How to Close an Bajaj Finance Fixed Deposit Account
Updated on: Sep 8th, 2023
Breaking a fixed deposit before maturity can sometimes be necessary due to unforeseen financial needs. While FDs are a safe and popular form of investment, knowing how to close it without unnecessary complications prematurely can be crucial.
In this blog, we will walk you through breaking an FD in Bajaj Finance and address common concerns associated with it.
How to close an FD in Bajaj Finance
Bajaj Finance does provide its depositors with an option for premature withdrawal. This allows them to close the FD before the initially agreed-upon maturity date. To avail of this option:
- Visit the Bajaj Finserv website.
- Navigate to the FD section.
- Select the option for premature withdrawal.
- Follow the prompts to proceed with the breaking of the FD.
- Confirm the premature withdrawal and any associated charges, if applicable.
- Visit your nearest Bajaj Finance branch.
- Contact a representative and inform them of your intent to close the FD prematurely.
- Provide necessary documentation as requested.
- Once approved, the FD will be closed and funds will be transferred as per your instructions.
What are the charges for closing an FD in Bajaj Finance before maturity?
The charges can vary depending on the terms and conditions of the specific FD. It's advisable to check with Bajaj Finance for the exact charges.
Will I lose interest if I close the FD prematurely?
You will receive the interest accrued until the date of premature withdrawal, but it might be at a reduced rate than originally agreed upon.
How long does it take to receive the funds after closing the FD?
The funds are typically credited to your account within a few working days after closing the FD.
Can I partially withdraw from my FD without closing it?
Bajaj Finance might have provisions for partial withdrawals, but it is best to consult with them directly for specific details.
What happens if I close my Systematic Deposit Plan (SDP) prematurely?
The terms for SDP can be different from a regular FD. It's essential to check the terms and conditions or consult with Bajaj Finance for specifics.
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