Often there are situations where we lose important financial documents, your Fixed Deposit receipt being one of them. This could be strenuous as it may lead to financial loss or misusing of documents. However, there are ways one can retrieve a lost Fixed Deposit receipt/certificate or opt for a duplicate FD certificate. Retrieving a lost FD certificate has become a hassle-free process in the era of digital banking. This article will briefly outline what a fixed deposit receipt is and what one should do if they lose or misplace their FD certificate/receipt and require a duplicate FD certificate?
What Is A Fixed Deposit Receipt?
A Fixed Deposit Receipt is an official document issued by the bank to the investor/depositor. This document acts as proof of investment. A Fixed Deposit Receipt details include:
- Name & Age of Depositor
- Account Number of the Depositor
- Principle amount paid by the depositor
- Applicable Interest Rate
- Maturity Date/Tenure of Deposit
- The amount that the investor will get the time of maturity
- Some other fixed deposit instructions related to the rollover of the funds
Fixed Deposit Receipt also contains the details of the nominee, auto-renewal facility, and premature withdrawal penalty. Hence, this receipt is an essential document and is a must-have for the applicant.
Mentioned below is the process outlined for getting a duplicate FD receipt and an online copy of the FD e-receipt.
When Do You Need A Fixed Deposit Receipt (FDR)?
- At the time of premature withdrawal of fixed deposit: A FDR is required when the depositor wants to withdraw his/her deposited fund before the maturity date.
- At the time of renewal of Fixed Deposit: A FDR is required when the Fixed Deposit has been issued offline. When the fixed deposit is renewed, the bank might ask the depositor to submit his old FDR to close the existing fixed deposit (FD) and further renew it for a new tenure for which a new receipt would be issued.
- At the time of taking a loan against FD: A FDR can be used to avail a loan against your fixed deposit, which is at a lower interest rate than an unsecured loan. To do so, one has to submit the FDR as a mortgage to the bank for the tenure of the loan, and once the depositor pays off the loan, an update FDR is reinstated to the depositor.
How To Apply For A Duplicate Fd E-Receipt In Case Of Loss Or Misplacement?
In case the investor's fixed deposit receipt is lost/stolen or destroyed, the investor can apply for a duplicate fixed deposit receipt at their respective bank branch, issuing the original fixed deposit receipt. You can also take the help of a customer care representative for help. One can follow these steps to issue a duplicate one:
Visit Your Bank Branch
It is the investor's responsibility to bring the lost fixed deposit receipt to their bank's notice. Hence, the first step for the investor is to approach his/her bank branch from where the initial fixed deposit (FD) receipt was issued. Post this; the bank will help the investor/depositor find their fixed deposit account details by searching with relevant details like depositor's name, customer ID, bank account number, or PAN card number.
Application For Duplicate Fixed Deposit Receipt
The next important step is to write an application for the duplicate fixed deposit receipt to the bank branch. The application should mention your:
1. Fixed deposit account number
2. Date of issuance
3. Fixed deposit amount and how the fixed deposit receipt was lost/stolen or destroyed.
The issuer bank will also request the deposit holder to submit an indemnity bond for loss of fixed deposit receipt. An indemnity bond for loss of FD receipt is like an undertaking to keep the banking institution indemnified/recoup against any claims or damages which the bank might have to pay or incur. It also safeguards against all demands or suits proceedings that may be filed or instituted against the bank. In addition, the indemnity bond has to be appropriately stamped under relevant stamp laws, and the depositor shall bear the stamp duty.
In cases where the fixed deposits are held jointly by two or more persons, the application for a duplicate fixed deposit receipt should be produced and duly signed by all parties. All parties shall also execute the indemnity bonds in these cases. The indemnity bond letter formats differ from bank to bank but more or less contain similar information and would be provided by the bank itself.
Post evaluating and verifying the application for issuing a duplicate Fixed Deposit (FD) receipt. The bank will issue a duplicate FD (fixed deposit) receipt treated as equivalent to the original receipt. In addition, there is another provision of the Fixed Deposit amount to be credited to the depositor's designated bank account.
All the banks and financial institutions follow almost the same procedure of issuing a duplicate fixed deposits receipt or certificate. The time taken by banks and financial institutions may differ. The bank first does the verification of records and evaluates conditions under which the FD gets misplaced. The bank will either issue the duplicate FD or credit the Fixed deposit amount into your bank account.
Detailed Procedure Of Generating An Online Copy Of Fixed Deposit E-Receipt
In the current scenario of digital transactions, it is wise to go with the option of creating e-fixed deposits. It could be done using the bank’s app or by logging into your net banking account. It makes you get your Fixed deposit statements and certificates directly to your email address. In the scenario of loss or misplacement of your fixed deposits, you can easily get the FD certificate right away.
In this case, the investor/depositor can apply for their fixed deposit schemes online, which will help stack all the certificates & statements related to the same on their email id registered with the bank and are linked to an existing bank account. Such FDs come with an E-Fixed Deposit Receipt (online FDR) that the depositor can easily access anytime by simply logging in to their net banking account, thereby minimizing the risk of losing the same.
As an investor, you can also claim the fixed deposit and get the credit of maturity value in your savings bank account. Hence, for those who have applied for an online FD account, the receipt is available online, and those who have an offline account should keep hard copies of the documents safe.
Shriram Finance Limited has the most reliable fixed deposit schemes for your secured and better future. We are accredited as India’s most Trusted Financial Services Brand, according to the Brand Trust Report consecutively from 2016. Contact us any time to understand the process of loss or misplacement of FD certificate receipt. We will assist you in the best possible way.