Do I require Savings Account to open a FDR Account Do we open FDR Account without saving account

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History:A Fixed Deposit Receipt (FDR) account is a popular investment option offered by banks that allows individuals to deposit a lump sum of money for a fixed period at a predetermined interest rate. One of the key attractions of an FDR account is its stability and predictability. Unlike other investment avenues that may be subject to market fluctuations, FDR accounts offer guaranteed returns, making them a favored choice for conservative investors seeking to safeguard their savings. Additionally, FDR accounts typically offer higher interest rates compared to regular savings accounts, making them an attractive option for individuals looking to maximize their returns while minimizing risk. With flexible deposit terms ranging from a few months to several years, FDR accounts provide investors with the freedom to choose a timeframe that aligns with their financial goals. Whether you're saving for a short-term expense or planning for the long term, an FDR account can be a valuable addition to your investment portfolio.
Savings accounts are often used for short-term or emergency savings, as they provide a safe and accessible place to store money while earning a modest return. They're also useful for reaching specific savings goals, like saving for a vacation, a down payment on a house, or unexpected expenses.
Overall, savings accounts offer a balance of liquidity, safety, and modest growth, making them an essential tool for personal finance management.
Sometime banker emphasis you to open a saving account/current account before opening a fixed deposit account or FDR account. FDR account and saving account is the liability product ofany bank and both account is not inter related. As per difference in operation nature its name is different. So you need not open any FDR account before opening any Fixed Deposit Account or FDR account in any bank.

I have discussed in this video about what you need to do if banker disagree to open a fixed deposit account without having a saving account in this branch.

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