Eligibility And Documents Required For Fixed Deposit

Fixed Deposit is an excellent investment instrument to have in your portfolio. It gives you assured returns at fixed interest rate, irrespective of the market conditions. Thus, it allows you to grow your savings every year.

You can open an FD account with Mahindra Finance and invest an amount as small as Rs. 5000 for any tenure ranging from 12 to 60 months. But, to open an FD account you must meet certain fixed deposit eligibility criteria and submit a few fixed deposit documents.

Who is eligible for opening a Fixed Deposit?

The following entities can open an FD account with Mahindra Finance –

• Resident Indian citizens
• NRIs (Non-resident Indians)
• Charitable Trust
• HUF (Hindu Undivided Family)
• Companies
• Family Trust
• Sole Proprietorship
• Partnership Firms
• Clubs
• Association Societies
• Trusts and Foundation

Eligibility for opening a fixed deposit account

• At Mahindra Finance, we do not have a stringent fixed deposit eligibility policy. Anyone can invest in an FD scheme with us and take confident steps towards achieving their financial goals.
• Also, there is no specific age limit to open an FD account. A minor of any age can open an FD account through their parents or legal guardian.
• There is also a requirement for a minimum investment amount. You must invest at least Rs. 5000.
• The minimum tenure for an FD account is 12 months. But you can choose any tenure up to 60 months. The investment duration you choose is your lock-in period, meaning you can withdraw the funds before the end of the term.

Documents required for Fixed Deposit Account

At Mahindra Finance, we believe in keeping things simple for our customers. Therefore, we require only a few basic documents for fixed deposit account.

Here is a complete list of required fixed deposit documents for different entities:

Individuals residing in India

• Passport
• Driving license
• Permanent Account Number (PAN) card
• ‘Election Commission of India’ Voter identity card
• ‘NREGA’ Job card, duly signed by an officer of the State Government
• ‘Unique Identification Authority of India’ letter containing details of name, address and Aadhaar
• Recent Passport size Photograph
• Number or any document as notified by the Central Government in consultation with the regulation

NRI – Individual KYC documents

• Passport with valid visa/ OCI
• Overseas employment letter (optional for confirmation of residential status and overseas address)
• PIO cards
• PAN card
• Local proof of address, if different from the passport address
• Bank account statement or passbook
• Local Property papers with registration deed
• EB Bill card
• Voter ID or driving license
• Tax Residency Certificate from the Income Tax department of the country of which the investor is a resident
• Copy of the passport as of the beginning of the current financial year and end of the financial year
• FEMA Declaration/Source of funds

Trusts and Foundations

• PAN card
• Address proof (Valid GST Certificate/bank statement/telephone bill)
• Non Profit Organisation(Yes/No)
• Darpan Registration mandatory for NPO’s
• Registration certificate of the Trust/Charitable/Family & Foundation
• Memorandum/Deed of the Trust/Charitable/Family & Foundation with latest board resolution and specimen signatures
• Authorised signatory list
• Photograph of the Trustees & signatories
• ID & address proof of authorised signatories with self attestation
• Cancelled cheque leaf for bank account verification
• FATCA Declaration
• Beneficial Owner form along with BO Owners self attested KYC documents

Companies

• Company PAN
• Address proof – (GST Certificate, Registration certificate, utility Bill)
• Certificate of incorporation
• Memorandum of Association & Articles of Association
• Latest Board resolution with authorised signatory list
• Latest directors list and Shareholding pattern
• ID & Address proof of authorised signatories with self-attestation & photo
• FATCA Declaration
• Beneficial owner form along with BO Owners self-attested KYC documents with Photo
• LEI Number for Listed entities & for other than listed entities LEI number if applicable/transactions >50cr.
• Darpan Certificate if company is registered under section 8
• Cancelled cheque leaf for bank account verification

Partnerships Firms/LLP

• Firm PAN
• Address proof – (GST Certificate, Registration certificate, utility Bill)
• Registration certificate if applicable
• Firm resolution with authorised partners list
• ID & Address proof of authorised partners with self-attestation & photo
• Photograph of partners
• Partnership/LLP Deed
• FATCA Declaration
• Beneficial owner form along with BO Owners self-attested KYC documents with Photo
• LEI Number if applicable.
• Cancelled cheque leaf for bank account verification
• Please note, if the Partnership Firm is not registered and/or is not willing to be registered in future, a letter duly signed by authorised partners stating the Firm is not registered & not willing to be registered in future is required. This is not applicable for LLP.

Sole Proprietorship

• PAN & ID/Address proof of proprietor with self-attestation
• Proprietor photo
• Two legal documents required establishing proprietor business (GST/UDYAM/Shop establishment/trade license/EB Bill/IT Return etc.)
• Cancelled cheque leaf for bank account verification
• Bank proof reflecting proprietor/business linkage

It is essential for individuals to carefully read and understand the terms and conditions before opening a Fixed Deposit and to keep copies of all relevant fixed deposit documents for future reference.