⚠️⚠️NO TO FD, GOLD, STOCK MARKET, BONDS ⚠️

One day casually i asked my father

Where are you investing your savings pa ? like that. He said I didn't invest anywhere, I don't want to take any risk and all my savings are there in my savings account.

It was shocking for me that they didn't even do Fixed deposit.

Now the question comes to you is why we need to invest ?

Simple answer to that question is currently India's inflation touched nearly 7.5%. If you put all your savings, which you earned for last 10 to 15 years in savings account, simply you are loosing money by 5 to 6%[ assuming savings account interest rate 2 to 3%] every year.

Now what option is available for those who don't want to take any risk?

1) Gold or 2) FD

My request to those people is ,atleast do fixed deposit or recurring deposit.

Returns from FD is in between 4 to 6% based on banks.

Common questions in my circle is How to open FD account ?

We don't know how to do FD.

Some people think that, we need to go to bank and wait in the queue for the whole day to open FD, like that.

But it is very much simple to open FD or RD by using banking applications. Thanks to technology, it made us easier.

Now iam gonna show how to open FD or RD in SBI bank YONO application. Most of the banks in India have their own application. The process is almost same.

Just read the process and follow the images.

If you don't have YONO app , just install it and by using ATM credentials or Net banking credentials you can open account.

1) Just open the YONO app

2) Type your 6 digit code

3) Touch the word "Deposit"

4) Touch " Open fixed deposit"

5) Enter the amount you want to put in FD and press next.

6) It will ask your interest withdrawal way either monthly or quarterly.

7) Next it will ask whether to auto renewal or credit the amount once FD matured.

8) Select agree terms and conditions

9) Your FD created

Now you have some questions, will answer one by one.