Online Zippi Fixed Deposits by DCB Bank

 

In order to tap new customers, DCB Bank has launched an innovative product called Zippi Fixed Deposits. For new users, DCB Bank was earlier known as Development Credit Bank. Normally when you have to open a fixed deposit (FD), you go to your existing bank and open an FD either offline or online. You do so because you think that you need to open an FD only with your existing bank. You were right about it so far. Since banks have to maintain proper KYC records, they normally allow only existing customers to open a new FD and if a new customer wants to open an FD, they call him to their branch where they collect the necessary documents and details for KYC and then open an FD. But you can note that using this process, you would need to visit the branch each time you would open an FD. Plus, you would not be able to see all your FDs at one place, since such a facility would be with you only if you had a Savings Bank account with the bank and hence would have access to its net banking facility. DCB Bank’s innovative product has totally changed this.

DCB Bank launched this product last year which is meant for new customers. Existing customers can open an FD using existing modes like online banking or visit to a branch. But new customers who never had a business with DCB Bank, can open an FD using online mode. Even KYC is done online, where the bank sends you an invite for video-KYC. The bank officer is able to capture your photo and KYC documents during the video-call. Therefore, in this process, a customer would not need to visit a branch at all! How cool is that!

This product has become more relevant during the Covid times where people movements are restricted and hence people are no longer doing such activities which are considered not of high priority. One can definitely wait for a few months or a year before opening an FD. There are also uncertainties related to the pandemic and hence people are no longer opening FDs like before. In this context, the Zippi online Fixed Deposit is a way which makes people encouraged to try out and open an FD using totally online method!

Another great thing about DCB Bank’s fixed deposits are its high interest rate. At 6.75% rate, you would also find DCB Bank among the highest interest rate offering banks.

In order to open a new online FD, you need to visit the bank’s website: https://www.dcbbank.com/ and then click on the “Zippi” link which opens a new page especially for Zippi online FD.

If you are opening an FD for the first time, you need to enter a few details which will be verified and then your FD will be ready to open. The website will ask you to transfer the amount to fund the FD using online banking of any other bank.

Once you open an FD for the first time, your KYC will be triggered. Your KYC will need to be completed and it will take 5-6 days. Once the KYC is approved, you will be eligible for opening new or more FDs.

Using this Zippi online feature, you can open total sum of Rs 5 Lakhs of FDs. You can open as many FDs you want, but the total sum of all should be at the maximum Rs 5 Lakhs.

In order to summarize, I would highly recommend the DCB Bank Zippi online fixed deposit for everyone who is tech-savvy. But if you are not comfortable with digital media and online banking, you can still choose to follow the offline method.

Happy investing!

- Rahul Tiwary