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Updated 08 Dec 2023
Closing a fixed deposit (FD) prematurely often comes with its conditions and penalties, especially when it’s about ensuring you receive your savings without any unforeseen hiccups. At Equitas Small Finance Bank, the process is designed to be as seamless as possible.
In this article, we dive deep into the steps to undertake if you decide to close your FD in this esteemed institution and address some frequently asked questions that may arise during the process.
Online Method (Using Internet Banking)
Online Method (Using Mobile App)
Offline Method
Remember, Equitas Small Finance Bank permits premature withdrawal of fixed deposits. However, there's a penalty of 1% for premature withdrawals unless the FD has been active for more than 180 days. Senior citizens aged 60 and above are exempt from this penalty.
What penalties apply if I close my FD prematurely?
A 1% penalty is charged on premature withdrawals. However, if the FD has completed more than 180 days, this penalty does not apply. Senior citizens aged 60 and above are exempt from this penalty.
Can I partially withdraw my FD online?
No, partial premature withdrawal from the Selfe FD is not permitted.
Is the interest rate affected if I close my FD before its maturity?
Yes, you will receive an interest rate applicable for the period the FD remained with the bank, which may be lower than the original rate, considering the penalty and tenure completed.
Are there any special exemptions for senior citizens closing their FDs?
Yes, senior citizens (those 60 years of age and above) are exempt from the 1% penalty on premature withdrawals.
Can I change the maturity instructions after closing the FD?
No, once the FD is closed, the maturity instructions cannot be altered.
How long will the funds be credited to my account after closing the FD?
Usually, the funds are credited instantly or within 1-2 working days, depending on the withdrawal method.
Closing an FD might be a decision taken in haste or out of necessity. Regardless, it’s essential to be well-informed about the process and implications at Equitas Small Finance Bank. We hope this guide aids you in making an informed decision.
Disclaimer: Wint Wealth makes no guarantee or warranty on the accuracy of the data provided on this site, the information displayed is subject to change and are provided on an as-is basis. Nothing contained herein is intended to or shall be deemed to be investment advice, implied or otherwise. You are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions. We accept no liability for any loss arising from the use of information contained on this website.
