Fixed Deposits (FDs) have long been one of the most reliable investment choices in India, offering guaranteed returns and zero market risk. For families or partners aiming to pool funds and earn steady returns together, a joint FD can be a smart way to build collective wealth.
With a joint FD, up to three individuals can invest together, track maturity benefits, and manage funds more efficiently. The Reserve Bank of India (RBI) has established clear joint FD rules to ensure transparency and smooth operations for all depositors.
Earn attractive returns up to 7.30% p.a. with a Bajaj Finance Fixed Deposit — one of the highest among NBFCs with AAA ratings from CRISIL and ICRA. Book FD.
Joint fixed deposit rules
Joint FDs can be opened by multiple investors under one account. These accounts can be operated either by one primary holder or jointly by all depositors, depending on the chosen mandate.
- Operation: A joint fixed deposit can be managed by the primary account holder or all account holders collectively. The operating mandate can be updated anytime during the FD tenure.
- Withdrawals: All depositors must agree to and sign a withdrawal mandate that aligns with RBI’s joint FD guidelines.
- Tax benefits: Only the primary holder can claim tax deductions on 5-year tax-saving FDs.
- Tax liability: The interest earned is added to the primary holder’s annual income and taxed as per their applicable slab.
Invest conveniently online with Bajaj Finance Fixed Deposit, offering multiple tenures, flexible payout options, and secure returns backed by top-tier credit ratings. Check latest rates.
