Fixed deposit

Fixed Deposit

Introduction Course Objectives

Course Content

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Fixed Deposit

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Before we proceed with learning more about the Fixed Deposits, let’s see what happened at the Bank the other day.Hello! Welcome to

the course on “Fixed Deposit”

Introduction

Fixed Deposit


We need to greet the customer and answer each and every query about schemes politely.

Meet Mr. Ravi. He is the Bank Manager. He is having conversation with the bank employee, Ram, regarding fixed deposit scheme. He is explaining Ram about IDFC bank culture for convincing the customer.

Introduction

Fixed Deposit


Hello! Mr. Sharma. Welcome to IDFC Bank. It is long time meeting you. Hope you

are doing well.

Hello! Mr. Ravi. Nice to meet you here. Yes, it has been quiet a long

time we met.

At very moment Mr Sharma, a senior customer enters the Bank. Let’s look how Mr. Ravi helps the customer with his queries.

Introduction

Fixed Deposit


Have you come to the Bank with any

purpose? May I help you!

Yes. Three months back, I have been retired and I have got a lumpsum amount from

my retirement.

Introduction

Fixed Deposit


I would like to invest this amount in some safe

investment which would fetch me a higher

returns. I am not sure where and how to

invest?

Introduction

Fixed Deposit


Mr. Sharma, don’t worry. Let me explain you the

investment scheme which would help you to decide.

At IDFC, we have an investment scheme called

Fixed Deposit.

What is a Fixed Deposit?

Introduction

Fixed Deposit


Fixed DepositFixed Deposit (FD) means that a fixed amount is kept with the Bank for a fixed duration, by the customer, and in return the Bank pays interest for that duration of the deposit.

Let me explain you in detail.

Introduction

Fixed Deposit


Hmm... Sounds interesting! What is the rate of interest paid for fixed deposit?

Introduction

Fixed Deposit


The rate of interest paid for fixed deposit varies

according to fixed deposit tenure and

amount.

Introduction

Fixed Deposit


Moreover, beyond a defined amount, Banks offer

differential interest rate based on FD amount which as

per industry terminology is classified as Bulk Deposit.

Bulk Deposit (Rs. 1 crore and above)

Introduction

Fixed Deposit


At the end of the fixed deposit duration, the

principle and interest is returned back to the

customer.

Introduction

Fixed Deposit


How can a customer open

a FD?

Introduction

Fixed Deposit


Generally , FD can be opened for a minimum

period of 7 days and maximum of 10 years.

Benefits for TASC and Current Account Customers

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Introduction

Fixed Deposit


XBenefits for TASC and Current Account Customers

TASC and Current Account customers, who have regular current account or savings account for their day to day business transactions, need to park their surplus or idle funds in Fixed Deposits so as to earn higher interest.

Fixed Deposits

Introduction

Fixed Deposit


General features of Fixed Deposit.

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Interest paid out in Fixed Deposit is higher than savings account as the deposits are kept in the Bank for a fixed period.

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Fixed Deposit


X The main purpose of fixed deposit account is to ensure that funds are

available to the bank for a fixed period of time. It also enables the customers to earn a higher rate of interest on their surplus funds

Tax is deducted at source, from the interest on Fixed Deposits, as applicable, as per the Income Tax Act, 1961.

Introduction

Fixed Deposit


Benefits for Customers

Benefits for Bank

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Fixed Deposit benefits both the customer as well as the Bank. Click each button to know more.

Introduction

Fixed Deposit


Benefits for Customers

Benefits for Bank

Fixed deposits encourage savings habit for a longer period of time.

Fixed deposit account enables the depositor to earn a high interest rate.


Introduction

Fixed Deposit


Benefits for Customers The bank can get the funds for a longer period of time and can lend such funds for loans to individuals or businesses.

Fixed deposits also boost economic development by channelling savings.

Benefits for Bank


Introduction

Fixed Deposit


The banker must assess the customer’s financial standing.

The banker must offer bank programs in accordance with customer’s financial standing.

SUBMIT

The banker must correspond with the customer.

All of the above.

Click the correct option and click Submit.

Introduction

Fixed Deposit





SUBMIT


All of the above.

That’s correct. The banker must review the finances of a client, introduce financial programs which may be needed by the customer and answer to their needs each step of the way. In order to do so, the banker must correspond with the client and determine what type of banking help they are looking for.

Introduction

Fixed Deposit





All of the above.


You are partially correct. The banker must review the finances of a customer, introduce financial programs which may be needed by the customer and answer to their needs each step of the way. In order to do so, the banker must correspond with the customer and determine what type of banking help they are looking for.

SUBMIT

Introduction

Fixed Deposit


As a banker, how will you suggest Fixed Deposit product to your customer? What are criteria in Fixed Deposit? What are the KYC guidelines?

You will find your answers as you progress in this course.

Introduction

Fixed Deposit

1

At the end of this module, you will be able to:

Assess the Bank Customer

Identify the key features of Fixed Deposit

List the benefits of Fixed Deposit

Explain the Sweep-in and Sweep-out facility in Fixed Deposit

Identify the Savings Account variants

Introduction

Fixed deposit

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