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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Maximum returns Offered by Guaranteed

Highest

7.1%^*

Guaranteed Plan

(by insurance companies)

(10 Years)

6.5%^**

Fixed Deposits

(by SBI bank)

(5-10 Years)

7.1%^***

Public Provident Fund

(other popular options)

(15 Years)

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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

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

Tax on Profit

Taxable

Risk

Low Risk

Debt Mutual Fund

Returns Before Tax

8% ^(TAXABLE)

Returns After Tax

5.5%

Guaranteed Returns

Life Cover

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

The FD Tenure

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

Requirement of Fixed Deposit Receipts

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

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.
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.
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.

Invest in Plans that offer Guaranteed Returns for over 25 Years

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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*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
+ Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
#Discount offered by insurance company
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ †Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

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