How to Close an Bandhan Bank Fixed Deposit Account
Updated on: Aug 31st, 2023
Fixed Deposits, while a secure investment option, sometimes need to be broken or withdrawn before maturity due to unforeseen financial needs. If you have an FD with Bandhan Bank and find yourself in such a situation, knowing the procedure to access your funds without unnecessary hassles is essential.
This guide will outline the step-by-step process of prematurely closing your FD at Bandhan Bank. We'll cover the methods available, potential charges, and other key considerations, ensuring you're well-equipped to navigate this process smoothly should the need arise.
Closing an FD through various modes
Using Internet Banking
- Log into your Bandhan Bank web banking portal.
- Navigate to the 'Fixed Deposits' section.
- Search for and click on the 'Premature Withdrawal' or 'Terminate FD' option.
- Choose the FD you're considering dissolving and verify.
- Follow the on-screen directions to finalise the withdrawal.
Via Mobile Banking
- Open the Bandhan Bank mobile application.
- Access the 'FD' or 'Deposits' tab.
- Opt for the early termination or 'FD termination' feature.
- Identify the FD you wish to end and validate the details.
- Proceed as per the app's guidance to complete the process.
At a Local Branch
- Visit the closest Bandhan Bank branch to you.
- Inform the bank representative about your desire to dissolve the FD.
- They will provide you with an 'FD premature closure' form. Ensure you complete it accurately.
- Be prepared to showcase the original FD document and any necessary ID.
- Once approved, the money, less any charges, will be deposited into your associated bank account.
- Dial the customer support number of Bandhan Bank.
- State your intention to end your FD early.
- The bank representative will instruct you further and share essential details.
Do I need to submit the original FD certificate if I close my FD at a branch?
Generally, yes. You'll need to present the original FD receipt or certificate when breaking the FD in person.
Can I close my FD over the phone?
Some banks offer such conveniences. You can inquire with Bandhan Bank's customer care to see if this service is available.
Is the process of closing the FD different for senior citizens?
The process is usually the same. However, senior citizens should be aware that breaking an FD prematurely might affect the special interest rates offered to them.
What if I can't find my original FD certificate?
If you can't locate your original FD certificate, you should inform the bank while initiating the break. They might have additional procedures or documentation requirements in such cases.
Can I reinvest the prematurely withdrawn amount into another FD?
Yes, you can reinvest; however, the new FD might be subject to the bank's prevailing interest rates and terms.
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