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How to Close South Indian Bank Fixed Deposit (FD) Online

Updated 08 Dec 2023

Fixed Deposits (FDs) are a preferred choice for many when it comes to safe and reliable investment options. However, life can be unpredictable, and there might come a time when you need to access those funds earlier than planned. South Indian Bank, known for its customer-centric approach, offers provisions for such situations.


If you're considering breaking your FD with South Indian Bank, this guide is tailor-made. We'll provide a step-by-step procedure breakdown, highlighting any penalties or implications involved. Let's delve into the nuances of premature FD closure with South Indian Bank.

Closing an FD in SIB

Online Banking

  • Access your South Indian Bank online banking portal.
  • Proceed to the 'Deposits' or 'Fixed Deposit' menu.
  • Search for a feature named 'Premature Closure' or a similar designation.
  • Identify the FD you intend to dissolve.
  • Follow the provided digital instructions to finalize the withdrawal.


Mobile App Banking

  • Launch the South Indian Bank's mobile banking app.
  • Navigate to the FD domain.
  • Look for an option indicating premature FD termination or a similar function.
  • Select the appropriate FD for closure and verify your decision.
  • Comply with the in-app guidelines to complete the process.


Branch Visit

  • Approach your closest South Indian Bank branch.
  • Engage with a bank official about your wish to close the FD early.
  • They will furnish you with a form for 'Premature Withdrawal'. Ensure all details are correctly entered.
  • Likely, you'll be required to produce your original FD documentation and a valid ID.
  • After validating your request, the bank will facilitate the premature exit, and the sum, less any applicable charges, will be credited to your associated account.


Telephonic Service

  • Call the customer support number of South Indian Bank.
  • Convey your intent to dissolve the FD.
  • The phone banking officer will review the protocol and highlight any vital information or prerequisites.


How long does it take to get the funds after closing the FD?

Typically, the funds are credited to your linked account immediately after the premature closure is processed. However, it might take longer in certain cases, so it's best to check with the bank.

Do I need to provide the original FD receipt or certificate when closing the FD at a branch?

Yes, when breaking the FD at a branch, you'll generally need to present the original FD certificate and a valid ID for verification.

Is the interest rate revised if I close my FD prematurely?

The interest rate may be adjusted to the rate applicable for the period the FD was maintained with the bank, minus any penalties.


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.

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