How to Close an IDBI Bank Fixed Deposit Account
Updated on: Aug 31st, 2023
There are moments in our financial journey when liquidating assets becomes imperative, even if it means closing a trusted fixed deposit. If you have your savings parked in an IDBI Bank FD and are contemplating an early withdrawal, it's crucial to understand the procedure, implications, and potential charges.
This guide aims to shed light on prematurely closing your IDBI FD, ensuring you have the knowledge to make an informed decision. Join us as we delve into the nuances and provide a clear roadmap for those unforeseen circumstances when accessing your FD funds becomes necessary.
Closing an FD in IDBI Bank through Various Modes
Online Banking Process
- Access your IDBI online banking platform.
- Navigate to the 'Term Deposits' category.
- Search for options like 'Early Termination' or 'Terminate FD', then select it.
- Identify and select the FD you're looking to end prematurely.
- Adhere to the prompts on the screen to finalize the withdrawal.
Using the Mobile App
- Launch the IDBI Bank app on your mobile.
- Head over to the 'Deposits' or 'FD' segment.
- Choose the option indicating early closure.
- Highlight the FD you plan on ending, and verify its details.
- Proceed as directed on the screen to complete the process.
Visiting the Bank Branch
- Walk into your local IDBI Bank branch.
- Inform a bank official of your decision to terminate the FD prematurely.
- They will furnish you with an early termination form. Ensure all details are correctly filled.
- You may be requested to show the FD certificate and a piece of identification.
- After the bank validates and processes your application, the principal and accrued interest (after any deductions) will be deposited into your account.
- Many banks, including IDBI, have a telebanking feature. Consider ringing IDBI Bank's helpline.
- Ask about the steps and guidelines to end your FD over a call.
Do I need to submit any physical documents to Close my FD online?
No, if you use the internet or mobile banking for premature closure, you generally don't need to submit any physical documents.
Is there any minimum period that needs to elapse before I can Close my FD?
Some FDs might have a minimum stipulated period (e.g., 7 days) before which you cannot Close them. It's essential to refer to your FD's terms and conditions.
Can I partially withdraw my FD amount?
Typically, partial withdrawal of FD isn't allowed. You would have to Close the entire FD and reinvest the amount you don't need to use.
How is the penalty for premature closure calculated?
The penalty is generally a percentage deducted from the applicable interest rate for the tenure the FD remained deposited.
Can I Close my tax-saving FD prematurely?
Tax-saving FDs have a lock-in period of 5 years. You cannot Close these FDs before this period.
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