Fixed Deposit Receipt

Fixed Deposits (FDs) are the most common instruments of saving and investment for the masses in general. An FD provides the depositor with guaranteed returns in the form of interest on the amount invested. Fixed deposits carry minimum risk and offer higher rate of interest in comparison to a savings bank account. The date of maturity is pre-selected by the depositor. All banks offer the facility to open FDs from the retail branch, online as well as through mobile/phone applications. Once you open an FD, the bank will provide a Fixed Deposit Receipt (FDR) as an acknowledgement of investment. The acknowledgement slip contains important details regarding your FD.

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• Rate of Interest: It is important to check the rate of interest and terms offered by a bank. This is highly important during renewal of your Fixed Deposit as the rate of interest changes every financial year.
• Auto Renewal and Maturity Date: Auto renewal is a feature by which your FD is automatically renewed once the tenure is over. If your FD comes with this feature, you don’t have to worry about physically going to the bank and renewing it yourself. Maturity date is the last date of your FD’s investment term. It is the date on which your deposit matures and principal with interest becomes payable or reinvested. The deposit can be withdrawn post the date of maturity.
• Penalty: Many banks charge a penalty in case of prepayment or premature withdrawal. For example, if a bank charges prepayment penalty of 1%, then the depositor will receive an interest rate of 6% on an FD which provides 7% as the interest for a 6 month FD.
• Nomination: Assigning a nominee is very important for a depositor. In the event of the unfortunate demise of the depositor, their mentioned nominee will receive the principal and earnings of the fixed deposit.
• Tax Deducted at Source: TDS is deducted by the bank on your fixed deposit at the time the interest is credited to your account. 10% TDS is deducted if the FD interest amount Rs. 10,000 (the limit has been hiked to Rs. 40,000 for individuals and Rs. 50,000 for senior citizens).