Here’s a detailed Fixed Deposit-Linked Savings Account Documentation guide, providing insights into account features, eligibility, benefits, and operation. This document is designed to help customers understand and maximize the benefits of a savings account linked to a fixed deposit (FD).

Fixed Deposit-Linked Savings Account Documentation

1. Introduction

• Purpose: A Fixed Deposit (FD)-Linked Savings Account combines the liquidity of a savings account with the higher returns of a fixed deposit. It allows individuals to earn better interest on excess funds without sacrificing the convenience of easy withdrawals.

2. Eligibility and Application Requirements

• Eligibility Criteria:

  • Generally available to individual account holders, including minors (with a guardian).

  • Joint account holders are eligible, but specifics vary by institution.

• Required Documentation:

  • Proof of identity and address, such as Aadhaar card, PAN card, or Passport.

  • Recent passport-sized photograph.

  • Existing savings account (or open a new one if required) at the institution offering the FD-linked feature.

• Application Process: This account can typically be set up by applying at a branch or online, depending on the bank's services.

3. Key Features of FD-Linked Savings Account​

• Partial or Full Sweep Facility: Some banks offer a partial sweep facility, where only part of the savings balance is transferred to the FD, while others may sweep the entire balance over the threshold.