You may be familiar with the process of opening a new FD account at your bank using your 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 you maintain your account, you just need to submit a filled-in application form and a cheque to get a new FD certificate. But, at an HFC like PNB Housing, the procedure to open a fixed deposit account is a little bit different 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 includes trusts, clubs, associations, public/private ltd. companies, co-operative societies, co-operative banks, and partnership firms. For opening an FD new account, an entity needs 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
- Latest colour passport size photograph, PAN Card and address proof of authorised persons
Procedure to Open a Fixed Deposit Account
If you have a PNB Housing branch near you, then visit the branch to collect the application form. Or, you can fill out an online application form sharing your details like name, contact number, email, city and FD amount to get door-step assistance from the company’s representative
Must Read: What Are The Features And Benefits Of Fixed Deposit Account?
Step-by-step Procedure to Open a Fixed Deposit Account with PNB Housing
Step 1
Correctly fill-in the application form with necessary details. Following are the important points to notice while filling the FD application form:
- Fill in your basic details including 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 (monthly/quarterly/half-yearly/ annually)
- Repayment instruction (First applicant, First applicant or survivor)
- Taxation instruction
- Mode of dispatching the FD certificate ( by post/courier/hand,/broker)
- 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, you intend to submit.
Step 3
Now submit the duly filled in application form, KYC documents and cheque/draft at the nearest PNB Housing branch. You can also submit the documents to the company representative if you have opted for door-step assistance.
Step 4
Upon validation of the application form and KYC documents, your FD will be booked, and the certificate will be dispatched to your given address. An SMS confirmation will also be sent to your registered mobile number.
Must Read: Benefits of Fixed Deposit for Young and Senior Citizen
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
FAQs
Can I pledge my fixed deposit to get a loan?
Yes, you can use your fixed deposit as security for a loan. When you open fixed deposit account online or offline, the deposit can later be pledged to meet urgent financial needs. The loan is usually easier to obtain and offered at a lower interest rate than unsecured borrowing.
What documents are required for opening a fixed deposit?
The documents required for fixed deposit include
- Recent passport size photograph
- Self-attested copy of PAN card
- Self-attested address proof such as Aadhaar or voter ID
- For non-individuals, incorporation papers and specimen signatures of authorised person.
These documents support smooth verification when you open fixed deposit account online or at a branch.
Can I get a loan against my fixed deposit?
Yes, a loan can be taken against your fixed deposit. Lenders offer this as one of the benefits of fixed deposit, allowing you to access funds without breaking the deposit. The rate is lower than personal loans and the fixed deposit continues to earn interest during the loan period.
What should I check before submitting my FD application form?
Before submitting your application, review
- Personal details, bank details and nominee information
- Deposit amount, tenure and interest payout option
- Payment details such as cheque or transfer information
- Accuracy of all entries and attached documents required for fixed deposit
Careful checking avoids delays when you open fixed deposit account online or offline.
Why is it important to keep the fixed deposit certificate safely?
The certificate confirms ownership, maturity details and repayment instructions. It is essential for premature withdrawal or applying for a loan against the deposit. Keeping it secure protects your investment and ensures full access to the benefits of fixed deposit throughout its tenure.
