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How to Close Central Bank of India Fixed Deposit (FD) Online

Updated 08 Dec 2023

The allure of fixed deposits (FDs) lies in the predictability of returns and the sense of financial security they offer. However, life can be unpredictable; sometimes, you may need to break or liquidate your FD before its maturity.

This article focuses on how to break an FD with the Central Bank of India, one of India's oldest and most trusted banking institutions. Read on to understand both online and offline procedures.

How to close an FD in the Central Bank of India


Offline Method

  • Visit the Bank Branch: Head to the nearest Central Bank of India branch, where your FD account is held.
  • Request for FD Liquidation Form: Ask for the FD premature withdrawal or liquidation form at the counter.
  • Fill in the Required Details: Ensure all information, including your FD account number and personal details, is accurately filled out.
  • Submit Necessary Documents: Usually, the FD receipt or certificate is required. Make sure you bring this with you.
  • Receive Confirmation: The bank executive will process your request and provide a confirmation. The FD amount along with the applicable interest (minus any penalties for premature withdrawal) will be credited to your linked bank account or given as a demand draft.

Online Method

  • Login to Central Bank NetBanking Account: Access your account using your credentials.
  • Navigate to the 'Online Term Deposit' Option: Look for the 'Break FD' or similar option here.
  • Select the FD to be Broken: Choose the FD account you wish to liquidate.
  • Confirm Liquidation: Review the details and confirm your decision.
  • Receive Confirmation: Once processed, the amount will be transferred to your linked bank account.


Can I close my FD before its maturity?

Yes, you can break your FD before its maturity. However, a penalty of 1% will be charged on premature withdrawal of FD deposits above ₹ 5 lakh. For deposits up to ₹ 5 lakh, no penal interest is charged.

How is the interest calculated if I close my FD prematurely?

The interest will be calculated for the period the FD remained with the bank, minus any applicable penalties.

Do I need to visit the bank branch to close my FD?

As explained above, FDs can also be broken online through the Central Bank of India's NetBanking portal.

Will I get the entire principal amount after closing the FD?

Yes, you will receive your principal amount. However, the interest will be calculated based on the tenure the FD remained intact and any penalties, if applicable.

What if I have an emergency and need funds immediately?

Instead of breaking the FD, you can avail of a loan against your FD of up to 90% of the deposit amount.


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