From time immemorial, the option of fixed deposit has remained the biggest ever darling of the customers. The fixed deposit is keen for those who want risk-free returns, yet many times people are found eager to know how many FD accounts one individual can open in a bank. If you also want to know how many FD accounts one person can have, let’s know about several peculiar things about FD on this channel.
One person can open so many FD accounts-
Many people invest in fixed deposit to make it a big fund. According to RBI regulations, any person aged 18 or above can open innumerable FD accounts in all government/private or public banks according to his/her income. The ceiling on the number of deposits is absent. The only yardstick here is the completion of the due documentation. The family will also have to undergo the KYC process. To open an FD account, you must need Aadhar Card, Voter ID Card, PAN Card, or Driving license.
PAN card is mandatory for FD account-
It will also make life very simple for the FD account holder. It must be kept in mind for every public or private bank the customer wishes to request an FD, a PAN number/authorized card with Aadhar card. There are certain provisions also there, nevertheless-provided that any interest over and beyond 40thousand in a year earned counters, you have bank TDS deduction for that sum. However, these limits are 50,000 rupees for senior citizens. This is the reason why a PAN card is necessary for making an FD account.
Important rules regarding nominee
The rules also talk about–One of the Reserve Bank of India’s regulations on FD states that the name of the nominee has to be written down in the form. This is an important operational resistance. With the central rule from the RBI, there may be a provision for giving the name of one or more nominees in the nominee of the FD. Suppose you write the names of more than one nominee in the FD, then you would have to tell the bank in writing the share of the amount deposited in your FD account shall be divided among the nominees.
FD can be done for so many years-
The above save may be used until infinity:-Any number of FD accounts can be opened. There is no ceiling on this. The bank must have FD with maturities ranging from 3 months to 10 years. Special FD schemes are horrently floated by cacoon banks in order to pay better returns to customers. Moreover, right now, most banks give 7 to 8.5% interest in FD. FD is also one of the best paths to reach all our financial goals.