How to Close an RBL Bank Fixed Deposit Account
Updated on: Aug 31st, 2023
Fixed Deposits are often chosen for their security and predictable returns. However, there may come a time when you need to access your funds earlier than planned. Whether it's due to an unexpected expense or a change in financial strategy, breaking an FD can seem daunting. With RBL Bank, the process is designed to be user-friendly and transparent.
This guide walks you through the steps and considerations of breaking an FD at RBL Bank. By the end, you'll be equipped with the knowledge to make an informed decision and understand the implications of such a move.
Closing an FD Account
When it comes to withdrawing your Fixed Deposit, you can do so online or offline.
For online FD withdrawal
- Visit the bank's website and log in to your net banking account with your credentials.
- Select the 'Fixed Deposit' option under the account tab
- Click on the 'premature withdrawal' option. Your premature withdrawal details will appear on the screen, and you can select the desired account to transfer the funds.
- Once you've confirmed the details, click 'Submit' to complete the withdrawal process.
For offline FD withdrawal
- Visit the nearest bank branch where you opened the account.
- Be sure to bring along a duly filled withdrawal form,
- A deposit certificate, ID proof, and photographs.
- Once you've submitted and verified these documents, the funds will be transferred to your savings bank account.
Is there a penalty for closing my FD with RBL Bank before maturity?
Yes, RBL Bank may impose a penalty for prematurely withdrawing FDs. The rate can vary based on the FD's tenure and other terms when opening.
How soon will I receive the funds after closing my FD?
Upon successful processing, the funds are credited to the linked savings or current account immediately or within a few working hours.
Can I close my FD using RBL Bank's online banking?
Yes, RBL Bank's internet banking portal and mobile app usually have options for premature closure of FDs.
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