What are the Documents Required to Open Fixed Deposits?

To open a fixed deposit, you will need to follow certain formalities and provide a list of required documents. These can be submitted online or in person at a bank branch, but it is important to have all necessary documents ready to avoid any delays in the process.

This guide will outline the documents you will need to open a fixed deposit account with a bank. Keep in mind that failing to provide complete, valid documents may cause issues with the account opening process.

Documents Required for Fixed Deposit

It is important to note that both new and existing customers can open a fixed deposit account with any bank. In addition to individuals, a fixed deposit can also be opened by various types of organizations, including public/private limited companies, Hindu Undivided Family, partnership firms, registered societies.

Here is a list of the documents that are required for each of these parties:

Existing Customers

If you are opening a fixed deposit account with a bank where you already have an existing account, you may not need to bring all of the necessary documents with you because the bank will already have them on file. However, you will still need to bring a copy of your KYC (Know Your Customer) documents and recent passport-sized photographs.

For New Customers

Recent Passport-sized photographs
Documents for KYC (Know Your Customer) verification, such as a PAN card, AADHAR card, driving license, voter ID card, or passport

For Public/Private Limited Company

Company PAN card
Registration or incorporation certificates
Bank account statement/latest telephone bill/latest electricity bill
KYC of authorised signatories
Board resolution for FD opening
Passport size photographs

For Hindu Undivided Family (HUF)

HUF deed and declaration
PAN card
KYC documents
Passport size photographs

For Partnership firm

PAN card
KYC of all the authorised signatories
Registration certificate
Partnership deed
Passport size photographs

For Registered Societies

Board resolution for FD account opening
PAN card
KYC of all the authorised signatories
Bank account statement/latest telephone bill/latest electricity bill
Certificate of registration/incorporation
Articles & memorandum of association
Passport size photographs

For Statutory Board /Local Authority

PAN card
Bank account statement/latest telephone bill/latest electricity bill
Certificate of registration/incorporation
KYC of all the authorised signatories
Copy of Permission given by government authority/ministry
Passport size photographs

For Trusts

Copy of trust deed
Registration certificate
Board resolution for FD account opening
Passport size photographs

Also Read: Various Types of Fixed Deposits

Who can open a Fixed Deposit Account

Indian citizen/NRI
Hindu Undivided Family (HUF)
Clubs, societies, associations
partnership firms, public/private limited companies/ sole proprietorship
Trusts
Government departments

When considering options for opening a fixed deposit account, you may want to consider Paytm Payments Bank Fixed Deposit (PPBL FD). The process of opening an FD account with Paytm is easy, secure, and paperless, and offers a range of benefits such as higher interest rates, no penalty for early redemption, and auto-renewal of the amount. Learn more about Paytm Fixed Deposit and discover the benefits of saving with this option.

Also Read: Benefits of a Fixed Deposit Account

FAQs

How can I add money to my Fixed Deposit account?

There are several ways to add money to a fixed deposit account. One option is to visit a bank in person, or you can use your bank’s online banking platform. It is recommended to speak with a banking representative to clarify the process for adding money to a fixed deposit. Additionally, Paytm Payments Bank allows users to easily create fixed deposits through their website.

What is the minimum amount required to open a fixed deposit account?

The minimum amount required to open a fixed deposit account can differ between banks. However, Paytm Payments Bank allows users to open a fixed deposit account with as little as ₹100.

How can I open my fixed deposit account offline?

To open a fixed deposit account, you can visit your bank’s branch in person and bring any necessary documents with you. This will help ensure that the process of opening your fixed deposit account goes smoothly.

Which bank is best to open a Fixed deposit account?

The decision of where to open a fixed deposit account will depend on your personal preferences, specific needs, and the services offered by the bank in question. It is ultimately up to the individual to determine the best option for their circumstances.