How to Close an Nainital Bank Fixed Deposit Account
Updated on: Sep 1st, 2023
Navigating the financial terrains often requires agility, especially when unforeseen needs arise. Like other institutions, fixed Deposits (FDs) in Nainital Bank offer a safe haven for savings. But what happens when you need access to these funds before the term ends? Understanding the nuances of premature FD withdrawal is essential.
This guide will walk you through the steps and procedures to break an FD in Nainital Bank. From potential penalties to the bank's specific protocols, get a clear picture of what to expect, ensuring you're well-equipped to make informed financial decisions. Dive in to explore more.
Closing an FD in Nainital Bank
Complete the FD Termination Form
- Obtain and fill out the FD Account Closure Form from your branch.
- Sign and submit it to the branch manager or the designated officer.
- Joint account holders must all sign the form.
Provide KYC Details
- Attach a copy of KYC documents, such as PAN, which serves as identity and address proof.
- Self-attestation might be required on these documents.
Hand over the FD Certificate/Receipt
- Present the issued deposit certificate or receipt detailing deposit specifics.
- Ensure all account holders sign it.
- After verification, opt for a cash withdrawal, cheque/DD, or a transfer to another account.
Will I still earn interest if I close my FD early?
You will earn interest, but it is usually at a reduced rate compared to the originally agreed rate.
Can I close my FD online?
Many banks offer online services to break FDs. Check with your bank's online portal or mobile app.
How long does it take to get my money after closing the FD?
Usually, the funds become available immediately after breaking the FD, but it might take a few hours to a few days based on the bank's procedure.
Do I need to submit any documents when closing the FD?
Generally, if you're breaking the FD in person, you might need to submit the FD receipt or certificate. Online procedures might not require physical documents.
Are there any tax implications for closing an FD?
The interest earned on the FD is taxable. However, breaking the FD doesn't introduce new taxes. Still, TDS may be applicable if you earn interest above a certain threshold in a financial year.
returns on FD
Lock in returns as high as
8.35% before they go down
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