What are the eligibility criteria for a ₹1 Lakh fixed deposit?

To open a fixed deposit of ₹1 Lakh, you must satisfy the following eligibility conditions:

Eligible Entities

• Indian residents (individuals)
• Hindu Undivided Families (HUFs)
• Partnership firms
• Companies (public or private)
• Trusts and foundations
• Unincorporated associations or body of individuals
• Minors can have an FD account under legal guardianship
• Non-Resident Indians (NRIs) can invest, typically via the offline process.

Minimum Age

• Adults aged 18 years and above.
• Minors are permitted with a legal guardian acting on their behalf.

Investment Amount

• The minimum investment required is ₹5,000; your ₹1 Lakh deposit easily meets this threshold.
• Deposits must be in multiples of ₹1,000.

Documentation Required

1. Valid identity proof which includes PAN card, Aadhaar card, passport, voter ID, or driving license.
2. Address proof which includes utility bill, rent agreement, passport or Aadhaar).
3. Recent passport-sized photograph.
4. For senior citizens, age proof is needed.
5. For minors, documents of the legal guardian are required.
6. Entities (these could include HUFs, companies and trusts) can have specific documentation requirements.

Other Considerations

• Both cumulative (interest paid at maturity) and non-cumulative (regular payouts) schemes are available.
• Tenure options range from 12 to 60 months.

Offline applications are required for certain entities such as companies, HUFs, NRIs, trusts, and partnership firms; individuals can apply online or offline.