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How to Close Punjab National Bank Fixed Deposit (FD) Online

Updated 08 Dec 2023

Banks Fixed Deposits (FDs) offer a safe option to invest money for a predetermined amount while receiving interest. But what if you require access to your money before it matures? To help you make an informed choice before breaking or prematurely withdrawing your FD from Punjab National Bank (PNB), this blog offers thorough advice on how to do so.

How to Close an FD in Punjab National Bank

Through Mobile App

  • Download and install the PNB mobile application.
  • Log in with your credentials and select the relevant FD account.
  • Select the option for premature withdrawal or closing the FD.
  • Keep up with the instructions on-screen to complete the process.

Internet Banking Method

  • Log in with your credentials to the PNB NetBanking account.
  • Go to the ‘Deposits’ section.
  • Choose the FD you wish to break and choose premature withdrawal.
  • Follow the instructions to complete the transaction.

Offline Method

  • Go to the nearest PNB branch.
  • Submit your FD receipt and ask for premature withdrawal.
  • The bank executive will walk you through the process.
  • Submit the required forms and withdraw your funds.

FAQs

Will there be a penalty for breaking my FD prematurely in PNB?

Yes, PNB charges a penalty of 1% on premature withdrawals. The interest payable will either be the contractual rate minus 1% or the rate applicable for the FD's tenure, whichever is lower.

Can I reinvest my FD amount into another term deposit scheme in PNB without any penalties?

Yes, no penalty will be charged if you reinvest in another term deposit scheme of PNB for a period longer than the remaining contract period.

In the case of joint FDs, can the surviving depositor break the FD without any penalties?

Yes, for joint accounts with the "Either or Survivor" or "Former or Survivor" mandate, the surviving depositor can break the FD without any penalties if both have a joint mandate.

Are there any tax implications when I break my FD in PNB?

Yes, the interest earned on FDs is taxable. Ensure you are aware of the TDS implications when breaking your FD.

How soon can I access my funds after breaking my FD in PNB?

Once the FD is broken, the funds will be available in your linked savings account immediately or within a business day.

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