Did you know that opening a Fixed Deposit (FD) is a quick and easy process? You must submit a few documents if you already have an online banking account. Submitting your KYC (Know Your Customer) documents to a bank or a Non-Banking Financial Company (NBFC) is the key to streamlining the application.
Documents are essential as they are the deciding factor in processing your investment schemes. Typically for a fixed deposit, you only require a few additional documents if you already have a savings account with a bank or an NBFC. KYC documents are necessary for any bank or NBFC to verify your identity.
With a Shriram Fixed Deposit, you can quickly online by providing a few documents. The company also offers auto-renewal and auto-refund options during the creation of the FD. To help you start your investment journey, we have compiled a complete list of documents you will need while opening an FD.
Eligibility criteria to open an FD states that you need to be over 18 years of age and should be a citizen of India. The other entities that can open an FD in India include partnership firms, companies, unincorporated associations, Hindu Undivided Families (HUF), trusts and foundations.
Proof of address and identity are the primary documents to open a fixed deposit The bank may ask you for multiple copies to verify this information according to the type of deposit you are opening. It would help if you remembered to carry a few passport-size photographs with the documents. Listed below are the documents needed to prepare:
You need to invest a lump sum of money for a fixed tenure to open an FD. You have the choice of receiving the interest earned periodically or once upon the deposit's maturity. Here are some of the benefits and features of a fixed deposit you need to know:
With any type of FD scheme, the returns are always guaranteed. You will get the principal amount you invested and the interest earned upon maturity of the deposit. Market fluctuations will not impact your funds, and any revisions to the interest rates are implemented after maturity or at the renewal of the deposit.
The interest rate of a fixed deposit depends on the tenure you select and the financial institution you are investing with. Check the interest rate you receive using the Shriram FD calculator
You can select a tenure ranging from 7 days to 10 years. You can always withdraw/close your deposit account during this term, but you will be charged a penalty fee for premature withdrawal.
The interest you earn on an FD depends on the maturity period of the deposit. The longer the tenure of the deposit, the better the interest rate. You can also opt for a non-cumulative FD wherein you will receive the interest amount periodically.
A unique feature of an FD is that you can apply for a loan against FD in case of emergencies. However, this feature will only allow you to take a loan up to 90% of your investment amount. Also, you will not be permitted to withdraw the FD amount if you have applied for a loan.
With such a simple process, don't hesitate to open an FD now and grab the opportunity to invest in one of the most secure deposits. A Shriram Fixed deposit will give you one of the highest interest rates of up to 9.05%* p.a. including a bonus of 0.50%* p.a. interest for senior citizens and 0.10%* p.a. for women depositors.
If you have already completed your KYC with the financial institution of your choice for a savings account, you will not have to repeat the process. But it is essential to carry the documents if they are asked for.
Identity proof and address proof are the documents required to open a fixed deposit with Shriram.
A PAN card can serve as an identity and address proof, making it one of the best documents to submit while applying for an FD.
Yes, you can deposit any amount under Rs. 3 lakhs to savings account without having a PAN card. However, if your deposit/withdrawal exceeds Rs. 20 lakhs, you must have your PAN or Aadhaar card linked to the account.