The Documents Required and Eligibility Criteria For Starting a Fixed Deposit
To gain the most from a fixed deposit scheme and successfully get your application approved, it is important for you to understand the eligibility criteria. Banks and financial institutions need to verify your details to allow you to open an FD, and these criteria and fundamental to the process.
Benefits Of Submitting All The Documents Required To Meet The Eligibility Criteria for FDs:
Here are some benefits of submitting all the correct fixed deposit documents while applying:
- Submitting the right documents and matching the eligibility criteria ensures that your FD application will get approved.
- Some documents collected are used as a means of ensuring better security for your deposit. For example, providing your ID details ensures that only you can access your FD account.
- Your ID proofs and other documents also help financial institutions understand who the interest payments have to be made to.
- It also helps financial institutions determine the source of the money you are investing.
General Eligibility For FD Scheme
Following is the generic list of those eligible for an FD scheme:
- Indian Residents: BRI guidelines dictate that an investor who is starting an FD should be an Indian citizen living in India. This means that foreign citizens and non-resident Indian cannot apply for an FD in India.
- Hindu Undivided Family (HUF): A legally declared HUF is also eligible for an FD.
- Sole Proprietorships and Other Organisations: This consists of various parties and organisations that are eligible to apply for fixed deposit schemes. Under this category all sole proprietorships, partnerships, and other companies including group companies officially registered by the Government of India are eligible to apply.
- Clubs and Other Associations: All clubs, societies and associations are qualified to apply for an FD.
- Family Trusts: A family trust can be defined as a trust created to manage a family’s assets or conduct family business. Family trusts are also eligible to apply for FDs, but not charitable trusts.
Also Read: How To Apply For An FD Online and Offline?
Documents Needed For Individuals To Apply for FDs
- Self-Attested ID Proof: This category consists of submitting a self-attested photocopy of your ID documents. You can submit a photocopy of any one of the documents from among your Aadhar card, passport, driving license, voter’s ID card and NREGA Job card. This is to certify your identity and other personal details like name, facial features, signature, etc.
- Address Proof That Is Self-Attested: This requires you to submit documents that confirm your nationality and place of residence. Under this category you can submit any one of the following documents: passport, voter’s card, driving license, Aadhar card, utility bills that is about 2 months old, property receipt or even bank account statement.
- Signature Proof: This category is to verify your signature. Under this category, you may submit any one photocopy of your passport, PAN card, or even driver’s license. This proof helps institutions keep a record of your signature. It helps prevent strangers from using and withdrawing money from your account. It is an essential measure to ensure maximum security for you and your finances.
Bajaj Finance has profitable fixed deposit schemes available online. All you have to do is match the eligibility criteria and submit the required documents.