Different lending organizations and banks offer you to deposit amounts for a particular amount for a specific period. Every bank offers its customers opportunities to deposit money in a different types of accounts. Besides regular current and savings accounts, multiple types of deposits are also available with various profits.
Suppose you are looking to invest your money for a good interest rate to make your money increase in terms. In that case, you must choose a leading loan distributor agency to get ideas regarding the deposit and the terms and conditions.
The concept
You can keep a handsome amount deposited into an account with a fixed interest rate, and you cannot get to transact the money for the term you have fixed the deposit. This is the main concept behind this special deposit plan. You get the money with all its interest for the years you have kept it in the bank together after the term is over.
This is a completely safe and stable option to save your earnings and keep it aside to not get used meaninglessly here and there. You are free to choose the terms from the available options provided by the banks. If you think you don’t need the money, for now, you can keep it for 10 years at a stretch.
Documents you need to submit
Like all other procedures, for opening fixed deposits also, you need to provide some specific documents regarding your personal and professional existence. For opening a riskless account to gain in the future, you must consult with the leading loan distributors in the market who can guide you to choose the most suitable offers for fixed accounts. You can also discuss the different facilities and requirements; separate banks have for opening such accounts.
Though different banks have versatile requirements in terms of the document, as per their policies, you cannot avoid producing any of the documents as this will affect your eligibility at large. You need the following basic documents to show that you are eligible for creating the account in any of the organizations –
- Provide your identity card that can include any official document like Adhaar Card, PAN Card, Voter ID, Driving License, and more.
- Besides your name, you need to prove that you reside in the address as mentioned in the fixed deposits account opening form. You can use a Passport, Driving License, Utility Bills, Property agreement papers for that.
How are Accounts Verified?
Follow these steps for a complete verification process-
- Select a bank with favorable opportunities that suit your requirements well.
- You need to fill-up the form and submit it through the loan distributor for better opportunities and facilities.
- You will receive a call of verification when the application is received.
- The loan distributor will send an expert executive to your place to collect the documents required for opening fixed deposits.
- Your documents will be verified at the selected bank thoroughly. When it is over completely, your application will get approval.
- You need to sign the documents and paper for the account to start in an instant.
Leading loan distributing agencies offer huge support in opening such accounts for greater benefits. You must consult ApnaPaisa for the most relevant and affordable suggestions.
