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How to Close Bank of Baroda Bank Fixed Deposit (FD) Online

Updated 08 Dec 2023

Are you planning to break your FD to shift to better investment opportunities or need to pay emergency bills? Please note a penalty is levied on pre-mature withdrawals of FD accounts. However, the process of premature withdrawal of FDs is designed in the most user-friendly manner by the Bank of Baroda. We’ll guide you on how to start the process. Read below to know more.

How to close an FD Account in BOB?

You can break your FD pre-maturely, both online and offline. The process is as follows:

 

Online

  1. Open the mobile banking app or net banking.
  2. Choose the FD you want to close.
  3. Submit the ID and Address proof documents.
  4. Meet the formalities related to closing the FD. 

Offline

  1. Visit the Bank of Baroda branch where the deposit was originally opened.
  2. Fill in and submit the premature deposit withdrawal form.
  3. Submit the ID and Address proof documents.
  4. Complete all formalities related to closing the deposit.

FAQs

Is there a penalty for closing my FD with RBL Bank before maturity?

Yes, the Bank of Baroda may impose a penalty for prematurely withdrawing FDs. The rate can vary based on the FD's tenure and other terms when opening. They impose a penalty of 1% in callable deposits and 2% in non-callable deposits.

Is premature closure facility applicable for tax saver fixed deposit?

No premature withdrawal tax-saver deposits are available. They have to remain deposited for the entire 5-year term. They can be withdrawn only at maturity.

Can I partially withdraw FD before maturity?

Some of the Banks are having this kind of facility of partial withdrawal of FD before maturity. Bank of Baroda has this facility in the BOB Suvidha scheme.

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