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How to Close CSB Bank Fixed Deposit (FD) Online

Updated 08 Dec 2023

Fixed Deposits are a dependable instrument for financial growth, but sometimes circumstances necessitate accessing these funds before their maturity. Understanding the process becomes imperative if you hold an FD with CSB Bank and are contemplating an early withdrawal. The banking sphere has its intricacies, and breaking an FD prematurely is a decision that comes with its implications.

 

This guide aims to demystify the procedure for premature FD closure at CSB Bank. From potential penalties to the step-by-step methodology, we've got you covered. Read on to make informed choices about your savings and financial needs.

Closing an FD in CSB Bank

Premature Withdrawal of Term Deposits:

  • Based on its discretion, the bank might allow early withdrawal upon the depositor's request.
  • The withdrawal before the agreed term might result in a revised interest rate: either the rate for the actual period the deposit stayed or the originally agreed rate, whichever is lower.
  • An additional penalty of 1% might be deducted from the interest.
  • Depositors will be informed about the penalty and deposit rates at the time of deposit.
  • The bank's ALCO will determine and adjust interest and penalty rates periodically.

FAQs

Will I still earn interest if I close my FD early?

You will earn interest, but it is usually at a reduced rate compared to the originally agreed rate.

Can I close my FD online?

Many banks offer online services to break FDs. Check with your bank's online portal or mobile app.

How long does it take to get my money after closing the FD?

Usually, the funds become available immediately after breaking the FD, but it might take a few hours to a few days based on the bank's procedure.

Do I need to submit any documents when closing the FD?

Generally, if you're breaking the FD in person, you might need to submit the FD receipt or certificate. Online procedures might not require physical documents.

Are there any tax implications for closing an FD?

The interest earned on the FD is taxable. However, breaking the FD doesn't introduce new taxes. Still, TDS may be applicable if you earn interest above a certain threshold in a financial year.

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