How to open Fix Deposit Account and RD Deposit Account in the Bank.

How to open Fix Deposit Account and RD Deposit Account in the Bank.In this article we will see how to open Fix deposit account and RD (RECURRING DEPOSIT) Account in Bank.

Many people confused with the Fix deposit Account and RD deposit Account. They even not having any idea about opening process of Fix deposit Account and RD deposit Account.

Fix deposit Account is opened to deposit the lump-sum amount to earn higher interest rate for longer period. Fix deposit account offers higher rate of interest compare to any deposit account. Fix deposit account is opened for Monthly, Quarterly, Half yearly and yearly basis, as per depositor interest and choice.

There are two types of option to earn the interest on fix deposit, One is to receive interest on maturity of the tenure of fix deposit and Second is receive the interest on monthly basis, Quarterly, Half yearly and Yearly basis. How to open Fix Deposit Account and RD Deposit Account in the Bank.

In the option of Monthly interest, depositor receive the interest on monthly basis and receive the capital invested after the maturity of tenure.

In the option of Quarterly interest, depositor receive the interest on Quarterly basis and receive the capital invested after the maturity of tenure.

In the option of Half yearly interest, depositor receive the interest on Half yearly basis and receive the capital invested after the maturity of tenure.

In the option of Yearly basis interest, depositor receive the interest on yearly basis and receive the capital invested after the maturity of tenure.

Most of the bank offers higher rate of interest on fix deposit for short term (example above 6 months to 12 months).

Fix deposit can be broken at any time whenever depositor having requirement of money. But some penal charges will be levied by the bank on breaking the fix deposit before the maturity period. Penal Charges is depending on bank to bank.

Fix deposit account also offer option of Nominee. Depositor can appoint Nominee in their account. After the demise or death of the depositor amount of the Fix deposit will be paid to Nominee, which is appoint by the Depositor. Nominee can be appointed at any time by the Depositor, it can be appointed either at time of Deposit account opening or after opening the deposit account.

If Fix deposit open for quarterly basis:

In this option of fix deposit depositor receive the interest on quarterly basis. On every ended quarter interest amount is credited to depositor ac. This types of option amount or capital does not appreciate after maturity of period. Depositor only receive their initial amount on maturity.

If Fix deposit open for monthly basis:

In this option of fix deposit depositor receive the interest on quarterly basis. on every ended quarter interest amount is credited to depositor account. This types of option amount does not appreciate after maturity of period. Depositor receive their initial amount after maturity.

If Fix deposit open for Half yearly basis:

In this option of fix deposit depositor receive the interest on Half yearly basis. on every six month interest amount is credited to depositor account. This types of option amount does not appreciate after maturity of period. Depositor receive their initial amount after maturity.

To open the Fix Deposit Account in the bank where you want to open the account comes under the operational department. To open the Fix Deposit Account, customer has to fill up the CUSTOMER INFORMATION FORM(CIF) WITH FIX DEPOSIT ACCOUNT OPENING FORM (SB A/C OPENING/FIX DEPOSIT ACCOUNT). FORM should be fill up by the customer’s own handwriting. After fill up the form customer has to submit KYC (KNOW YOUR CUSTOMER) Document with the form.

KYC document means PAN CARD, AADHAR CARD, VOTING CARD, EMPLOYER ID CARD, LIGHT BILL, TELEPHONE BILL WITH latest passport sized Photograph to stick on the ACCOUNT OPENING FORM. All the KYC document should be verified by the concern manager/officer of the bank where you are going to open the saving bank account. After submission of the Account opening form with necessary document, operational department will process your account opening application and give you one number that is called as FIX BANK ACCOUNT NUMBER. After received the Fix deposit bank account number you can ready to deposit the amount in your account.How to open Fix Deposit Account and RD Deposit Account in the Bank.

You can open Fix Deposit Account with singly or jointly. Customer can open their account jointly with their parent, spouse, son, daughter, brother and sister etc. Fix Deposit Account having option of “operation of Account” means how you operate your account, whether you want to operate your account by yourself only/singly or by jointly with others. If you opted “Singly” the account operating option as operation of Account, then only and only you can do the transaction in your account, transaction means depositing the amount to your account and withdrawing the amount from your account. If you select “Jointly” as account operating option, then your account can be operated jointly. In jointly operating account you have an option of operation of Account like “Either or Survivor”, “Former or Survivor”, “jointly by all” etc.

RD (RECURRING DEPOSIT) deposit Account is opened to deposit the lump-sum amount to earn interest for some fix period of maturity by depositing monthly installment. In RD deposit account, fix amount of installment is deposited for fix period of maturity.

RD deposit can be broken at any time whenever depositor having requirement of money. But some penal charges will be levied by the bank on breaking the RD deposit before the maturity period. Penal Charges is depending on bank to bank.

RD deposit account also offer option of Nominee. Depositor can appoint Nominee in their account. After the demise or death of the depositor amount of the Fix deposit will be paid to Nominee, which is appoint by the Depositor. Nominee can be appointed at any time by the Depositor, it can be appointed either at time of Deposit account opening or after opening the deposit account.

To open the RD Deposit Account in the bank where you want to open the account comes under the operational department. To open the RD Deposit Account, customer has to fill up the CUSTOMER INFORMATION FORM(CIF) WITH RD DEPOSIT ACCOUNT OPENING FORM (SB A/C OPENING/RD DEPOSIT ACCOUNT). FORM should be fill up by the customer’s own handwriting. After fill up the form customer has to submit KYC (KNOW YOUR CUSTOMER) Document with the form.

KYC document means PAN CARD, AADHAR CARD, VOTING CARD, EMPLOYER ID CARD, LIGHT BILL, TELEPHONE BILL WITH latest passport sized Photograph to stick on the ACCOUNT OPENING FORM. All the KYC document should be verified by the concern manager/officer of the bank where you are going to open the saving bank account. After submission of the Account opening form with necessary document, operational department will process your account opening application and give you one number that is called as RD DEPOSIT ACCOUNT NUMBER. After received the RD deposit bank account number you can ready to deposit the amount in your account.

You can open RD Deposit Account with singly or jointly. Customer can open their account jointly with their parent, spouse, son, daughter, brother and sister etc. RD Deposit Account having option of “operation of Account” means how you operate your account, whether you want to operate your account by yourself only/singly or by jointly with others. If you opted “Singly” the account operating option as operation of Account, then only and only you can do the transaction in your account, transaction means depositing the amount to your account and withdrawing the amount from your account. If you select “Jointly” as account operating option, then your account can be operated jointly. In jointly operating account you have an option of operation of Account like “Either or Survivor”, “Former or Survivor”, “jointly by all” etc. How to open Fix Deposit Account and RD Deposit Account in the Bank.