Documents required for a fixed deposit

While taking a fixed deposit you have to comply with the regulations related to the Know Your Client (KYC) guidelines that are applicable to banks. The bank has to be sure that there is an adequate check made for the client who is coming to place a fixed deposit. This is to ensure that the identity of the person is known and also the money is not part of some laundered amount that has been illegally obtained under the law.

This will require the presence of the Permanent Account Number (PAN) along with some other proof of address. It can include any document that has the address on it like a ration card or a passport or even the address on the account with some other bank. At the same time, there also has to be proof of identity which can be any document with a photo identity present for the individual. Once these documents are given then the necessary KYC guidelines will be complied with and the required process will be completed properly and the deposit can be made. If the deposit is being made by a client of the bank with an existing account then all these documents need not be submitted again as the necessary requirements have already been fulfilled once.

• Some of the documents that fulfil these requirements are:
• For proof of identity
  • Passport
  • MAPIN card
  • PAN card
  • Voter ID card
  • Driving licence
  • Photo identity issued by specified government organisations
  • Pension payment card issued by the government with photo identity
• For proof of address
  • Passport
  • Driving licence
  • Telephone bill
  • Electricity bill
  • Bank account statement of a Public sector/private sector/foreign bank
  • Ration card

Deposit without a savings account
Most people prefer to have a fixed deposit in the bank where they have a savings account. This happens because of the fact that they have the entire banking relationship with just one bank and hence all their needs are completed at one place only. This makes the task of investing convenient for the individual but this need not be the case always. If you see a bank that is offering a good rate of interest and you want to make a deposit then this is possible. All that you need in these circumstances is to complete the Know Your Client (KYC) requirements by submitting the necessary documents and the deposit will then be accepted.