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 digital era. 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 or NBFC to the investor/depositor. This document acts as proof of investment. A Fixed Deposit Receipt details include:
- Name and age of the depositor
- Account number or customer ID
- Principal amount deposited
- Applicable interest rate
- Maturity date and tenure of deposit
- Maturity amount payable (subject to applicable taxes, if any)
- Instructions related to renewal or rollover
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.
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 financial institution 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: An FDR may be required when applying for a loan against your fixed deposit. The receipt may be marked or held by the institution during the loan tenure. Once the loan is repaid, the deposit status is updated accordingly.
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 or NBFC branch. 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 or Financial Institution Branch
It is advisable to inform the issuing branch immediately about the loss of the receipt. The bank will verify your fixed deposit details using information such as:
- Depositor’s name
- Customer ID
- Bank account number
- PAN details
Application for Duplicate Fixed Deposit Receipt
The next important step is to write an application for the duplicate fixed deposit receipt to the respective 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 may 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 financial institution might have to pay or incur. It also safeguards against all demands or suits proceedings that may be filed or instituted against the financial institution. 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 issuer to issuer but more or less contain similar information.
Post evaluating and verifying the application for issuing a duplicate Fixed Deposit (FD) receipt, the issuer 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.
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 your financial institution’s respective 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 registered email id. 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 minimising the risk of losing the same.
Shriram Finance offers fixed deposit schemes with both online and offline application options. If you misplace your FD receipt, you may contact Shriram Finance’s customer support or visit the nearest branch for guidance on the duplicate issuance process, subject to applicable policies and verification requirements.
Shriram Unnati Fixed Deposit, accredited with rated "CARE AAA; STABLE" By CARE Ratings Limited, "Crisil AA+/Watch Positive" by CRISIL Ratings Limited, and "[ICRA]AA+; Watch Positive" by ICRA." offers interest rates up to 8.15%* p.a., including an additional 0.50%* p.a. for senior citizens and 0.05%* p.a. for women depositors, along with flexible investment tenures ranging from 12 to 60 months.
If you require assistance regarding loss or misplacement of your FD certificate, the support team can guide you through the formal process.