Closing a Punjab National Bank FD account on Maturity
You can withdraw the FD once it is done with the tenure through netbanking or by visiting the branch of the bank. You can log in to your netbanking account and choose to close the fixed deposit account. Once done, the total matured amount will be transferred to the account of your choosing and will be reflected immediately.
If not through netbanking, you can also visit any branch of Punjab National Bank and request for the closure of your fixed deposit account.
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Closing a Punjab National Bank FD before Maturity
It is not advised to withdraw your fixed deposit before maturity as it doesn't offer the matured amount and only the principal amount is returned. However, Punjab National Bank does allow premature withdrawals of the fixed deposit after charging a penalty of 1% on all premature withdrawals and partial withdrawals. This will be effective on all tenures.
An FD with the Punjab National Bank can be closed before maturity by following the steps mentioned below:
Netbanking
- Log in to your netbanking account with Punjab National Bank.
- Click on 'Manage accounts'.
- Once done, under the section of 'Open/Close accounts, select 'Premature Closure of FD'.
- The FD account will be then displayed on the screen along with the account details where the matured sum will be reflected.
- Click on 'Submit'.
Visiting PNB Branch
If not through netbanking, you can visit any branch of the Punjab National Bank and request to close the fixed deposit account prematurely. You will need to fill a form and submit it to the bank and confirm the details of the account where you wish to see the funds to be reflected.
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If you wish to close your FD account prematurely, you will not receive the interest accrued on the sum and you will be entitled to receive only the principal amount. Along with this, an additional 1% interest must be paid as a penalty for the premature closure.
On maturity, the amount will be transferred to the bank account of your choice and will reflect immediately. In the case of premature withdrawal, once the form is verified, the money will be transferred immediately to the bank account.
Yes, there are tax implications on FDs as the interest earned on FDs is taxable. Be aware of the TDS implications while you're withdrawing your FD.
Once the FD is withdrawn, the funds will be available to you in your linked savings account immediately or within a business day.
A penal interest rate of 1% will be charged at the time of premature cancellation or part withdrawal of domestic term deposits for all tenors. The interest rate payable would be either the contractual rate minus 1% or the rate applicable for the tenor on the contractual date minus 1%, whichever is lower.
No, there will be no penalty if you prematurely close your deposit for reinvestment into another bank's term deposit scheme. However, the deposit must remain with the bank for a period longer than the remaining period of the original contract.
Yes, in the case of term deposits with a 'Former or Survivor' or 'Either or Survivor' mandate, premature withdrawal can be allowed to the surviving depositor without any penalty, provided there is a joint mandate from the depositors to this effect.
You can close your Punjab National Bank Fixed Deposit account on maturity either through net banking or by visiting a bank branch. Through net banking, log in to your account, select the option to close the FD, and choose the account where you want the mature amount to be transferred. Alternatively, visit any PNB branch and request the closure of your fixed deposit account.
If you need to close your Punjab National Bank FD before maturity, you can do so through net banking or by visiting a PNB branch. Through net banking, log in to your account, navigate to the option for premature closure of FD, select the specific FD account, and submit the request. Alternatively, visit a branch, fill out the necessary form, and confirm the details of the account where you want the funds to be transferred. Keep in mind that premature closure incurs a penalty of 1% on all withdrawals.
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To check your PNB account balance through SMS, simply give a missed call from your registered mobile number to either of the following numbers: 1800 180 2223 (toll-free) or 0120-2303090 (tolled). You will receive an SMS containing your account balance details shortly after the missed call.
