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How to Close Dhanlaxmi Bank Fixed Deposit (FD) Online

Updated 08 Dec 2023

Fixed Deposits (FDs) are a popular choice for those seeking a risk-free investment avenue in banking. Dhanlaxmi Bank offers FD services promising attractive returns. But life's unpredictability might necessitate accessing these funds before maturity. If you're a Dhanlaxmi Bank FD holder contemplating an early withdrawal, this guide is tailored for you.

 

We'll break down the steps to prematurely close your FD in Dhanlaxmi Bank, discussing potential penalties and the bank's specific procedures. Join us to unravel the intricacies, ensuring you're prepared to navigate the process smoothly and effectively.

Closing an FD in Dhanlaxmi Bank

FD Termination Form

  • Obtain the FD Account Closure Form from your branch.
  • Complete, sign, and submit the form to the branch manager or responsible officer.
  • Joint account holders must all sign the form.

Provide KYC Details

  • Attach copies of KYC documents, including PAN, which doubles as identity and address proof.
  • Documents may need self-attestation.

Submit the FD Certificate/Receipt

  • Present the bank-issued deposit certificate or receipt, highlighting deposit details.
  • All account holders must sign the certificate or receipt.
  • After verification, choose a cash withdrawal, cheque/DD issuance, or transfer to another account.

FAQs

Will I still earn interest if I break 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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