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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.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.
You should get your money credited back as VKYC is mandatory.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.
But tax on interest will be eating away the return considering inflation.Tata Neu introduces Tax Saver FDs if anyone is still interested in old regime
Who is Anand Srinivasan. Is this the same man keeeps on changing his stand based on the situtaion and repeating non sense.I think suryoday bank is good bank and safe as per Anand srinivasan
What proof will you give to open account without Aadhar. Why do you not want to share aaadhar during account opening. Any specific reason.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.
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.What proof will you give to open account without Aadhar. Why do you not want to share aaadhar during account opening. Any specific reason.
He is congress supporter na so he should be like that but also speaks with sense I feel wrt economicsWho is Anand Srinivasan. Is this the same man keeeps on changing his stand based on the situtaion and repeating non sense
But PAN is mandatory and PAN can fetch all Bank accounts you holdA DL data won't fetch bank accounts, a voter ID won't fetch bank account but Aadhaar anywhere is a risk to humans everywhere.
Access to PAN servers isn't public or IT department don't publicize your data. 🙂 But your aadhaar data flows everywhere in public.But PAN is mandatory and PAN can fetch all Bank accounts you hold
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 accountsAccess to PAN servers isn't public or IT department don't publicize your data. 🙂 But your aadhaar data flows everywhere in public.
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.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
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?@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.
So, they can't make copies of your own copy ?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.