Individuals

• Any Indian resident above 18 years of age can open a fixed deposit account.
• Individuals can open the account singly or jointly with another person.
• Senior citizens are eligible for additional interest benefits.
• Minors can also have fixed deposits through a parent or legal guardian.
• Identity and address proof are required as part of the KYC process.

Hindu Undivided Families (HUFs)

• HUFs can open fixed deposit accounts in the name of the Karta (head of the family).
• The account must be used for investments and savings on behalf of the HUF.
• PAN card of the HUF and Karta’s ID proof are mandatory.
• Suitable for managing pooled family savings with tax planning.
• Interest is credited to the HUF’s bank account or reinvested.

Sole Proprietors and Business Entities

• Sole proprietors can open FDs in the name of their business or as individuals.
• Partnerships, LLPs, and companies can open fixed deposit accounts in the organization’s name.
• Business registration documents and PAN are required.
• FDs are used to park surplus business funds securely.
• Suitable for managing liquidity and earning fixed returns.

Trusts and Societies

• Registered trusts and societies are eligible to open fixed deposit accounts.
• Trust deed, registration certificate, and resolution copy are needed.
• FDs can be created for fund preservation, corpus investment, or donation planning.
• Authorized signatories must be declared in official documents.
• Banks may have separate conditions for charitable and religious trusts.

Non-Resident Indians (NRIs)

• NRIs can open fixed deposits in the form of NRE, NRO, or FCNR accounts.
• These accounts are governed by FEMA regulations.
• NRE FDs are tax-free and fully repatriable in foreign currency.
• NRO FDs are taxable in India but allow local earnings to be deposited.
• FCNR deposits are maintained in foreign currencies and offer global liquidity.