How to Open Abhyudaya Bank Fixed Deposit Account

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Updated 04 Oct 2023

Fixed deposits (FDs) are a favoured investment avenue for those seeking a safe and stable return on their investment. Among the many banks offering attractive FD options, the Abhyudaya Co-operative Bank stands out for its rich history of serving the economically weaker sections and offering competitive interest rates.

In this blog, we'll guide you through opening an FD account in Abhyudaya Co-operative Bank, highlighting eligibility criteria and necessary documentation, and answering common associated questions.

How to open an FD account in Abhyudaya Co-operative Bank

Online Method via Internet Banking:

Visit the Abhyudaya Co-operative Bank website and navigate to the “Personal Login” tab. Provide username and password to log in.
Go to the “Fixed Deposit Tab”.
Enter all the details.
Verify details and click confirm. A confirmation message will be displayed on the screen.

Using Mobile App:

Download the Abhyudaya Co-operative Bank Mobile App and log in using your credentials.
Select the 'Open FD' option from the app's main menu.
Choose the type of deposit account you want to open based on your preferences and requirements.
Provide all the necessary details, including your personal information, nominee details, and payment and maturity instructions.
After you have verified all the details, click on the 'Confirm' button to complete the transaction. Once the transaction is completed, you should receive a confirmation message on the screen indicating that your FD account has been opened.

Offline Mode:

Visit the nearest branch of Abhyudaya Co-operative Bank.
Ask for a fixed deposit application form and fill in all the details.
Submit all the documentary proofs.
Deposit the money.
Collect the Fixed Deposit Receipt.

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Eligibility Criteria

Any person in an individual capacity or more than one person in their joint names, any minor jointly with a guardian.
Sole proprietary concerns.
Partnership firms.
Limited companies.
Associations, clubs, societies, etc.
Trusts.
Joint Hindu Families (accounts of non-trading nature only).
Municipalities.
Government and Quasi-Government Bodies.
Panchayats.
Religious institutions.
Educational institutions (including Universities).
Charitable institutions.

Documents Required

Identity Proofs:

PAN card
Driving license
Passport
Voter ID card
Aadhaar card
Government/Defence ID card
Service Discharge Certificate (in the case of the pensioner)

Address Proofs:

Aadhaar card
Electricity bill
Telephone bill
Ration card
Bank account statement
Letter from statutory authority/ local body
Income Tax Order

A recent passport-size photograph is needed; for minors, a Birth certificate issued by Gram Panchayat/Notified Area Committee/ Municipal Corporation is necessary.

FAQs

What will happen if the depositor furnishes an incorrect PAN?

If the depositor furnishes an incorrect PAN for a fixed deposit, the bank may deduct tax at a higher rate of 20% instead of the prescribed rate of 10% or as applicable under income tax rules. The depositor may also face legal and financial implications as furnishing incorrect PAN details violates income tax laws. Therefore, ensuring that the PAN details are accurate while opening a fixed deposit account is crucial.

Are there charges at the time of opening/maturity of Fixed Deposit?

There are no charges at the time of opening/maturity of the fixed deposit. However, there is a penalty in case of premature withdrawal. Moreover, the bank may deduct TDS (Tax Deducted at Source) at the rate of 10% if the amount of interest exceeds ₹40,000 (₹50,000 in the case of senior citizens).

Is the ₹5 lakhs DICGC insurance cover applicable on Abhyudaya Co-operative Bank FD?

Yes. ₹5 lakhs DICGC (Deposit Insurance and Credit Guarantee Corporation) insurance cover applies to Abhyudaya Co-operative Bank FD.

What happens when the deposit is withdrawn within 7 days of Auto Renewal of the deposit?

They will not pay interest if you withdraw the deposit within 7 days of the auto-renewal. However, after completion of 7 days from the date of auto-renewal, the bank will pay the interest at the rates applicable after deducting a penalty of 1% for the period the deposit has remained with the bank.

What happens when the investor loses the FD certificate issued by the bank?

If a fixed deposit certificate is lost, the depositor must inform the bank and apply according to the rules. The bank will issue a duplicate certificate with the deposit details, charging fees as applicable. Immediate reporting of the loss is necessary.

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