Many individual may be familiar with the process of opening a new FD account at their bank using their savings or current account. But, it follows a different process, when it comes to opening a new corporate fixed deposit account. At a bank branch, where individual retain their account, they just essential to submit a filled-in application form and a cheque to get a new FD certificate. But, at an HFC, the process to open a fixed deposit account is a little bit dissimilar for both individual and non-individual FD.
Documents required for individual fixed deposit
• One recent colour passport size photograph
• Self-attested copy of PAN Card
• Self-attested copy of address proof like a voter-ID card or AADHAAR card etc.
Documents required for non-individual fixed deposit
Non-individual contains trusts, clubs, associations, public/private ltd. companies, co-operative societies, co-operative banks, and partnership firms. For opening an FD new account, an entity desires to submit all legal documents of incorporation and registration along with specimen signatures of all authorised persons. Other common documents required for FD account:
• Copy of entity’s PAN Card
• Copy of entity’s address proof
• Newest colour passport size photograph, PAN Card and address proof of authorised persons
How to Open a Fixed Deposit Account
If individual have any HFC branch near them, then visit the branch to collect the application form. Or, they can fill out an online application form sharing their details like name, contact number, email, and city and FD amount to get door-step help from the company’s representative.
Following is the step-by-step procedure to open a fixed deposit account with HFCs.
• Step 1
Properly fill-in the application form with essential details. Following are the significant points to notice while filling the FD application form:
Fill basic details containing applicant name, address, PAN and bank details correctly, without any error
Fixed deposit tenure in months
Payment details (cheque, draft, RTGS/NEFT, UTR no.)
Deposit option, cumulative or non-cumulative
Repayment instruction (First applicant, First applicant or survivor)
Taxation instruction
Mode of dispatching the FD certificate
On the second page, correctly fill in the bank details for repayment and nominee details
Affix your latest colour passport size photograph and sign across it
And finally, put your signature at the place pointed in the application form
• Step 2
Arrange all the self-attested copies of KYC documents (PAN card, AADHAAR, Voter ID) of applicants, individual intend to submit.
• Step 3
Now submit the correctly filled in application form, KYC documents and cheque/draft at the nearest HFC. Individual can also submit the documents to the company representative if they have opted for door-step help.
• Step 4
Upon validation of the application form and KYC documents, individual FD will be booked, and the certificate will be dispatched to their given address. An SMS confirmation will also be sent to their registered mobile number.
• Features of PNB Housing Fixed Deposits
• High safety standard (CRISIL FAA+/Stable)
• No TDS on interest income of up to Rs. 5,000 per financial year
• Loan facility against the deposit
• Premature withdrawal after the compulsory 3 months lock-in period
As we all know that a fixed deposit (FD) is a financial instrument provided by banks or NBFCs which provides investors a higher rate of interest than a regular savings account, until the given maturity date. The tenure of an FD can vary from 7, 15 or 45 days to 1.5 years and can be as high as 10 years. A fixed deposit offers guaranteed returns. The rate of interest offered to you when you open an FD remains constant throughout your tenure. Even if the interest rates fall in the broader market, your FD won’t be affected. You, therefore, don’t have to worry about the ups and downs of the market. Hassle-free investment. Also business fixed deposits account is offered by banks and NBFCs (non-banking financial companies), a fixed deposit is an instrument through which you grow a lump sum over a fixed tenor at a fixed interest rate and with the utmost safety. You can choose to get your interest on a periodic basis, or at maturity. Because of that company fixed deposits are a great way to raise funds from the general public for many firms/companies. These term deposits are usually rated for their credibility by a number of rating agencies such as ICRA, CARE, CRISIL, etc. But when someone wanted to start their own business off course this all things help them for sure but before that they need to provide a proper project report so that you can get bank loan for your dream project but at least you have to know first what is project report or How to make project report for loan and according to that they get full DPR information, subsidy DPR or they even get PMEGP Project, CMEGP Project or they even get Project Report format for Trading, Project Report format for Manufacturing, Project Report format for Agriculture, Project Report format for Service. Or they can get Online Project Report for Bank Loan or they can get Online CMA Report, Online DPR for project report. And for subsidy project report they can get subsidy DPR too with the help of loanDPR.com
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