditional FDs that often require a linked Savings Account, Standalone FDs at ICICI Bank provide the convenience of a standalone investment product. This feature makes it an ideal choice for individuals who may not want to open an additional Savings Account but still wish to enjoy the benefits of an FD.

Features of ICICI Bank Standalone Fixed Deposit:

Minimum Investment and Tenure:

With a standalone FD, you can open an account with ICICI Bank for a minimum tenure of 6 months, while the maximum is 10 years. The minimum amount needed to start a deposit is Rs 10,000 and the maximum is Rs 1 lakh.

Digital Convenience:

One of the standout features of Standalone Fixed Deposits is the ease of access. Investors can initiate the entire process online through the available digital channels. The end-to-end digital process eliminates the need for branch visits, making it a convenient option for those who prefer online transactions.

Instant KYC and Premature Withdrawal:

Standalone FDs streamline the Know Your Customer (KYC) process, ensuring quick and hassle-free account creation. Moreover, investors enjoy the flexibility of premature withdrawal, allowing them to access funds in unforeseen circumstances. Premature withdrawal can only be feasible through a branch. 

Assured Returns:

Standalone Fixed Deposits offer assured returns at competitive FD interest rates. This makes them an attractive choice for a range of investors.

Benefits of ICICI Bank Standalone Fixed Deposit

Standalone Fixed Deposits have emerged as a versatile and investor-friendly financial instrument, offering a range of benefits that set them apart in the investment industry:

No Requirement for a Savings Account:

One of the primary advantages of Standalone FDs is the independence from opening a linked Savings Account. This simplifies the investment process and caters to individuals who may not wish to maintain multiple accounts.

Flexibility in Investment Planning:

Standalone Fixed Deposits provide flexibility in the deposit amount and tenure, empowering investors to align their investments with specific goals. Whether it's a short-term investment for immediate needs or a long-term plan, investors have the freedom to decide.

A Step-by-Step Guide on the Standalone FD Application Process

Step 1: Landing on the FD page

  • Go to the ICICI Bank website and from the Deposits section, go to Fixed Deposit

  • On the Fixed Deposit page, move to the Types of Deposit section, then select Standalone Fixed Deposit and click ‘Invest Now’.

Step 2: Initiate the FD Application 

  • Click ‘Invest Now’ to proceed to the next screen

  • Provide your Mobile number, E-mail address and PAN

  • Agree to the Terms and Conditions (T&Cs) and proceed to Mobile/E-mail OTP validation. 

Step 3: OTP Validation and Aadhaar Verification

  • Validate OTP received on Mobile and E-mail

  • Proceed to the Aadhaar OTP verification screen, displaying FD details, including Deposit amount, Tenure, Interest rate, Maturity amount, Name, Mobile number, PAN and e-mail ID.

Step 4: Personal Details and Occupation Information 

  • Enter Father’s name, Mother’s name and Nominee details (Yes/No option).

  • If opting for nominee addition, select relationship, Nominee name and Nominee Date of birth.

  • Confirm Occupational details similar to the Savings Account UCJ, including student status, marital status, place of birth, occupation, organisation details, experience, source of income, income bracket and education details.

Step 5: Personal Details Confirmation

  • Agree to the FATCA declaration and proceed to the Personal and Occupation details confirmation page.

  • Confirm details, including the Customer’s image, Father’s name, Mother’s maiden name, Marital status and PAN.

Step 6: TnC Confirmation and UCJ Funding Page 

  • Display upfront account opening TnC in a scrollable bar

  • Accept TnC via Mobile OTP verification

  • Redirect to the UCJ funding page with the FD amount pre-filled, editable tenure and initial funding account as repayment.

Step 7: Funding through UPI

  • Choose funding through the UPI option

  • Select VPA ID from the dropdown or manually enter

  • Display customer details (name, bank name, account number, IFSC) and proceed to the Eazypay page with prefilled details.

Step 8: UPI Validation and Fund Transfer 

  • Validate Mobile no., e-mail ID, Payer name (optional) and VPA ID

  • Verify VPA ID and proceed with the fund transfer within 3 minutes on the UPI app.

Step 9: Fund Transfer Success and vKYC

  • Receive fund transfer success e-mail

  • Show the fund transfer receipt on the success page

  • Initiate the vKYC process, with e-mails for vKYC auditor success and failure.

Step 10: vKYC Approval and FD Creation 

  • Display vKYC-approved message upon agent or auditor approval

  • Receive FD advice on the registered e-mail and view the FD amount and interest rate on the success screen

  • A new Customer ID will be created for New-To-Bank (NTB) users and details will be shared through e-mail

  • Note down your FD application number for tracking. Your FD will be created within a working day.

Step 11: Maturity and Closure

  • On maturity, the repayment account will be the initial funding account

  • Share the Account application form with signed Terms and conditions on the registered e-mail address.

Conclusion

ICICI Bank Standalone Fixed Deposits offer a convenient and flexible investment option for those seeking a secure and hassle-free way to grow their savings. With features such as minimal entry requirements, digital accessibility and the absence of a mandatory linked Savings Account, Standalone FDs cater to the diverse needs of investors. As with any financial decision, it is advisable to consider individual financial goals and risk tolerance before choosing an investment avenue.

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