What are the Documents Required for Fixed Deposits?

List of documents required for Fixed Deposits

While opening a fixed deposit is a fairly simple process, there are a few formalities that must be followed. A fixed deposit can be opened both online and offline. However, regardless of the method you choose, you must submit a list of documents in order to open a fixed deposit with any bank.

This blog will walk you through the documents you’ll need to open a Fixed Deposit. Make sure you have all of the required documents on hand because failing to submit any of them or submitting expired/lost documents can hinder the FD account opening process.

Documents Required for Fixed Deposit

It should be noted that a new or existing customer can open a fixed deposit with any bank. A fixed deposit can be opened by any public/private limited company, Hindu Undivided Family, partnership firm, registered society, statutory board/local authority, or trust, in addition to individuals.

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

Existing Customers

  • If you want to open an FD with your existing bank account, you do not need to bring all of the necessary documents with you because your bank will already have them. You will, however, be required to carry a copy of your KYC as well as your most recent passport-sized photographs.

For New Customers

  • Recent Passport size photographs
  • All the documents for KYC verification- PAN card, AADHAR card, Driving license, Voter ID card, 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

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

Among the many options (banks and financial institutions) for opening an FD account, you can also look into the Paytm Payments Bank Fixed Deposit. The process of getting started with PPBL FD is simple, secure, and paperless. In addition, by opening an FD account, you can benefit from a higher interest rate, no penalty for redeeming the FD amount before maturity, auto-renewal of the amount, and much more. Discover everything there is to know about Paytm Fixed Deposit and experience the ultimate way to save money.

FAQs
How can I add money to my Fixed Deposit account?
You can add money to your FD account by visiting the bank or by using your bank’s internet facility. Also, it is advised to connect with the banking official to get a clear picture of how you can add money to a fixed deposit.
What is the minimum amount required to open a fixed deposit account?
The minimum amount to open a fixed deposit account varies from bank to bank.
How can I open my fixed deposit account offline?
You can open your fixed deposit account by visiting your bank’s branch. Make sure to have all the required supporting documents handy to open your FD account smoothly.
Which bank is best to open a Fixed deposit account?
It depends entirely on your individual preference, your requirements and the bank services with which you are going to open your Fixed Deposit account.
0 Shares:
You May Also Like
How does fixed deposits work?
Read More
How Does Your Fixed Deposit Work?
Fixed deposits, with the desired lock-in period, are one of the best ways to save money for the…