Against FDR
Actually, the term “FDR” commonly stands for “Fixed Deposit Receipt” in the context of banking and finance. However, your statement about the Jivan Commercial Co-Operative Bank Ltd. issuing the FDR may be specific to a particular bank or institution. While many banks offer fixed deposit accounts, the specific details and terminologies may vary between institutions.
In general, a Fixed Deposit Receipt (FDR) is a document issued by a bank or financial institution to an individual or entity who has made a fixed deposit. It serves as proof of the deposit made and contains essential information about the fixed deposit account.
Features
- The traditional investment known as fixed deposit is highly popular in the country. It is the most sought-after investment option due to its assurance of returns in the form of interest.
- There is a potential to earn compound interest by reinvesting the initial amount along with the interest earned during the specified period.
- In the case of minors, a guardian can open a Term Deposit Account. Once the minor reaches adulthood, they can withdraw the amount upon maturity by providing valid age proof and signing the necessary documents.
- The proof of investment for a fixed deposit is provided in the form of an FD receipt. This document, typically half a page long, is issued by the bank upon opening a fixed deposit account.
- There is flexibility in modifying various aspects of the deposit, such as the deposit period, renewal options, maturity and payment instructions, principal amount, and rollover mode before the deposit reaches maturity.
- We offer a nomination facility for all types of deposit accounts.
- Loan and overdraft facilities are available based on the Term Deposit Receipt.
