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.
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:
Complete details of the account holder, including their full name and permanent address
Unique identifiers such as Customer ID and Account Number assigned by the issuer when opening a FD account
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
Clear presentation of the FD issuer's terms and conditions regarding penalties for premature withdrawal..
Information regarding the nominee you have selected
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
Checking your fixed deposit receipt is essential for several reasons:
Confirm the deposited amount, interest rate, and tenure details through your receipt. Accuracy ensures your returns align with the agreed terms.
Pointers on your receipt help track maturity dates. Regular checks empower you to plan and manage finances efficiently, avoiding surprises upon maturity.
Use pointers to cross-verify personal information recorded by the bank. Timely detection of errors ensures correct representation.
Pointers act as indicators for potential discrepancies. Identifying and rectifying errors promptly can prevent complications and streamline issue resolution.
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.
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.
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.
In most cases, FDRs are non-transferable, meaning they cannot be traded or transferred to another person. However, the funds can be transferred to another account upon maturity or through a premature withdrawal.
Premature withdrawal is usually allowed in the case of FDs. However, it may be subject to penalties or a reduction in the interest rate, depending on the terms and conditions set by the bank or financial institution.
FDRs are not insured against losses. However, the funds deposited in the FD account may be covered by deposit insurance provided by regulatory authorities, up to a certain limit. For example, DICGC insures up to ₹5 Lakhs on fixed deposit accounts opened with banks.