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How to Close Equitas Small Finance Bank Fixed Deposit (FD) Online

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.

How to close an FD in Equitas Small Finance Bank

Online Method (Using Internet Banking)

  • Log in to the Equitas Small Finance Bank website using your credentials.
  • Navigate to the “Fixed Deposit Tab.”
  • Choose the specific FD account you wish to break or terminate.
  • Follow the on-screen instructions to confirm the premature withdrawal.

Online Method (Using Mobile App)

  • Open the Equitas Small Finance Bank Mobile App and log in.
  • Select 'Manage FD' from the main menu or a similar option.
  • Choose the specific FD you intend to break.
  • Verify all details and click on 'Break FD' or a similar option.
  • Confirm the premature withdrawal and await a confirmation message.

Offline Method

  • Visit your nearest Equitas Small Finance Bank branch.
  • Request the Fixed Deposit Premature Withdrawal form.
  • Fill in all necessary details.
  • Submit the form along with any required documents.
  • Once processed, collect your funds and any relevant documents.

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.

FAQs

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.

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