FDs
Bonds
Blog
Login
Updated 08 Dec 2023
Fixed Deposits (FDs) are a preferred investment avenue for many due to their security and fixed returns. However, unforeseen circumstances might force one to close these FDs before their maturity.
This blog aims to guide Saraswat Bank customers on the process of premature withdrawal of their FDs. Whether you're tech-savvy or prefer the traditional offline method, Saraswat Bank offers various ways to close your FD with ease.
Online Method via Saraswat Internet Banking
Offline Method by Visiting the Nearest Branch
How is the interest calculated if I close my FD prematurely in Saraswat Bank?
The bank may apply a penal interest rate for premature withdrawals. The interest will be calculated based on the period the deposit remained with the bank and the contracted interest rate.
Is there a penalty for premature withdrawal of FD in Saraswat Bank?
Yes, the bank may impose a penal charge on premature withdrawal of FDs, which will be determined based on the contracted interest rate for the period the deposit remained with the bank.
In case of the FD account holder's death, how is premature withdrawal made?
In the unfortunate event of the account holder's death, the nominee or legal heir can make the premature withdrawal. They will need to provide a copy of the death certificate and may also be required to submit a succession certificate or a letter of indemnity, as per the bank's policies.
Can I close the Madhukar Tax Saving Deposit before its 5-year term?
No, the Madhukar Tax Saving Deposit comes with a lock-in period of 5 years, and you cannot make a premature withdrawal during this period.
Does closing my FD prematurely affect the DICGC insurance cover of ₹5 lakhs?
No, the DICGC insurance cover remains applicable regardless of premature withdrawals. Your FD in Saraswat Bank is insured up to ₹5 lakhs.
Can I change the instructions for my FD renewal after closing it prematurely?
Yes, if you've opted for premature withdrawal, you can also change the renewal instructions for your FD by visiting the nearest branch or through the bank's online services.
Disclaimer: Wint Wealth makes no guarantee or warranty on the accuracy of the data provided on this site, the information displayed is subject to change and are provided on an as-is basis. Nothing contained herein is intended to or shall be deemed to be investment advice, implied or otherwise. You are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions. We accept no liability for any loss arising from the use of information contained on this website.
