FDs
Bonds
Blog
Login
Updated 08 Dec 2023
A Fixed Deposit (FD) is a popular savings avenue, offering higher interest rates and guaranteed returns. While it is designed to be held until maturity, unforeseen circumstances might sometimes necessitate premature closure.
Janata Sahakari Bank, with its vast network across Maharashtra and Gujarat, provides a seamless process for its customers who wish to close their FDs. In this blog, we'll delve into how to close an FD in Janata Sahakari Bank and address some pertinent FAQs related to the same.
Offline Method
What happens to the interest if I close my FD prematurely at Janata Sahakari Bank?
If you close your FD before its maturity, you might receive an interest rate lower than the contracted rate, depending on the bank's terms and conditions.
Is there a penalty for closing the FD prematurely?
Banks often have a penalty clause for closing an FD before its maturity. It's best to check with Janata Sahakari Bank for specific penalty details.
Can I get a loan against my FD instead of closing it?
Yes, Janata Sahakari Bank offers the facility to avail a loan against your FD, which can be an alternative to closing it.
Are there any benefits for senior citizens when closing an FD?
Senior citizens typically enjoy higher interest rates on their FDs. In case of premature withdrawal, checking with the bank on the specific benefits or terms that apply is recommended.
How long does it take for the funds to get credited after closing the FD?
After submitting the necessary documents and the FD receipt, the funds typically get credited immediately or within a stipulated time frame as per the bank's policy.
Disclaimer: Wint Wealth makes no guarantee or warranty on the accuracy of the data provided on this site, the information displayed is subject to change and are provided on an as-is basis. Nothing contained herein is intended to or shall be deemed to be investment advice, implied or otherwise. You are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions. We accept no liability for any loss arising from the use of information contained on this website.
