How to Close an Kotak Mahindra Bank Fixed Deposit Account
Updated on: Aug 31st, 2023
Breaking an FD usually is the consequence of a financial emergency. It is important to understand that it is preferred to break an FD only as a last resort, as you can be penalised for prematurely withdrawing funds from your account. That being said, let’s look at how you can break an FD with Kotak Mahindra Bank.
Fixed Deposit Break in Kotak Mahindra
There are multiple modes of breaking your FD. Let’s take a look at them.
1) Via Mobile Banking
- Navigate to Banking.
- Choose Fixed/Recurring Deposits.
- Opt for Premature Withdrawal.
2) Through Net Banking
- Access Investment -> Deposit.
- Click on Premature Withdrawal of Deposit.
- Your funds will be immediately transferred to your account using the above online methods.
3) By visiting a local Kotak Branch
- When using this method, expect the funds to reflect in your account within 24-48 hours.
- Bear in mind for Deposits with a tenure of 181 days or more, an early withdrawal will incur a 0.50% penalty on the applicable interest rate.
How soon will I get my money after breaking the FD?
If you use mobile or net banking, the amount is credited to your account instantly. However, if you go through a branch, it may take 24-48 hours.
Can I partially withdraw from my FD?
The terms may vary, but typically you would need to break the entire FD. You might consider opening multiple FDs with smaller amounts for more flexibility.
Will the bank inform me before deducting the penalty?
The penalty terms are usually mentioned when you open the FD. When starting the FD, it's always a good idea to inquire about premature withdrawal conditions.
Is the penalty applicable to Senior Citizen FDs as well?
Generally, the premature withdrawal penalty is applicable to all FDs, including those held by senior citizens. The exact terms may vary, so it's best to check with the bank.
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