How to Close an Shivalik Small Finance Bank Fixed Deposit Account
Updated on: Sep 6th, 2023
Every investor, at some point in their life, may encounter unforeseen financial situations where they need to close their fixed deposits prematurely. In such scenarios, understanding the process and implications of closing an FD is crucial.
This blog offers a comprehensive guide on how to close a fixed deposit in Shivalik Small Finance Bank, ensuring that the depositors are well-informed and can make hassle-free decisions.
How to Close an FD in Shivalik Small Finance Bank
Step 1: Log in to the bank's official website and access the 'net banking login' option.
Step 2: Navigate to the 'fixed deposit' section.
Step 3: Locate your fixed deposit details and select the 'premature withdrawal' or 'break FD' option.
Step 4: Confirm the details and proceed with the request.
Step 5: Once successfully processed, the FD amount, minus any penalties, will be credited to your linked bank account.
Step 1: Visit the nearest branch of Shivalik Small Finance Bank.
Step 2: Speak to a bank representative about your intention to break the FD.
Step 3: Fill in the required forms and provide the necessary documents.
Step 4: After verification, the bank will process your request, and the FD amount, minus any penalties, will be credited to your account or provided as a cheque.
Are there any penalties for closing an FD at Shivalik Small Finance Bank?
For Regular Fixed Deposit Scheme: Yes, there's a 1% penalty on the interest earned during the timeframe for which the amount has remained with the bank or the card rate of the original deposit, whichever is less.
Can I close my Tax Saver Fixed Deposit Scheme prematurely?
No, premature withdrawal is not allowed for the Tax Saver Fixed Deposit Scheme except in the case of the depositor’s death.
What about Non-Callable Fixed Deposits?
Premature withdrawal for Non-Callable Fixed Deposits is generally not allowed, except in exceptional circumstances.
Can I close my FD online even if I opened it offline at a branch?
Yes, as long as you have net banking activated, you can manage and close your FD online.
How soon will I get my money after closing the FD?
Typically, once the FD is broken, the amount (minus any penalties) is immediately credited to your linked bank account.
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