Understanding Fixed Deposit Receipts and Why Nominee Details are Important


To individuals looking for a secure source of income that also carries the minimum risk, fixed deposit receipts (FDRs) are one of their most favourite investment options. They represent a safe way to invest funds by banks and other financial institutions for a specified period at a fixed interest rate. However, as simple as opening a fixed deposit account may sound, it is important for investors to fully understand its details especially with regard to nominee details.

What Is A Fixed Deposit Receipt (FDR)?

A Fixed Deposit Receipt (FDR) is document issued by a bank or other financial institution to an investor when he/she deposits some money for certain time period. It serves as proof that the depositor has made the deposit showing all the terms agreed upon between him/her and the bank such as principal amount, interest rate, maturity date and any other agreed terms. FDRs are mostly used by individuals including businesses so they can earn an interest on their excess cash while maintaining liquidity.

Importance of Nominee Details in Fixed Deposits

Nominee details play an important role in fixed deposits, which aim at facilitating smooth transfer of assets or funds whenever there is death or demise of the depositor. These reasons underscore the importance of nominee details:

  1. Facilitates Smooth Transfer of Assets:

Nominee details simplify transferring fixed deposit proceeds to the rightful recipient(s) at times when a depositor dies. Legal heirs without nominee information would likely have complex processes before accessing these monies, especially if there is no clear indication from the will.

  1. Ensures Financial Security for Dependents:

The appointment of nominees guarantees that dependents’ financial well-being remains intact after depositors’ demise giving peace of mind to them knowing that their loved ones will not face any legal wrangles during tough times but will have access to those monies.

  1. Avoids Disputes Among Heirs:

In case the depositor designates no nominee, disputes may arise among legal heirs as to who should rightfully get the fixed deposit proceeds. This is avoided by specifying nominees of such funds and stating their intentions upon death to avoid such conflicts.

How to Add Nominee Details to Fixed Deposit Accounts

Adding nominee details on a fixed deposit account is simple but crucial. Some banks and financial institutions allow you to nominate them at the time of opening or alternatively add nominees at a later date, amending existing account arrangements made. Here’s how you can do that in four steps:

  1. Visit the Bank/Branch:

 Reach out to the bank/branch where the fixed deposit account exists. Ask for forms or applications required to add nominee details.

  1. Fill in the Nomination Form:

 Provide accurate information while filling the nomination form indicating particulars like name of nominee, relationship between him/her and depositor, birth date, residential address and any other necessary requirements so that there are no errors committed along this process.

  1. Submit Relevant Documents:

Supporting documents must be submitted alongside nomination form according to bank’s criteria which may include both identity proofs and address proofs of depositor & nominee.

  1. Acknowledgment and Confirmation:

The bank will acknowledge the nominee’s details after receiving all the nomination forms and necessary documents and then add them to the fixed deposit account.

Review the Information Critically to Ensure It Is Accurate.

NOTE: If a primary depositor passes away and there is no nominee or joint account holder for that fixed deposit, then the legal heir needs to submit the following documents: 

– An application for the deceased’s claim (mandatory)
– A certified copy of the death certificate (mandatory)
– A succession certification or letter of administration or probate of the will (recommended but not mandatory)
– An indemnity bond that is taken from the legal heir/representative (mandatory)

How to download your Fixed Deposit Receipt if you have a fixed deposit in Bajaj Finance:

  • Login into the Bajaj Finserv (https://www.bajajfinserv.in/) site.
  • Enter your registered mobile number and submit the OTP to sign in.
  • Verify yourself by entering your date of birth and proceed.
  • Visit the ‘Document Centre’ section and select your FD.
  • Click on ‘Fixed Deposit Receipt’ to download it.


Fixed Deposit Receipts (FDRs) are an ideal avenue for risk-averse investors who want guaranteed returns on idle funds. Nonetheless, equally important is ensuring that in case of death of depositor, assets are transferred effortlessly to beneficiaries as desired by him. Therefore, designating nominee details on fixed deposit accounts is an important step towards protecting your loved ones from financial trouble associated with different parties hunting for their rights as heirs. As a result, they should add nominee details ahead of time in their fixed deposit accounts and check them regularly to determine if they still show what they want at that particular point in time. This way, investors can still enjoy the benefits accruing from fixed deposits while at the same time being assured about their dependents’ financial future.