How to Close an ESAF Small Finance Bank Fixed Deposit Account
Updated on: Sep 6th, 2023
Fixed Deposits (FDs) are one of the most reliable investment instruments, offering guaranteed returns. However, there may be times when you need to access the invested money before the maturity date due to unforeseen circumstances. If you have an FD with ESAF Small Finance Bank and find yourself in such a situation, this blog is for you. We'll walk you through the process of prematurely closing your ESAF Small Finance Bank FD.
How to Close an FD in ESAF Small Finance Bank
- Visit your nearest ESAF Small Finance Bank branch.
- Approach the bank executive and express your intention to break the FD prematurely.
- Fill out the necessary forms and provide the required documents.
- Upon verification, the bank will process your request, and the amount will be credited to your account.
- Visit the official ESAF Small Finance Bank website.
- Navigate to the 'Fixed Deposits' section and look for the premature withdrawal option.
- Enter the details of the FD you wish to break and proceed with the on-screen instructions.
- Once the request is submitted and verified, the amount will be credited to your linked bank account. Ensure to save the receipt for future reference.
Please note: Closing an FD prematurely may lead to reduced interest earnings. It is vital to be aware of the implications and penalties of premature withdrawal before proceeding.
Are there any penalties for prematurely closing the FD at ESAF Small Finance Bank?
Yes, a penalty may apply depending on the tenure of the FD. Also, if you withdraw the FD before 7 days, no interest will be paid.
What will be the interest rate if I close my FD before its maturity?
The interest applicable for premature closure will either be the rate for the original FD tenure or the rate at the time of deposit opening, depending on the tenure for which the FD has remained with the bank.
Can I close my FD online if I initiated it offline (and vice versa)?
Yes, the mode of initiating the FD does not affect your ability to close it. You can use either the online or offline method, regardless of how you opened the FD.
How soon will I receive my funds after closing the FD?
After processing the premature withdrawal request, the bank usually credits the amount to your account immediately or within a few working hours.
Is the interest earned on my FD taxable?
Yes, if the interest earned exceeds ₹40,000 (₹50,000 for senior citizens) in a financial year, TDS will be deducted. The rate of deduction is 10% if the bank has your PAN details and 20% without a PAN card.
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