How to Close an Bank of Maharashtra Fixed Deposit Account
Updated on: Sep 5th, 2023
Fixed Deposits are one of India's most popular forms of investment, offering a safe haven for investors with its guaranteed interest rate. But there might come a time when an investor needs to break or prematurely withdraw from their fixed deposit.
If you have an FD with the Bank of Maharashtra and are contemplating how to break it, this article will guide you through the process step-by-step.
How to Close an FD in Bank of Maharashtra
1. Using the Bank of Maharashtra Mobile Application:
- Log in to the Bank of Maharashtra mobile application.
- Navigate to the 'Term Deposit' section.
- Select your existing FD account.
- Choose the option to break or prematurely withdraw the FD.
- Follow the on-screen instructions to complete the process.
2. Using the Bank of Maharashtra's Internet Banking Website:
- Log in to the Bank of Maharashtra Internet Banking website.
- Go to the “Personal” tab.
- From the menu, choose “Term Deposits”.
- A list of your existing FDs will be displayed.
- Click on the FD you wish to break.
- Choose the option to withdraw or break the FD prematurely.
- Follow the on-screen instructions.
3. Offline by visiting the nearest Branch:
- Visit the nearest Bank of Maharashtra branch.
- Speak to the bank official about your intention to break the FD.
- Provide necessary details such as FD receipt or account number.
- Fill out the necessary forms, if required.
- The bank will process your request, and your FD will be broken.
What penalties are there for premature withdrawal of my FD from Bank of Maharashtra?
There is no penalty on the applicable interest rate for premature withdrawal of term deposits up to 1 year. For deposits with maturity over 1 year, a 1% reduction in the applicable rate will be incurred for premature withdrawal.
Can I break my tax saver FD before its 5-year term?
No, a tax-saving FD has a lock-in period of 5 years. No premature withdrawals are allowed in this scheme.
How is the interest calculated if I break my FD prematurely?
In case of premature withdrawal, you will earn interest only for the period during which the deposit was held with the bank.
Can I still break it if I have availed a loan against my FD?
If you have availed a loan against your FD, you would typically need to clear the loan or transfer it to another security before breaking the FD.
Will the DICGC insurance cover be affected if I break my FD prematurely?
No, the DICGC insurance cover of ₹5 lakhs remains unaffected whether you hold the FD till maturity or break it prematurely.
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