How to Open Fixed Deposit Account in Kaveri Grameena Bank?

Kaveri Grameena Bank offers Fixed Deposit (FD) account of multiple tenures at competitive interest rates and with many other benefits like loan or overdraft facility against Fixed Deposit. It is very easy to open a Fixed Deposit Account in Kaveri Grameena Bank.

Eligibility Criteria for opening Fixed Deposit Account in Kaveri Grameena Bank

Any individual, Minor, HUF, proprietary/ partnership firm, LLP, company, AOP, body of individuals (BOI), local authority, trust, NRI and registered society can invest in fixed deposits (FD).

Understanding Fixed Deposit

Fixed deposit, also called term deposit, is an investment option which allows you to put a lump sum amount in your bank account for a fixed tenure at an at a predetermined rate of interest. On maturity, you receive the principal plus accrued interest. You also have an option to receive the interest at fixed intervals in stead of getting accumulated interest on maturity. You can calculate the interest amount and the maturity value with the help of FD Calculator.

How Does a Fixed Deposit Work?

Mentioned below is the process as to how an FD works,

  • On investing in an FD, you get a guarantee of returns on the invested amount at the end of the tenure. The offered interest rate depends on the tenure of the FD.
  • This money is used by the bank to lend to other borrowers.
  • The bank in return charges them an interest for the same.
  • Then the bank passes you a portion of this interest.

How to Open Fixed Deposit Account in Kaveri Grameena Bank?

In order to open a Fixed Deposit Account in Kaveri Grameena Bank, you need to follow below-mentioned steps:

(1) Personally Visit the Kaveri Grameena Bank Branch

You need to visit the Kaveri Grameena Bank branch in which you want to open your FD account. People generally prefer to open FD account in a nearby branch.

(2) Fill up Fixed Deposit Account Opening Form (FD-AOF)

Obtain the Fixed Deposit Account Opening Form and fill up all the necessary details of the customer's information and other details in the different sections given in the prescribed form like name, address, contact number, email id, PAN, type of account to be opened, nominee's name, etc.

(3) Fill up Fixed Deposit Tenure

Banks usually offer various FD tenures from 7 days to 10 years. You can select any tenure based on your financial goals which you want to be fulfilled with the help of said FD. You need to mention FD tenure/ period/ or Term in the account opening form which ranges from 7 days to 10 years.

(4) Attach Cheque for Fixed Deposit

You need to attach a cheque worth of that amount you wish to deposit for FD. Alternatively, you can also transfer that amount through net banking from another account.

(5) Attach Required (Mandatory) Documents with the Account Opening Form (AOF)

After completing filling up the account opening form, you need to attach KYC documents like PAN, Proof of Address & Proof of Identity.

Some banks make it mandatory to provide Permanent address and telephone number.

(6) Verification of Account Opening Form (AOF) & Other Documents by the Banker

Banker will verify Account Opening Form (AOF) and other attached documents. If he is satisfied with these requirements, he will proceed further.

(7) Obtain acknowledgement slip of FD Account Opening Form from Kaveri Grameena Bank

Once your documents are successfully verified, the banker will give you acknowledgement slip of FD Account Opening Form.

How to Open a Fixed Deposit Account in Kaveri Grameena Bank through Net Banking?

It is important to understand that the procedure for opening an FD account online through net banking differs from one bank to another. Now-a-days most of the banks in India offers the facility to open the FD account online which saves time and effort of the investor. Even the documentation to be uploaded online is also very simple. Also note that for using net banking facility, you must first get yourself registered for net banking.

First of all you need to check whether Kaveri Grameena Bank offers the facility to open an FD account online. If yes, then you need to perform following step-wise process to open FD account online.

  • Visit the official website of your bank
  • Log in to your net banking account using login credentials i.e. customer id and password, if you are not registered then register yourself with a new id
  • Click the 'Transact' option
  • Select the option to 'Open a Fixed Deposit Account'
  • Enter the details such as the investment amount, tenure, nominee details, etc.
  • Set your interest payout plan from monthly, quarterly or cumulative
  • Confirm all the details again before proceeding further
  • Now confirm to proceed to the next step
  • Transfer FD amount through net banking
  • You can immediately download the FD advice (a receipt for your deposit) for future reference

Documents Required for Opening Fixed Deposit Account in Kaveri Grameena Bank

Following Documents are required for opening a Fixed Deposit Account

CategoryDocuments Required
Individual, HUF, Proprietor
  • PAN and KYC documents
  • Passport size photograph
  • Deed of declaration of HUF
Partnership Firm
  • PAN and KYC documents
  • Partnership Deed
  • Letter from partners to open and operate the account
  • Passport size photographs of all partners
  • PAN and KYC documents
  • Copy of the Trust Deed
  • Copy of the Registration Certificate
  • Copy of the Resolution of the Trustees
  • Authorizing the members concerned to open and operate the account
  • Photographs of the members operating the account
Associations, Clubs
  • PAN and KYC documents
  • By-Laws of the Association
  • Board Resolution to open and operate the account
  • Passport size photographs
  • PAN and KYC documents
  • Certificate of Incorporation
  • Memorandum and Articles of Association
  • Board Resolution to open and operate the account
  • ID proofs of authorised signatories
  • Passport size photographs of directors

Important Points regarding Opening Fixed Deposit Account in Kaveri Grameena Bank

  • Research and select the bank paying maximum rate of interest on Fixed Deposit for the FD tenure you require.
  • Once opened, you can not deposit any further amount in your FD account.
  • Different Banks offer different rate of interest under Fixed Deposit Account.
  • Select a nearby bank branch.
  • Fill the account opening form in CAPITAL LETTERS using black ink.
  • Countersign in case of any overwriting while filling up the account opening form.
  • You must avail the nomination facility.
  • Don't forget to take the original KYC documents with you for verification purpose.
  • If your mailing address and permanent address are different, provide address proof documents for both.
  • You must mention your mobile number and email id in your FD account opening form in order to receive any communication by the bank.

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