How to Close an Abhyudaya Bank Fixed Deposit Account
Updated on: Oct 4th, 2023
Fixed deposits (FDs) have long been a staple for individuals looking to save money due to their security and higher interest rates. The process creating an FD is well understood, knowing how to terminate or withdraw one prematurely might not always be clear in banks like Abhyudaya Cooperative Bank.
This article aims to guide you through closing an FD with Abhyudaya Cooperative Bank and address some queries related to this process.
Steps for Closing an FD in Abhyudaya Co Bank
Using the Mobile App
- Open the Abhyudaya Co Bank Mobile App.
- Navigate to the 'FD' section in the menu. Select the FD you wish to close.
- Choose the 'Close FD' or 'Premature Withdrawal' option.
- Verify all details thoroughly. Confirm your decision.
- Visit your Abhyudaya Cooperative Bank branch.
- Inform a bank representative about your intention to close your FD during a conversation.
- Submit your FD certificate along with any paperwork.
Closing your FD through the Netbanking Method
- Start by visiting the website of Abhyudaya Cooperative Bank. Look for the "Personal Login" tab. Click on it to access your account.
- Once logged in, navigate to the "Fixed Deposit Tab" on the website.
- From there, select the FD you wish to break and proceed by clicking either the "Break FD" or "Premature Withdrawal" option.
- Take a moment to review all the information provided and ensure its accuracy before confirming your decision by clicking on the button.
- A confirmation message will be displayed on your screen after confirmation.
What is the penalty for prematurely closing an FD at Abhyudaya Cooperative Bank?
The bank imposes a penalty of 1% for premature withdrawal of an FD.
If I close my FD within 7 days of its auto-renewal will I still earn any interest?
No, if you withdraw your FD within 7 days of its auto-renewal, no interest will be paid out. However, after this initial period, interest will be paid at rates after deducting a 1% penalty.
What should I do if I have misplaced my FD certificate issued by the bank?
If you misplace your FD certificate, it's important to inform the bank. The bank will assist you with the procedures. Issue a duplicate certificate, although there may be certain charges involved.
Will I have to pay Tax Deducted at Source (TDS) if I prematurely withdraw my FD?
TDS will be deducted if the interest earned on your FD crosses ₹40,000 (₹50,000 for citizens) within a year. The deduction rate is 10% if you have provided your PAN card details or 20% in case you haven't submitted a PAN card.
Can I still avail of DICGC insurance coverage if I close my FD before its maturity at Abhyudaya Co Bank?
Absolutely! The DICGC (Deposit Insurance and Credit Guarantee Corporation) insurance coverage of, up to ₹5 lakhs still applies to FDs held at Abhyudaya Co Bank regardless of when you choose to withdraw them.
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