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How To Open a Fixed Deposit Without a Savings Account

Updated on Wednesday, September 16th, 2026 | By IndusInd Bank

Summary

Opening a fixed deposit without a savings account is now easier than ever, thanks to digital banking solutions.
The process is simple: submit your personal details, choose your preferred FD tenure and investment amount, and fund the deposit.
Whether you are a first-time investor, salaried professional, senior citizen, or someone looking for a safe way to grow your savings, opening an FD online without a savings account offers a convenient and rewarding investment solution.

Fixed Deposits (FDs) offer numerous benefits, including zero risk, predictable returns, loan facilities, tax benefits, and even Deposit Insurance and Credit Guarantee Corporation (DICGC) backed insurance. No wonder why millions of Indians put their trust in these investment options.

The traditional route to opening an FD typically starts with owning a savings account at a bank. However, many wonder, “Can we open a fixed deposit without bank accounts entirely?” There could be several reasons behind this interest. For example, some may not want to manage multiple bank accounts, and others might seek to avoid the minimum balance conditions of savings accounts.

Let’s explore if the option to open an FD without a bank account exists and, if yes, how to take advantage of this opportunity.

Is it Possible to Open an FD Without a Savings Account?

To open IndusInd Bank Fixed Deposits, you don’t need to have a savings account with the bank. This option caters to those who seek a simple way to invest without the complexities of managing multiple accounts. With this flexibility, more individuals can take advantage of competitive interest rates and secure financial growth, no matter if they hold a savings account with the bank or not.

How Can You Open a Fixed Deposit Without a Savings Account?

Step 1: Click on “Apply Now” and Provide Personal Details

Navigate to the IndusInd Bank website and locate the Fixed Deposit section. Click on the “apply now” button to start your application.

You will be prompted to enter your personal details, such as your full name, address, phone number, email, and identification numbers (PAN or Aadhaar card). This step is crucial for identity verification and to ensure that all communications related to your FD are correctly directed to you.

Step 2: Input Your FD Details

Next, decide on the specifics of your FD. You can choose from different types of fixed deposits, from a tax-saving fixed deposit to a senior citizen FD. Once finalised, decide on the deposit amount, tenure, and interest payout frequency (monthly, quarterly, annually, or at maturity). These choices will affect the interest you earn, so review the options carefully to match your financial goals and needs.

Make sure to review the terms and conditions to understand the penalties for early withdrawal and other relevant details.

Step 3: Fund Your FD

As you do not have a savings account with IndusInd Bank, you can transfer the deposit amount from another bank account via NEFT, RTGS, etc. Once the funds are received and verified, you will receive an FD receipt online, which confirms your investment. This receipt includes important details such as the principal amount, interest rate, tenure, and maturity date.

Note: Since you are opening this account using Aadhaar eKYC, for fixed deposits exceeding ₹90,000, you will need to complete a video KYC session with a representative. Make sure you have your original PAN card, a pen, and a piece of paper handy before beginning the process.

Also Read: Fixed deposit myths debunked: What you need to know

Who Can Open an FD Without a Savings Account?

Many banks allow customers to open a fixed deposit without maintaining a savings account with the same bank. These are often referred to as standalone or digital fixed deposits. Generally, the following individuals can open an FD without a savings account:

Resident Indian individuals
Senior citizens seeking higher interest rates
Salaried professionals and self-employed individuals
First-time investors looking for secure investment options
Joint account holders
Parents or guardians opening an FD on behalf of a minor

The eligibility criteria may vary slightly from one bank to another. Usually, online identity verification, PAN, Aadhaar, and a valid bank account for fund transfers are required.

Documents Required to Open an FD Online

Opening an FD online is a paperless process in most cases. The following documents and details are commonly required:

PAN Card: A valid PAN is generally required for tax compliance and identity verification.
Aadhaar Card: Aadhaar helps complete electronic Know Your Customer (eKYC) verification.
Mobile Number: An active mobile number linked to Aadhaar is often needed for OTP-based authentication.
Email Address: Banks use your email ID to send FD confirmations, receipts, and maturity-related communications.
Bank Account Details: A savings or current account is required for funding the FD and receiving the maturity proceeds.
Passport-Size Photograph (if applicable): Some institutions may request a digital photograph during the onboarding process.

Benefits of Opening a Fixed Deposit Online

Convenience	You can complete the entire process from the comfort of your home. No multiple bank visits, paperwork, long queues, or wastage of time.
Speed	Once you provide all the necessary details and fund your FD, the account can be activated almost immediately, which means you can start earning interest without any delay.
Automated calculations	You can use an online FD calculator to determine the maturity amount and interest you will earn based on the deposit amount and tenure. This helps you choose the FD amount and tenure wisely.
Customisation	Customise your FD with adjustable amounts, terms, and maturity options to fit your financial goals.

Conclusion

As you can see, opening an FD without a bank account with a specific bank is entirely possible. This facility offers a convenient investment route for those who want to enjoy the benefits of FDs but don’t want the hassle of opening a new bank account. IndusInd Bank facilitates this process and allows investors to capitalise on attractive interest rates and secure financial growth.

Just apply online, fill in your personal details, choose the appropriate FD, select the tenure, decide on the amount, and fund it. So, don’t delay anymore and watch your hard-earned money grow with attractive FD returns. Book an FD online today!

FAQs

Which one is better, SIP or FD?

The better option depends on your risk appetite, investment horizon and financial objectives. An FD offers fixed and guaranteed returns with low risk while a Systematic Investment Plan (SIP) invests in mutual funds and has the potential to generate returns that are subject to market risk.

Can I fund my FD using an account from another bank?

Yes, many banks allow you to fund your FD using a savings or current account held with another bank. You can usually transfer funds through net banking, UPI, NEFT, IMPS or other digital payment methods, depending on the bank’s policies.

Can I close my FD anytime?

Most banks allow premature withdrawal of an FD before its maturity date. For example, IndusInd Bank has zero premature withdrawal charges.

What happens to FD if the bank closes?

In the unlikely event that a bank shuts down, eligible deposits, including fixed deposits, are typically covered under deposit insurance up to the limit specified by the Deposit Insurance and Credit Guarantee Corporation (DICGC). Any amount exceeding the insured limit may be subject to the resolution process applicable to the bank.

Is Aadhaar eKYC mandatory for opening an FD online?

In many cases, Aadhaar eKYC is the preferred method for completing online verification because it makes the process faster and paperless. However, some banks may offer alternative KYC methods using other officially valid documents. The exact requirement depends on the bank’s onboarding process and regulatory guidelines.