FD Update: How Many Fixed Deposit Accounts Can You Open? Know What the RBI Rule Says

The Reserve Bank of India introduced the Fixed Deposit Scheme for both small and large savings. Anyone above 18 years of age can invest in this scheme. To make a fixed deposit, you need to open an account in the bank. A common question is, how many fixed deposit accounts can a person have? If you also invest in the Fixed Deposit Scheme, here are the details you need to know.

How Many FD Accounts Can You Open?

As per the Reserve Bank of India (RBI) rules, anyone above 18 years of age can open multiple fixed deposit (FD) accounts in any government or private bank. However, some paperwork is required, including the completion of the KYC process. For KYC, the individual must provide documents like an identity card, address proof, and other necessary details.

PAN Card: A Must for FD Accounts

When opening an FD account in a bank or post office, having a PAN card is mandatory. If the annual interest earned on your FD exceeds ₹40,000 (or ₹50,000 for senior citizens), TDS is deducted. Therefore, banks require a PAN card to open the account and comply with tax regulations.

તમે કેટલા FD એકાઉન્ટ ખોલી શકો છો? શું કહે છે RBIનો નિયમ#Investment #ReserveBankofIndia #Investmenttips #Investmentplan #rbi #business #FDAccount #BankFDhttps://t.co/zeSXsl7wci

— Tv9 Gujarati (@tv9gujarati) January 4, 2025

Nominee Details are Essential

When opening an FD account, you must specify a nominee in the bank form. As per RBI rules, you can nominate one or more individuals. If there is more than one nominee, you must inform the bank about how to divide the deposited amount among them.

FD Maturity Period

FDs are available for tenures ranging from 3 months to 10 years. Banks also launch special FD schemes (FD Update) occasionally. Currently, banks offer an interest rate of 7% to 8.5% on fixed deposits. With FD investments, you can set and achieve your financial goals effectively.