When it comes to securing the future of your child, there can’t be a better option than a fixed deposit.
Yes, fixed deposit for minors is a facility that most of the leading banks including IndusInd Bank offer.
Let’s learn more about the benefits of having a fixed deposit for minors and how to open an FD account online.
Need of a Fixed Deposit for your Child
Plan Their Education
Education is one of the primary reasons for parents to open a fixed deposit for their children. We know that education is getting expensive every year, and a few years down the lane, you might find it difficult to fund a child’s education is a good institute. Don’t let that happen. Open a fixed deposit today so that you can provide the best education to your child.
Give them Financial Security
Financial crises come unannounced, but you can be prepared for them by investing in an FD. A fixed deposit can also be your family’s financial backup in case of an emergency. The other benefit of a fixed deposit is the interest it yields on the principal amount, which is higher than what you get from a savings account.
Use in a Financial or Medical Emergency
In case of a financial or medical emergency, you do not have to take a loan from the bank or borrow money from a relative, if there’s already a decent amount in fixed deposit. It saves you from increasing debt and will give peace of mind to your family.
Benefits of a Fixed Deposit
Get competitive interest rates on opening a fixed deposit for your child.
You can open a fixed deposit for a duration of 12 months to 60 months depending on which short-term or long-term goals you want to accomplish.
Some banks also offer a loan facility on a fixed deposit. If your child is planning to study abroad, availing of a loan comes in handy.
Gone are the days when one had to visit their nearest bank branch to open a fixed deposit for a child. Time has changed and so has the process. You can now open an online fixed deposit for minors, anytime and anywhere.
Last Few Words
Opening a fixed deposit online is very simple. Now you don’t need to visit the bank to open an FD account. All you need to do is visit IndusInd Bank’s website, provide the necessary documents and open a fixed deposit in minutes.
You can also use the FD calculator before opening an FD to get an idea about how much return you can earn on investing a certain sum of money.