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Updated 08 Dec 2023
The decision to break a Fixed Deposit (FD) is often driven by sudden financial needs or changing economic situations. Closing an FD is an effortless process, but it’s essential to understand the nuances and ensure you don’t face any unwanted penalties.
This article focuses on the steps and considerations when closing an FD with Kalyan Janata Sahakari Bank.
Offline Method
Online Method
Will there be a penalty for closing my FD early?
Yes, Kalyan Janata Sahakari Bank charges a penalty for premature closure, which results in 1% less interest than the applicable FD rates. Also, no interest is payable if withdrawn before 7 days.
How soon will the funds be available after closing the FD?
Once you've completed the FD closure process, the funds usually become available immediately. However, it's recommended to check with the bank for specific timelines.
Can I close a tax saver FD prematurely?
No, the tax saver FD has a lock-in period of 5 years and premature withdrawal is not allowed.
Is there an online way to close the FD?
You can use the Kalyan Klick mobile banking application or the bank's Internet Banking portal to close your FD.
How can I check if my FD has been successfully closed?
After closing your FD, it's advisable to check the term deposit details through the Kalyan Klick mobile app or the bank's Internet banking portal. The closure of the FD might be reflected in your account within two working days.
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.
