How to Close an Bank of India Fixed Deposit Account
Updated on: Sep 5th, 2023
Fixed Deposits are often chosen for their security and fixed returns. However, there may come a situation where you need to get access to your funds earlier than planned. Whether it's due to an unexpected expense or a change in your investment strategy, breaking an FD can seem challenging. With the Bank of India, the process is designed to be user-friendly and transparent.
We will walk you through the steps and considerations of breaking an FD at the Bank of India. By the end, you'll be equipped with the knowledge to make an informed decision and understand the implications of the decision.
How to Close an FD Account in BOI?
For the pre-mature withdrawal of FDs, please note the following points.
- 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. For deposits above ₹5 lakhs, a penalty of 0.5% is charged for premature withdrawal, irrespective of the completion of 12 months' tenure.
To close your Bank of India FD account prematurely, follow the mentioned steps:
- Walk into your local Bank of India branch.
- Inform a bank official of your decision to terminate the FD prematurely.
- They will furnish you with an early termination form. Ensure all details are correctly filled.
- Complete your KYC.
- Submit the FD certificate and a piece of identification.
- After the bank validates and processes your application, the principal and accrued interest (after any deductions) will be deposited into your account.
Can I close my FD anytime?
Yes, you can close your Fixed Deposit account anytime you want.
What is the penalty for early withdrawal?
If you are withdrawing your FD prematurely, you need to submit to pay a penalty of 0.5% to 1%. However, if you withdraw less than ₹ 5 lakhs after completion of one year since the opening of the FD, no penalty will be charged.
Is it mandatory to have an account in BOI to open an FD?
Yes, you need to have a bank account in Bank of India to open an FD.
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