Fixed Deposit Scheme is the first investment option that flashes into the minds of Indian investors. Considering its capacity to produce fair returns without major investment risk, it surely makes sense to invest in these time-tested classic investment schemes that will help you to attain financial independence.
The best part is it is an assured return investment, and you can get to know your return anytime using the fixed deposit calculator. But you must fill up the fixed deposit form properly while depositing the money. Else, you are likely to find troubles while withdrawing the money.
Have ample time in hand while filling out the deposit forms.
The foremost important thing to do is to have ample time while filling out the fixed deposit form. Banks and NBFCs will offer a long form to fill up, asking for different personal details. It might feel boring to keep filling out such forms, but remember, it is the compulsion of the Banks and the NBFCs to know their customers and keep the investment domain risk-free. All the information you provide when opening the fixed deposit account gets treated as your identification norms. Banks and NBFCs will verify all these points when releasing the maturity claim. Therefore, you provide the facts and figures to secure your investment. So, provide as much information as possible.
It is a compulsion to fill up all the compulsory fields.
Once you fill out the fixed deposit form, you will find a few compulsory fields. These fields are usually star-marked. Please make sure that you don’t miss a single compulsory field. The facts and figures get analyzed to understand your profile, which will help the bank and the NBFC to develop more suitable investment tools for you in the forthcoming times. Most importantly, if these facts and figures are missing, it might become tough to process your withdrawal claim at a later stage.
Furnish the necessary documents.
Most importantly, you should furnish the necessary documents while submitting the fixed deposit account opening form. Banks and NBFCs usually ask for valid proof of identity and address, your photograph, and a few other documents depending on the investor’s profile. Please provide all the prescribed documents to make it easy to open the fixed deposit account and ensure smooth processing for withdrawal at maturity. If you don’t complete the documentation after a certain span, the bank or the NBFC will likely make the account inactive. You will not get the interest credit when the account stays inactive. Therefore, to secure your rights and interest, you should provide all the necessary documents at the time of opening the account.
Ensure that you fill the nominee details
The worst thing that can come about is your family not getting the resources you may leave behind for them. Life is uncertain, and casualties can happen at any time. To ensure that your successors enjoy your hard-earned money after your demise during the investment tenure, please ensure that you fill in the nomination details. The nomination facility entitles someone to receive the fixed deposit return on your behalf. Filling in the nomination details, you ensure that the hard-earned money never gets frozen for one to receive the sum legally on your behalf.
If you opt for a non-cumulative payout, please mention the bank account details to receive the periodic interest from the fixed deposit.
If you ever pledge the fixed deposit certificate for taking a loan within the lock-in term, ensure that you take back the certificate after completing the repayment. You must preserve the fixed deposit certificate with care, as you will need to produce this document to claim the maturity amount. In case you are having some changes to the information furnished to the bank/NBFC at the time of opening the fixed deposit account, you should intimate such changes as early as possible. All these updates will make it easier to get the maturity claim.
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