How to Close Indian Bank FD - Closing Indian Bank FD (2024)

FAQs

How to Close Indian Bank FD - Closing Indian Bank FD? ›

Yes, you can close your Fixed Deposit account anytime you want.

Yes, you can close your Fixed Deposit account anytime you want.

Will I need to visit a Bank of India branch to close the FD account? Yes, you will need to visit a Bank of India branch to close the FD account. Should identity proof be submitted when I close the FD account? Yes, identity proof must be submitted to close the FD account.

Closing a Fixed Deposit (FD) is a simple process and can be done online as well as by visiting the bank branch. You can close an FD before maturity and after maturity. The process of closing the FD by visiting the branch is same for most of the banks.

There is no option for online closure of this account. Customer has to request his home branch for closure. Is there any penalty for pre closure of loan? No pre closure penalty.

Walk into your local Indian Bank branch. Inform a bank official of your decision to terminate the FD prematurely. They will furnish you with an early termination form.

Here's what you need to do: Step 1: Visit the branch of the bank where you have the fixed deposit account. Step 2: Submit your fixed deposit certificate to confirm your intention to withdraw funds upon maturity. Step 3: Fill out a withdrawal form (FD maturity application) with the necessary details and sign it.

Bank of India allows premature withdrawal of all FDs. For deposits below ₹5 lakhs, a penalty of 0.5% is charged for premature withdrawal before completion of 12 months. No penalty is charged for any withdrawals after the completion of 12 months.

Premature closure

In case of pre-closure of fixed deposits interest will be paid at 1 per cent less than the applicable rate for the period for which it has actually remained with the bank or contracted rate, whichever is lower.

Fixed deposits, with a premature withdrawal facility, allow the depositor to close the FD before the date of maturity arrives. This comes as a relief in times of cash crunch. However, a certain amount may be required to be paid by the depositor as a penalty to the bank. This usually ranges between 0.5% and 1%.

How do I close a deposit online? ›

Normally, you can't withdraw money or close your Fixed Rate Savings Bond during its term.

Yes, investment can be terminated before maturity; however a portion of accrued interest will be forfeited.

Yes, you can close your FD with Indian Bank at any time. Will I be charged any penalty fee for premature withdrawal of my FD with Indian Bank? Yes, you will be charged a penalty fee of 1% of the total amount liable for return. What is the minimum and maximum period for the Indian Bank FD?

Online Method

Login to Central Bank NetBanking Account: Access your account using your credentials. Navigate to the 'Online Term Deposit' Option: Look for the 'Break FD' or similar option here.

Via Mobile App

Open Federal Bank's mobile banking application. Find the space dedicated to Fixed Deposits. Click on the choice indicating early closure or termination of the FD.

To close your overdraft account, first repay the entire outstanding amount. Then, submit a formal closure request through your bank's online portal or visit a branch.