What Are The Documents Required To Open A Fixed Deposit in India?

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Have you earned a bit of money and now are looking for safe ways to invest it? Fixed deposits will do that for you. It’s considered to be a safe investment option for people who want their money to work for them while it’s sitting.

Fixed Deposit is a tool for investment where a person deposits a certain amount of money for a specified period. A fixed deposit will build interest over the term period over your principal amount. However, one cannot withdraw the funds before the FD matures without financial consequences.  

Opening an FD is quite simple. You can choose the online method or the offline one. All you need to do is check your eligibility and get your documents required for a fixed deposit in order.

These are the documents an investor needs to prepare and produce when asked for by the firm.

  • Photo ID 

The first document required would be a valid Photo ID. It can be your Aadhaar card, passport, Pan Card, Voter ID, driving license, senior citizen card etc. Make sure that your picture is visible on your Photo ID. Moreover, the ID in question should be valid at the time of submission. Some banks may ask for self-attested ID proof. 

  • Address proof 

A document that states your nationality and residence will also be asked for submission. It can be your passport, ration cards, utility bills, bank statement etc.

  • Passport size photo

A passport size photo is also required for your documentation. 

Documents required for Non-individual fixed deposit – 

  1. Partnership Firm 
  • Company PAN
  • Certificate of registration
  • Partnership deed 
  • Authorised KYC

    2. Public or Private Limited company 

  • Certificate of registration
  • Company PAN
  • Memorandum and articles of association
  • Specimen signatures

     3. Trusts 

  • Trust deed 
  • Registration certificate 
  • Documentation of Resolution of Trustees

     4. Associations / Clubs

  • Board resolution for opening the account
  • PAN card
  • Memorandum and articles of association 
  • KYC 
  • Certificate of authorisation

     5. Hindu Undivided Family 

  • PAN 
  • HUF declaration deed
  • HUF bank statement

These are the few documents required for a fixed deposit. Apart from these, you should also consult your lender for any other documentation that they might need. 

Eligibility criteria to apply for fixed deposit – 

  • Indian residents – 

Foreign citizens and NRI’s are not eligible to apply for a fixed deposit in India. RBI guidelines state that the person applying for a fixed deposit needs to be an Indian Citizen itself.

  • Sole proprietorship – 

If the company, partnership, or sole proprietorship are officially registered with India’s government, they can apply for a fixed deposit.

  • Hindu Undivided family – 

A HUF that is legally acknowledged can also apply for fixed deposit schemes. 

  • Family Trusts – 

Trusts are created to manage a family’s assets. Family trusts are also eligible for fixed deposits. 

  • Clubs and associations 

Societies and clubs can apply for a fixed deposit. 

It is one of the most accessible investment options. PNB housing provides various reliable fixed deposit schemes. Moreover, it also offers a higher FD interest rate for senior citizens. You need to ready your documents for the fixed deposit. While applying a FD check lender details, interest rates, eligibility, tenure, required documents and other details.

Fixed deposits are one of the most accessible investment options. PNB housing provides various reliable fixed deposit schemes. Moreover, it also offers a higher FD interest rate for senior citizens. You need to ready your documents for the fixed deposit. While applying a FD check lender details, interest rates, eligibility, tenure, required documents and other details.

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