How to Close an Fincare Small Finance Bank Fixed Deposit Account
Updated on: Sep 6th, 2023
Closing a fixed deposit (FD) before its maturity is often a decision due to unexpected financial needs. With the shifting economic landscape and personal requirements, having the flexibility to break an FD can be invaluable.
Fincare Small Finance Bank, with its deep-rooted values in trust, technology, and transparency, offers its customers the option to close their FDs if needed. This blog will guide you through the process of premature withdrawal of your FD at Fincare Small Finance Bank, ensuring a smooth and hassle-free experience.
How to Close an FD in Fincare Small Finance Bank
- Visit the official website of Fincare Small Finance Bank.
- Navigate to the ‘Fixed Deposits’ section.
- Look for an option that says 'Premature Withdrawal' or similar.
- Follow the instructions provided to break the FD.
- Confirm the premature withdrawal and await a confirmation message.
- Visit your nearest Fincare Small Finance Bank branch.
- Approach the help desk and express your wish to close your FD prematurely.
- Fill in the required form and provide the necessary identification.
- The bank personnel will guide you through the process and inform you about the penalty charges.
- Once everything is verified, your FD will be closed, and funds will be credited to your linked account.
Remember, there's a penalty of 0.5% on the interest for all premature withdrawals, and certain FDs, like the Tax Saver FD, don't allow premature closure.
Can I close my Tax Saver FD in Fincare Small Finance Bank?
No, the Tax Saver FD does not allow premature withdrawal.
Are there any penalties for closing the FD?
Yes, Fincare Small Finance Bank levies a 0.5% penalty on the interest for all premature withdrawals.
Can I close my FD online if I open it offline (and vice-versa)?
Yes, FDs can be broken online even if opened offline, and the same applies in reverse.
How soon will I receive my funds after closing the FD?
Once the FD is closed, the funds, minus any penalties, are usually credited to the linked account immediately or within a few hours.
Can I close only one of them if I have multiple FDs with Fincare Small Finance Bank?
Yes, you can break only one or any number of FDs as per your requirement.
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