Is it safe to open FDs online?

[Deleted member 21242]

I want to save my family’s money as FD in everyone’s account. Mostly HDFC and SBI bank. Making multiple FDs physically in bank is tedious task. Although I want to invest MF for better returns, my family members don’t want to take risk and only trust FDs (can’t expect any support from them in securities market). We plan to invest later in real estate and some other expenses coming up after 3-4 yrs. So I just want to know whether creating FDs in respective mobile banking apps safe? I have already created some, but never redeemed them. How is the redemption experience for you? Duration to break FD? And will physical banks help if we face issue ?

 

[Rkr]

I want to save my family’s money as FD in everyone’s account. Mostly HDFC and SBI bank. Making multiple FDs physically in bank is tedious task. Although I want to invest MF for better returns, my family members don’t want to take risk and only trust FDs (can’t expect any support from them in securities market). We plan to invest later in real estate and some other expenses coming up after 3-4 yrs. So I just want to know whether creating FDs in respective mobile banking apps safe? I have already created some, but never redeemed them. How is the redemption experience for you? Duration to break FD? And will physical banks help if we face issue ?

Online FDs are best and time saving and best part you can redeem as and when you want ..Even on holiday when banks didn't operates.

If you are able to do online then its best option to do.
Else vice versa.

 

[varun__goel_]

I want to save my family’s money as FD in everyone’s account. Mostly HDFC and SBI bank. Making multiple FDs physically in bank is tedious task. Although I want to invest MF for better returns, my family members don’t want to take risk and only trust FDs (can’t expect any support from them in securities market). We plan to invest later in real estate and some other expenses coming up after 3-4 yrs. So I just want to know whether creating FDs in respective mobile banking apps safe? I have already created some, but never redeemed them. How is the redemption experience for you? Duration to break FD? And will physical banks help if we face issue ?

Have been creating FDs in HDFC online, deposit and withdrawal both instant.
In SBI, it works 8:00am to 8:00pm. Means, if you request for FD after 8pm it will be created on next day, don't know about withdrawl in SBI

 

[sm9811911]

I want to save my family’s money as FD in everyone’s account. Mostly HDFC and SBI bank. Making multiple FDs physically in bank is tedious task. Although I want to invest MF for better returns, my family members don’t want to take risk and only trust FDs (can’t expect any support from them in securities market). We plan to invest later in real estate and some other expenses coming up after 3-4 yrs. So I just want to know whether creating FDs in respective mobile banking apps safe? I have already created some, but never redeemed them. How is the redemption experience for you? Duration to break FD? And will physical banks help if we face issue ?

It's easier doing it online if you compare against physical process. No difference in rates or anything like that. Only difference is you will not get the fd certificates that our elders love to correct.
Hdfc personal experience : within seconds you get back the money if you break the fd. Similarly, can make an fd within seconds, you get digital confirmation next day I think. And you can do it anytime even on weekends, so much more convenient.

 

[Deleted member 21242]

Thanks for the info @varun__goel_ @sm9811911

 

[D₹V]

I want to save my family’s money as FD in everyone’s account. Mostly HDFC and SBI bank. Making multiple FDs physically in bank is tedious task. Although I want to invest MF for better returns, my family members don’t want to take risk and only trust FDs (can’t expect any support from them in securities market). We plan to invest later in real estate and some other expenses coming up after 3-4 yrs. So I just want to know whether creating FDs in respective mobile banking apps safe? I have already created some, but never redeemed them. How is the redemption experience for you? Duration to break FD? And will physical banks help if we face issue ?

Yes, safe.
.

 

[Deleted member 9785]

Risky if account hacked.

 

[D₹V]

Risky if account hacked.

Wo to offline account ka bhi ho sakta 😅.

 

[credit_debit]

I want to save my family’s money as FD in everyone’s account. Mostly HDFC and SBI bank. Making multiple FDs physically in bank is tedious task. Although I want to invest MF for better returns, my family members don’t want to take risk and only trust FDs (can’t expect any support from them in securities market). We plan to invest later in real estate and some other expenses coming up after 3-4 yrs. So I just want to know whether creating FDs in respective mobile banking apps safe? I have already created some, but never redeemed them. How is the redemption experience for you? Duration to break FD? And will physical banks help if we face issue ?

No issue at all in online FDs. Instead of HDFC/ SBI, try with Small Finance Banks like AU, and Utkarsh for better returns. These are covered under DICGC, so safety is up to 5 Lakh per FD. If the amount is higher, can be distributed into different accounts / Branches.

 

[the_dark_knight]

No issue at all in online FDs. Instead of HDFC/ SBI, try with Small Finance Banks like AU, and Utkarsh for better returns. These are covered under DICGC, so safety is up to 5 Lakh per FD. If the amount is higher, can be distributed into different accounts / Branches.

upto 5 lakh per bank per customer id (across all fd/savings balance with a bank)

 

[credit_debit]

upto 5 lakh per bank per customer id (across all fd/savings balance with a bank)

Agree, but if do it by using joint accounts, each account will be treated as separate, and all will be covered by a single bank. Below is the example from AU website, which illustrates the combination of accounts covered.



So different combinations with the same bank can be as below. All will be covered with 5 lakh insurance from same bank.

 

[SamPtnk]

Online Fds are best you can liquidate anytime

If you go to bank for FDs they may scam you into buying ULIPS , pension schemes etc

 

[Dreams Of Desire 💓]

For SBI i can vouch. Creating and redemption of amount is instant(i have done multiple times in sbi). As above mentioned for sbi timing is specific 8 to 8.
And when you do keep in mind to add 6 months plus 1 day for max interest with less commitment. Auto renewal is also possible.
I know a mess of information 😅 but i hope you understand

 

[s4more]

Online Fds are best you can liquidate anytime

Not all the time. If the FDs are held jointly in HDFC bank they wont let you liquidate online. I had to go the branch.

 

[SamPtnk]

Not all the time. If the FDs are held jointly in HDFC bank they wont let you liquidate online. I had to go the branch.

Yeah joint account has this issue even in SBI there was issue few months back

 

[coolguy1]

As long as you're creating them in your personal/current account using the official bank app/website, you should be good.

It's same as opening as offline, just faster and better.