Fixed Deposit Receipt (FDR)

One traditional investment scheme popular amongst every household in India is the Fixed Deposit Scheme, also known as Term Deposit. With no complications and detailed documentation, it is considered one of the most sorted and simple investment schemes available for all. Almost all the banks and other financial institutions offer FDs at different interest rates. Once an investor opts to open an FD Account, the institution or bank provides a receipt as acknowledgment known as the Fixed Deposit Receipt (FDR).

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What is FDR (Fixed Deposit Receipt)?

An investor receives an acknowledgment certificate from the bank or any institution wherein they open a Fixed Deposit Account. This acknowledgment certificate, which includes essential details like the name of the FD Holder, address, age, etc., is known as the Fixed Deposit Receipt.

Fixed deposits can be opened online and offline; in both cases, the FD Receipt is provided to the FD holder. The FD Scheme holder can also avail of income tax benefits if the scheme term is more than 5 years depending upon the bank, post office, or any other financial institution.

Comparison Between
Fixed Deposits, Guaranteed Return Plans & Debt Mutual Fund
Guaranteed Return Plans, Fixed Deposits &
Debt Mutual Fund
Guaranteed Return Plans
Returns Before Tax
7.5% (TAX-FREE)
Returns After Tax
7.5%
Guaranteed Returns
Yes
Life Cover
Yes
Tax on Profit
Tax Free*
Risk
No Risk
awards
Still Better than FD’s and Debt Mutual Fund
Fixed Deposits
Returns Before Tax
7% (TAXABLE)
Returns After Tax
4.8%
Guaranteed Returns
Yes
Life Cover
No
Tax on Profit
Taxable
Risk
Low Risk
Debt Mutual Fund
Returns Before Tax
8% (TAXABLE)
Returns After Tax
5.5%
Guaranteed Returns
No
Life Cover
No
Tax on Profit
Taxable
Risk
High Risk
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*For annual premium upto ₹5 Lacs

Fixed Deposit Receipt Components

An FD Receipt is a certificate that consists of the following components:

Details of the FD Holder

When an individual opts for an FD, the following details are mentioned in the Fixed Deposit Receipt:

  • Name of the holder

  • Age of the individual

  • Customer ID

  • Bank account number

  1. The FD Tenure

    The Fixed Deposit tenure is pre-decided at the time of the purchase and can never be changed throughout the tenure.

  2. The Rate of Interest

    The FD rate of interest is fixed and can be changed only at the time of FD renewal. So, when an individual purchases an FD, the interest is defined in the FD Receipt. The FD receipt will be updated at the time of renewal, and so will the interest rate.

  3. Maturity Date

    As the FD Tenure is pre-decided, the date of maturity is automatically fixed and mentioned on the Fixed Deposit Receipt. The maturity date helps in planning the future accordingly.

  4. Auto-Renewal

    For the auto-renewal of the Fixed Deposit scheme, the FD holder needs to select the auto-renewal option at the time of FD purchase.

  5. Premature Charges on FD

    If the FD holder wishes to withdraw money from their Fixed Deposit before maturity, a penalty is charged against it, which varies from institution to institution. The penalty amount or percentage is mentioned on the Fixed Deposit Receipt, making it easy for the depositor.

  6. Nomination facility

    Fixed Deposit also offers a nominee facility under its scheme wherein the depositor can nominate a person who will be eligible to receive the FD amount in case of the account holder's demise.

  7. Final Maturity Amount

    Under the fixed deposit receipt format, the final maturity amount at the end of the pre-decided tenure is mentioned for the reference of the FD holder. The maturity amount helps provide a clear understanding to the depositor and plan their future goals accordingly.

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Requirement of Fixed Deposit Receipts

An FD Receipt is an important document and is required in the following cases:

  1. In Case of Premature Withdrawal

    Fixed Deposit Receipt acts as proof of ownership of the FD in the depositor's name in case they wish to withdraw their scheme prematurely. It is important to hold an FD receipt for carrying out any such transaction.

  2. In the case of FD Renewal

    Suppose the depositor wishes to renew their FD scheme after the completion of the previous FD tenure. In that case, they need to surrender the Fixed Deposit Receipt to the bank to receive a newly issued receipt.

  3. In Case of Opting for Loan

    A loan facility is available on an FD scheme offered by all banks and other financial institutions at a lower interest rate compared to other unsecured loans. To avail of the loan facility, the Fixed Deposit Receipt needs to be deposited to the bank as a lien and will be given back once the FD holder entirely pays back the loan.

FD interest rates India have fallen consistently over the last 12 years.
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Documents Required to Open FDR (Fixed Deposit Receipt) Account

  • Savings account in the bank

  • ID Proof

  • Passport

  • Aadhaar Card

  • Voter ID

  • Driving License

  • Address Proof

  • Salary Slip

  • Electricity Bill

  • Telephone Bill

  • Bank Statement

  • Date of Birth Proof

  • In the case of minors, a Birth Certificate

  • In the case of Senior Citizens

  • Passport

  • PAN Card

  • Driving License

  • Voter ID

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