Fixed Deposit, also called Term Deposit is an investment where the interest rate is guaranteed not to change for the nominated term, so you know exactly what your investment is worth. It is a financial instrument provided by the banks and other financial institutions that yields the assured returns at minimal or no risk. The amount deposited in these accounts are locked-in for the fixed period of time and are paid back along with interest accrued. It is the best option for those who want to make a lump sum investment and receive regular income at specified intervals.
| Category | Documents |
|---|---|
| An Individual, Hindu Undivided Family, Sole Proprietorship Concern | • ID Proof • Address Proof • A photograph |
| Trusts | • Copy of the Trust Deed • Copy of the registration certificate • Copy of the Resolution of the Trustees authorizing the members concerned to open and operate the account • Photographs of the members operating the account |
| Partnership Firm | • Partnership Deed • Letter from partners approving the persons concerned to open and operate the account • Photographs of the persons operating the account |
| Public or Private Limited Companies | • Board Resolution / Authority Letter • Memorandum & Articles of Association • Certificate of Incorporation • Certificate of Commencement of Business (Public Limited Company) • Form 32 in case list of directors are not original subscribers to Memorandum & Articles of Association (in case of Private Limited Cos) Duly acknowledged by ROC • Governing Act / Rules and Regulations(PSUs) (certified true copy) |
Benefits of investing in fixed deposits. Few of them have been listed below: *Guaranteed returns *Optimum utilization of money currently not in use *One can borrow 70% - 90% of the amount available in the fixed deposit account *Helps in increasing the hard earned money *Promote the habit of saving in individuals *The interest is credited to the current/savings account *Procurement of high interest
"Successful Investing takes time, discipline and patience. No matter how great the talent or effort, some things just take time: You can’t produce a baby in one month by getting nine women pregnant."
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