Fixed Deposit Receipt (FDR)
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A Fixed Deposit Receipt (FDR) is an acknowledgment and proof of ownership issued by banks and financial institutions to individuals who book a fixed deposit with them.
Components of a Fixed Deposit Receipt
Knowing what is included in the receipt can help you better understand this document. Here is a standard fixed deposit receipt format regarding the information and features of fixed deposit receipts:
Investor details |
Complete details of the account holder, including their full name and permanent address |
Account details |
Unique identifiers such as Customer ID and Account Number assigned by the issuer when opening a FD account |
Deposit details |
|
Rate of interest & maturity amount |
Details on the interest rate applicable and the total amount receivable at the end of the tenor |
Auto-renewal or auto-closure |
|
Premature withdrawal |
Clear presentation of the FD issuer's terms and conditions regarding penalties for premature withdrawal.. |
Nomination details |
Information regarding the nominee you have selected |
How to Get Your FD Receipt Online
Here’s how you can open your FD receipts online:
Step 1: Navigate to your issuer’s official website.
Step 2: Enter the necessary personal information.
Step 3: Choose your FD.
Step 4: Click on ‘Fixed Deposit Receipt’ and download
Why Should You Check the Fixed Deposit Receipt
Checking your fixed deposit receipt is essential for several reasons:
Accuracy Verification
Confirm the deposited amount, interest rate, and tenure details through your receipt. Accuracy ensures your returns align with the agreed terms.
Maturity Date Tracking
Pointers on your receipt help track maturity dates. Regular checks empower you to plan and manage finances efficiently, avoiding surprises upon maturity.
Information Confirmation
Use pointers to cross-verify personal information recorded by the bank. Timely detection of errors ensures correct representation.
Error Prevention
Pointers act as indicators for potential discrepancies. Identifying and rectifying errors promptly can prevent complications and streamline issue resolution.
Importance of a Fixed Deposit Receipt
In case of premature withdrawal
Your FD receipt serves as proof of ownership of a particular FD investment. Having this proof is vital to premature withdrawals or when closing the FD account at maturity. Any FD renewal-related transitions will require you to have this document close by.
In case of renewals
For renewals, you will be required to FDR as proof of ownership. You will then surrender the current receipt for a new FD receipt created as per your renewal.
In case of loan against FD
Various banks and NBFCs allow you to acquire loans against your FD. You can request up to 90% of the deposit amount. You will be required to deposit the FD receipt to the lender.
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