What documentation is needed for a fixed deposit of ₹50 Lakh?

To open a ₹50 lakh fixed deposit, you must submit documents that verify your identity, address, and bank account for receiving interest payouts. Proof of repayment account is essential to ensure monthly or periodic interest is credited accurately.

The following are the typical documentation requirements for opening a fixed deposit (FD) of ₹50 lakh in India:

• KYC Documents: Identity proof such as Aadhaar card, PAN card, voter ID, driving licence, government ID card, or ration card is mandatory. Address proof like an electricity bill or bank statement is also required. Age proof is often verified through documents like PAN card, driving licence, or voter ID.
• Photographs: Passport-sized photos are usually required.
• Joint Account Documentation: If the FD is in joint names, KYC documents and photos of all account holders are needed, along with a joint account declaration form.
• Nominee Details: Providing nominee information is standard procedure.
• Business/Corporate FDs: For corporate or business fixed deposits, additional documents such as business address proof, certificate of incorporation, partnership deeds, board resolutions, and other relevant registrations are required.
• Other: Additional documents may be required based on the financial institution’s policies.

The documents ensure proper due diligence and KYC compliance as per regulatory guidelines applicable for Bulk/HNI customers placing high value deposits.

To ensure a seamless account opening and FD placement, it's advisable to confirm the specific documentation required with your financial institution's relationship manager.