How to Close an HDFC Bank Fixed Deposit Account
Updated on: Aug 31st, 2023
Given their services and competitive interest rates, HDFC Bank has been one of the most sought-after private banks. Like most private banks, HDFC offers fixed deposit accounts for their customers, which have unique facilities within some schemes. If you’ve had an FD in HDFC that you want to close, don’t worry, you’re in the right place. Let’s look at how you can close an FD in different scenarios.
HDFC Fixed Deposit - Premature Withdrawal
If you wish to withdraw funds from your FD account maturity date prematurely, here are the following steps that you need to follow:
Step 1: Log in to HDFC’s online banking portal or NetBanking, using your NetBanking ID and password.
Step 2: Select the ‘Liquidate Fixed Deposit’ option on the left under the Fixed Deposit menu.
Step 3: Select the Fixed Deposit account number from the list that appears following the previous step.
Step 4: Click on Continue and ensure the details entered are right.
HDFC Fixed Deposit - Fund Withdrawal on Maturity
Assuming you’ve completed your maturity period, you can withdraw the funds from your FD account after following standard procedure. In general, HDFC FD accounts come with an ‘auto renewal’ feature, which involves reinvesting your money monthly, yearly, or quarterly.
However, if you do not want an ‘auto-renewal’ feature on your FD account, you can establish that before the account has been opened or the mandate can be changed before the maturity date.
The process for withdrawal before or after maturity is the same, given that the only varying factor here is the penalty calculation. This is done by the bank directly, and the corresponding amounts are transferred to your account directly.
Will there be any penalty for closing an FD before maturity?
Yes, HDFC Bank may levy a penalty for premature withdrawal of FD. The penalty rates can vary and are subject to change.
Can I close my FD online in HDFC Bank?
You can close your FD online through HDFC net banking or mobile banking.
Will the money be credited instantly into my account after closing the FD?
After closing the FD, the principal and the accrued interest will instantly be credited to your linked savings account.
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