Can you book an FD without holding a savings account?

Yes! As of this writing, almost every major bank in India offers digital FDs which do not necessitate account-opening. Here, we discuss a few banks which fall into either of the categories – those which don’t require an account, and those which do:

1. Banks that allow FDs WITHOUT a Savings Account

These are the most “truly digital” options for new users. You simply use your Aadhaar and PAN to book the FD and fund it via UPI or Net Banking from any other bank. Typically these banks use paperless or video KYCs. Some prominent examples are:

Axis Bank: Offers “Express FD” which can be opened on their website or app without a savings account.
IndusInd Bank: It has a dedicated online portal for non-customers to book FDs.
RBL Bank: Allows digital FD booking for new-to-bank customers.
HDFC Bank: Provides a digital booking portal for non-account holders specifically for fixed deposits.
Bandhan Bank: Offers “Neo+ Digital FD” for people who don’t have an existing relationship with the bank.

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While many banks have moved toward such “Standalone FDs”, several major institutions—particularly public sector banks and certain foreign banks—still require you to have an existing Savings/Salary or Current Account to open an FD digitally. You are required to go through a full relationship onboarding before you can access their deposit products. Some examples are:

State Bank of India (SBI): You cannot book an FD online as a completely new customer without first completing the “Savings Account” onboarding process. However, you can visit a branch to open a standalone FD offline, but the digital-only path is restricted to existing account holders.
Punjab National Bank (PNB): Similar to SBI, PNB’s digital platforms (including the PNB One app) are built for existing customers as the system requires you to debit a linked PNB account to fund the FD.
Kotak Mahindra Bank: While Kotak has a very digital-friendly “811” account which is quick to open online, their FD booking system is primarily internal. To book an FD, the funds must be pulled from a Kotak Savings or Current account.
Bank of Baroda (BoB): Their robust app (bob World) notwithstanding, the digital FD feature is purely a “logged-in” service.
Foreign Banks: Most international banks operating in India (like Standard Chartered or HSBC) have stricter onboarding requirements. They generally do not offer standalone digital FDs to non-customers.

So why do some banks insist on a Savings Account?

Below are some of the primary reasons some banks are not yet ready to let new customers open a standalone FD:

Liquidity Management: Banks find it easier to credit interest and maturity proceeds back to an internal account.
KYC Compliance: Opening a full savings account involves more comprehensive KYC checks, which the bank prefers for long-term relationships.
Cross-selling: Banks want you to use their other services (debit cards, insurance, UPI) which come with a savings account.

So, if you’re a customer who comes across attractive rates offered by a different bank but don’t want the hassle of full account onboarding process, just reach out their local branch or online support to enquire about “pure FD” facility