{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.indusind.com\/iblogs\/fixed-deposit\/fixed-deposit-for-minor\/#BlogPosting","mainEntityOfPage":"https:\/\/www.indusind.com\/iblogs\/fixed-deposit\/fixed-deposit-for-minor\/","headline":"Open Fixed Deposit for Minor","name":"Open Fixed Deposit for Minor","description":"Planning for your child’s future often takes the top priority. While there are numerous investment avenues in the market to secure your child\u2019s financial future, a fixed deposit for minors stands out as a secure and reliable option. A fixed deposit (FD) offers guaranteed returns and a disciplined approach to savings. Let\u2019s see how a...","datePublished":"2024-11-19","dateModified":"2025-02-18","author":{"@type":"Person","@id":"https:\/\/www.indusind.com\/iblogs\/author\/indusind_bank_pfx_team_indperformics-com\/#Person","name":"CONVONIX Antony","url":"https:\/\/www.indusind.com\/iblogs\/author\/indusind_bank_pfx_team_indperformics-com\/","image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/7d15b864167d3868c12ffdda340cc1c9?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/7d15b864167d3868c12ffdda340cc1c9?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"IndusInd","logo":{"@type":"ImageObject","@id":"https:\/\/www.indusind.com\/iblogs\/wp-content\/uploads\/logo-2.png","url":"https:\/\/www.indusind.com\/iblogs\/wp-content\/uploads\/logo-2.png","width":201,"height":86}},"image":{"@type":"ImageObject","@id":"https:\/\/www.indusind.com\/iblogs\/wp-content\/uploads\/Fixed-Deposit-for-Minor-Open-FD-Account-for-Minors.jpg","url":"https:\/\/www.indusind.com\/iblogs\/wp-content\/uploads\/Fixed-Deposit-for-Minor-Open-FD-Account-for-Minors.jpg","height":288,"width":764},"url":"https:\/\/www.indusind.com\/iblogs\/fixed-deposit\/fixed-deposit-for-minor\/","about":["Fixed Deposit"],"wordCount":1493,"articleBody":"Planning for your child’s future often takes the top priority. While there are numerous investment avenues in the market to secure your child\u2019s financial future, a fixed deposit for minors stands out as a secure and reliable option. A fixed deposit (FD) offers guaranteed returns and a disciplined approach to savings. Let\u2019s see how a minor FD account can help you build a strong financial foundation for your child, and how you can book such an FD.\u202f Can You Open an FD for a Minor?Some people might be wondering if it is possible to open an FD for minors. The answer is yes. You can open a fixed deposit for a minor; most banks offer this feature.\u202f A minor FD account is a fixed deposit opened in the name of a child. It is managed by a parent or guardian until the child reaches adulthood. The minor\u2019s age can range from 1 day to 18 years.\u202f The guardian operates the minor FD account on behalf of the child and ensures that the savings grow in time with their child\u2019s growth. The interest rates for minor FDs tend to be the same as regular FDs. The funds can be locked in for a specified period ranging from a few months to several years.\u202f Once the minor reaches adulthood, they can either renew the minor FD account or transfer the funds into their savings account. Benefits of a Fixed Deposit for MinorsOpening a fixed deposit for a minor comes with a host of advantages: 1. Guaranteed Returns The primary USP of an FD is that it offers fixed interest rates, which ensures predictable and guaranteed returns. So, you can plan for your child’s future financial needs without worries about fluctuating market conditions.\u202f 2. Flexible Tenure With FDs, you can choose a tenure that aligns with your financial goals. Thus, a minor FD account can be ideal for your child’s education, marriage, or other life events. 3. Competitive Interest Rates Depending on the bank and tenure, you can enjoy attractive interest rates on minor FD accounts. IndusInd Bank offers a high interest rate of up to 7.75%. So, your savings can grow safely and steadily with us.\u202f Interest rates are subject to change. Please refer updated fixed deposit interest rates.  4. Easy Accessibility While premature withdrawals may attract penalties, you can access the funds in case of emergencies. 5. Tax Benefits Investing in a tax-saver FD allows you to claim tax benefits under Section 80C of the Income Tax Act. This means you can reduce your taxable income while also saving for your child\u2019s future. 6. Automatic Renewal Many banks, including IndusInd Bank, offer automatic renewal options for minor FDs. This ensures that your child\u2019s savings continue to grow without interruption. How to Open an IndusInd Bank FD for Minors?  To enjoy a seamless FD experience, consider booking a Fixed Deposit with IndusInd Bank. Here\u2019s how you can get started:\u202f a. For Existing Customers (via Mobile and Internet Banking) Log in to your IndusInd Bank mobile banking app. Select the option to create a fixed deposit. Fill out the required details. Enter the amount you wish to invest, tenure, and interest payout frequency, and submit the form. The amount will be deducted from your linked savings account, and the fixed deposit for the minor will be instantly created. If you prefer using internet banking, log in to your account on the IndusInd Bank website. Navigate to the \u2018Deposits\u2019 section, select \u2018Open FD,\u2019 and enter the necessary details and submit. The FD will be created with the funds transferred from your savings account. b. For New Customers (via web application)\u202fVisit the IndusInd Bank website. Verify your PAN and Aadhaar details. Provide the personal details of the minor and the guardian, Enter the FD details such as the amount, tenure, and interest payout frequency. Complete video-KYC (Know Your Customer) verification with a bank representative. Fund the FD using any bank account.\u202f Also Read: Switch to a Smart Way of Investing- Advantages of Digital Fixed Deposits Conclusion Investing in your child’s future is a testament to your love and commitment. With an IndusInd Bank Fixed Deposit, you can rest assured that your child’s financial future is in safe hands. With high interest rates, flexible tenure options, hassle-free booking, and lots more, we offer an easy, secure, and rewarding way to build a strong financial foundation for your loved ones. By using IndusInd Bank\u2019s online banking platform or mobile app, you can set up a minor FD account in just a few easy steps. Ready to secure your child’s future? Open an IndusInd Bank FD for a minor today!\u202f Disclaimer: The information provided in this article is generic and for informational purposes only. It is not a substitute for specific advice in your circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct\/indirect loss or liability incurred by the reader for making any financial decisions based on the contents and information. Share This:"}