Term Deposit Receipts

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A Term Deposit Receipt is an official document issued by a bank to acknowledge that a customer has placed a fixed amount of money for a specific period at a predetermined interest rate. It serves as proof of the deposit and outlines the terms and conditions.

Here is a breakdown of the typical information found on a TDR:

Deposit and Account Information:

► TDR/FD Receipt Number: A unique serial number for the document.

► Date of Issue: The date the deposit was made and the TDR was issued.

► Customer Name(s): The full name of the account holder(s).

► Account Number: The savings or current account number from which the funds were transferred.

► FD Account Number: The unique number for the term deposit account.

► Amount Deposited:

  • In both figures (e.g., ₹ 1,00,000)
  • In words (e.g., Rupees One Lakh Only)

Terms of the Deposit:

► Period of Deposit: The duration for which the money is locked in (e.g., 12 months, 5 years).

► Date of Maturity: The date on which the deposit will mature (Date of Issue + Period of Deposit).

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► Maturity Amount: The total amount payable on maturity, including the principal and the accumulated interest. This may also be mentioned as a projected figure.

► Interest Payout Instructions:

  • Cumulative/Reinvestment: The interest is compounded and paid out at maturity.
  • Periodic Payout: The interest is paid out at regular intervals (monthly, quarterly, etc.) and the amount is credited to the customer's savings account.
  • Nominee Details: The name and relationship of the person nominated by the account holder to receive the funds in case of their demise.

Terms and Conditions:

A section detailing the rules governing the deposit. This is crucial and often includes:

1. Premature Withdrawal Clause: The penalty for breaking the deposit before maturity.

2. TDS (Tax Deducted at Source): A note stating that TDS will be deducted on interest income as per prevailing tax laws.

3. Loan Facility: Information on whether a loan can be taken against the deposit.

4. Assignment/Transfer: Rules regarding the transfer or assignment of the deposit.

5. Non-Transferability: Often, the receipt will explicitly state that it is "Non-Negotiable" and "Non-Transferable."