TataNeu Offering 9.1% on Fixed Deposits

[desiviru]

Has anyone booked an FD via the app? Is there a VKYC done for making an FD and what documents do they ask?

Process is same everywhere and with every financial app. VKYC is necessary if you are making FD with term more than 365 days. Upto 365 days, only Aadhaar and PAN based KYC is enough. On maturity funds are credited to the account whose Netbanking or UPI was used to fund the FD. DC/CC not allowed for FD creation. Also other people account can't be used to fund. The name you are entering for FD should match with netbanking account or UPI else it won't take funds. So own acc. funding is allowed only.

If you want to invest for longer term i.e more than 365 days, you need VKYC differently for every bank. I suggest you to better visit bank if it is near you and invest directly with them. Opening savings and giving them FD will bring more for you. Investing thru Financial App is just a medium. The bank that is having FD do all the stuff just like you visit them i.e a Permanent Cust ID will be created with them that will be mapped to PAN and any savings/fd you open with them in future will remain with same Cust ID in future.

 

[Riva]

Process is same everywhere and with every financial app. VKYC is necessary if you are making FD with term more than 365 days. Upto 365 days, only Aadhaar and PAN based KYC is enough. On maturity funds are credited to the account whose Netbanking or UPI was used to fund the FD. DC/CC not allowed for FD creation. Also other people account can't be used to fund. The name you are entering for FD should match with netbanking account or UPI else it won't take funds. So own acc. funding is allowed only.

If you want to invest for longer term i.e more than 365 days, you need VKYC differently for every bank. I suggest you to better visit bank if it is near you and invest directly with them. Opening savings and giving them FD will bring more for you. Investing thru Financial App is just a medium. The bank that is having FD do all the stuff just like you visit them i.e a Permanent Cust ID will be created with them that will be mapped to PAN and any savings/fd you open with them in future will remain with same Cust ID in future.

Thanks for the detailed post.
Agree with you that one should directly apply with the bank. I was just curious to know how this works and what data they will ask.
In the recent months, I have lost faith with Tata Neu. Will be using tata Neu for bare minimum requirements.

 

[AlekhyaDas]

I am doing with a small bank with around 9% with a senior citizen account, I only go for if they have RBI assurance. Please DM if anyones interested to know more about it.

 

[Samrock]

Tata Neu app is such a pain..I everytime pray that my UPI works as the UX is terrible now on top of it this Finance thing is always on home page

 

[connection01]

I just created an FD via Tata Neu in Sarvodaya SF after all payment is processed now they asked me to do VKYC I also have the optin to skip it.
What happens if I do not complete VKYC?

I will prefer the FD gets cancelled and money credited back if I have to mandatorily do VKYC, as it was not mentioned before deducting my money.