How to Close an North East Small Finance Bank Fixed Deposit Account
Updated on: Sep 6th, 2023
Financial investments are made keeping future financial stability in mind. Fixed deposits are one such popular choice of investment, especially for those who seek a safe and steady return.
However, there might be situations where you'd need to close or withdraw your FD before its maturity. If you have an FD with North East Small Finance Bank and are wondering how to go about closing it, this blog is for you.
How to close an FD in North East Small Finance Bank
- Visit the Bank Branch Personally: Head to the nearest branch of North East Small Finance Bank.
- Request for FD Breakage Form: The bank will provide you with a form dedicated to premature withdrawal or closing of FD.
- Complete the Form with Required Details: Fill out the necessary details such as your FD account number, tenure of the FD, reason for premature withdrawal, etc.
- Submit Required Documents: Attach relevant documents like PAN card and ID proofs as required by the bank.
- Make the Request: Submit the filled form along with the documents to the bank's official.
- Verification and Processing: The banker will verify the details filled out, and after due process, the FD amount along with the interest accrued (after deducting any penalties) will be credited to your specified bank account.
What is the penalty for premature withdrawal of FD in North East Small Finance Bank?
North East Small Finance Bank levies a 1% penalty on the interest for all premature withdrawals.
Can I avail a loan against my FD before closing it?
Yes, North East Small Finance Bank allows investors to take loans against their FDs before choosing to close them.
Is there an online method to close the FD with North East Small Finance Bank?
The master blog does not specify an online method. However, typically banks do offer an online premature withdrawal option via internet banking. It's best to check with the bank or log in to your internet banking portal for the same.
How soon can I get the money after closing the FD?
Once the bank processes the premature withdrawal request, it usually takes a few working days to credit the amount to your bank account.
Does the DICGC insurance cover apply if I close my FD prematurely?
Yes, the ₹5 lakhs Deposit Insurance and Credit Guarantee Corporation (DICGC) insurance cover applies to North East Small Finance Bank FD, whether it's matured or prematurely withdrawn.
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