How to Close an Saraswat Bank Fixed Deposit Account
Updated on: Sep 7th, 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.
How to close an FD in Saraswat Bank
Online Method via Saraswat Internet Banking
- Log in to your account with your User ID and password.
- Navigate to General Services, then Service Request, and click New Request.
- Select Deposits, then Premature Termination of Term Deposit Option.
- Follow the on-screen instructions, select the FD you wish to break, and confirm.
- You will receive a confirmation message on your registered mobile number.
Offline Method by Visiting the Nearest Branch
- Visit the nearest Saraswat bank branch.
- Obtain the premature withdrawal form for Fixed Deposits.
- Fill up the form, indicating the FD account details and the reason for premature withdrawal.
- Submit the form along with a copy of your Aadhar and PAN card.
- The bank officials will process the form, and the amount will be credited to your account.
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.
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