What If I Lost My Original Fixed Deposit (FD) Paper?

Managing your investments, such as a Fixed Deposit (FD), can be a crucial aspect of financial planning. However, what do you do if you misplace your original FD paper? This guide will walk you through the steps to take if you find yourself in that situation.

Understanding the FD Process

Nowadays, the recovery of lost Fixed Deposits (FDs) is relatively simple and can be easily traced through your customer information file (CIF). In many cases, investors are instructed to have the maturity amount automatically transferred to their savings account within the same bank. This means that even if the original FD paper is lost, the principal and interest usually get transferred to the investor's savings account automatically.

For some banks, they may send SMS notifications to the investor when a specific FD is nearing maturity. Additionally, if you conduct your banking online, you can easily check the details of all your FDs by logging into your account.

However, if your FD is more than 10 years old and the certificate is lost, you will need to visit the specific bank branch to obtain a duplicate certificate. This involves submitting an indemnity bond, which is a one hundred rupees stamp.

Steps to Take if Your Original FD Paper is Lost

To request a duplicate FD, you should submit a formal application to the FD issuing bank branch. Follow these steps:

Write an application to your FD issuing bank branch, detailing the loss of your specific FD paper carrying the original amount.

The FD issuing branch will issue a duplicate FD in place of the lost original FD. Some branches may require you to fill out a one hundred rupees stamped indemnity bond.

Carry your passbook and KYC (Knowledge of Your Customer) documents with you to the bank.

Inform the bank manager in writing about the case of your misplaced FD certificate, and request a duplicate copy, ensuring you complete any necessary bank procedures.

Rest assured that all transactions can be traced digitally. If interest is paid periodically to your savings account, you will have an FD number for traceability.

Differentiating Between Old and New FD Certificates

It is important to note that FD papers were once considered securities and were issued in the form of certificates for longer durations, such as 10 years. If your FD is of such a long duration and the old certificate was in your possession, you will need to fill an Indemnity form along with an application for the issue of a duplicate. On the other hand, if your FD is purely of a recent period, such as post 2008, it is issued only as a receipt-cum-acknowledgement, and it is not treated as a security. Therefore, no indemnity is required, and a simple application is sufficient.

For verification, you do not need to worry about account numbers or the date of issue, as this information can be instantly retrieved from your CIF, account number, or passbook. The system will provide you with the needed details immediately.

Conclusion

Losing your original Fixed Deposit (FD) paper can be daunting, but with the appropriate steps, you can easily address the situation. Understanding the process and the different requirements for older versus newer FD certificates can help you navigate this challenge more smoothly. Remember to visit your home branch with a request letter and wait for a new duplicate FD to be issued in no time.