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TataNeu Offering 9.1% on Fixed Deposits

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.
 
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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.
 
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.
 
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.
 
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.
You should get your money credited back as VKYC is mandatory.
 
Tata Neu introduces Tax Saver FDs if anyone is still interested in old regime
But tax on interest will be eating away the return considering inflation.

Elss is much better option than this I think

Also from next year I think new regime might be more appealing than old regime even with the deductions it gives though we need to Calculate n see this to choose the regime for those who earn above 20L specially
 
It is for Utkarsh Small Finance Bank. Financial Apps are just acting as distributor on behalf of banks.

Many use wint wealth and think their FDs are managed by wint. Zen Z - The End is Near which never research on how things are going around.

Maximum rates of SFBs (Small Finance Banks):

Unity SFB- 9% Normal. 9.5% Sr. Citzen.

Utkarsh- 8.5% Normal and 9.1% Sr. Citizens

Suryoday- 8.6% for Normal and 9.1% Sr. Citizens.

There are 8 others which have max. 8.75%.

All SFBs were working as MicroSec or Micro Finance companies. All 11 SFBs are under DICGC with funds insured upto 5 Lakhs.

I personally have account with Unity SFB, Utkarsh, Ujjivan, Jana etc. with most FDs maruting till Dec. I always follow the savings acc. first and create FD by tfr funds from other accs. Acc. opened at branch without using Aadhaar as proof.

If you are much concerned, have a monthly payout of interest by depositing 5L in FD amx. with 1 bank.

Most of PSU Banks and Pvt banks have 7.5% max. and 8% for Sr. Citizens


Senior Citizens can invest in SCSS which is Govt managed and can get 8.25% for 5 years.
What proof will you give to open account without Aadhar. Why do you not want to share aaadhar during account opening. Any specific reason.
 
What proof will you give to open account without Aadhar. Why do you not want to share aaadhar during account opening. Any specific reason.
Are you born after 2000? PoI= Driving License, Voter ID Card, Passport, PAN Card. PoA: Voter ID, Driving License, Passport. Why Aadhaar which has digital presence and can provide info. about every account I hold. A DL data won't fetch bank accounts, a voter ID won't fetch bank account but Aadhaar anywhere is a risk to humans everywhere.

That's why till now I have avoided Aadhaar at all costs and identity theft using Aadhaar is much easier compared to other PoI and PoA. I made Aadhaar only to link to PAN and where Govt forced us. SC cleared that Aadhaar can't be mandatory everywhere.

Today's generation is heavily relient on Tech and want everything online. Going to bank or department saves more time actually and people also learn something new. Else the so called Gen Z which thinks of itself as master of everything are nuts completely. You ask them a simple question and they look at you like clueless beings.
 
Dude. Misuse of PAN data is a much larger problem. What will you do if someone else uses your PAN to take loans or open fraud accounts
Bank account can't just be opened with a PAN as for DoB and PoA proof ,just PAN number/copy isn't sifficient. PAN linking with account is also not mandatory. You can always use Form 60.

If someone has to fraud in your name they don't need PAN. Signs can be forged on Form 60 itself. Also below 50K operations in a bank account PAN is not necessary.

Loans are not issued just on PAN cards. Other docuemenation list is too long and only an intelligent person like insider of a bank can make it through.

One more thing is we don't went out and share out PAN number everywhere like a hotel won't ask for PAN to establish your identity but Aadhaar is seek as if it is the only proof of document. It (PAN requirement) is mostly at financial institutions which are abided by law and any action can be taken against them. Where is law for misuse of Aadhaar data and using someone's else identity proof for your own work? Everywhere you will go they will say, you shouldn't have shared yourself and law won't help you much in case of data theft by misusing Aadhaar as linkage of Aadhaar to various things posing bigger threat.

All my bank accounts don't have Aadhaar and I don't need DBT also of Rs.10 for cylinder.
 
@desiviru my point is opening an account with vkyc using aadhaar+pan is much safer than providing xerox copy of your PAN in the bank.
vKYC sessions are recorded in color format. They take image and sometimes 6-7 times by saying not enough clarity. Don't you think they can misuse an unsigned PAN but the xerox in Black and White having your sign and then purpose of submitting mentioned on it is unsafe?

I always carry my own copy and don't even use bank's xerox machine so that they don't copy my ID there and later print it out.

On Physical form you paste photo and cross sign while in digital vKYC your photo is taken without any signature on it. So don't tell me vKYC is safer. People aredoing vKYC on those platforms also which are private like Tide App and can anyone guarnatee they will not misuse these things?

I keep my view intact and Branch visit is much safer. Also always take photo of complete form before handing it over to bank so that in future they don't mark unnessary things/products on their own. Isiliye main ghar se print nikal ke fill up karke, photo le ke bank mein de aata hu. Jaldi kaam ho jata hai.

vKYC has stopped for all banks for not following RBI guidelines and it was found some entities were misusing data for other products. From 1 week SBI YONO account opening via vKYC is halted. Hail vKYC.
 
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