How to Close Standard Chartered Fixed Deposit (FD) Online
Updated 08 Dec 2023
Navigating financial urgencies often requires immediate access to funds, which might mean breaking your Fixed Deposit. If you're a client of Standard Chartered Bank and you're contemplating this move, it's essential to understand the nuances of the process. The banking world comes with its set of protocols, and prematurely breaking an FD is no exception.
Our guide is tailored to clarify this procedure within Standard Chartered Bank. Being well-informed is the first step, with potential penalties and diverse procedures. Dive in to ensure your financial decisions are made with clarity and confidence.
Closing an FD in SC Bank
Two scenarios can be considered here depending on one’s situation
- Terminating your Standard Chartered Fixed Deposit Account upon Maturity:
- To conclude your fixed deposit with Standard Chartered Bank at its maturity, start by visiting your local branch and completing the requisite account termination form. Make sure to sign this form and hand it to the branch head.
- Following this, attach essential Know Your Customer (KYC) documents with the termination form, including proof of identity and residence.
- Upon initiating a fixed deposit, the bank provides you with a certificate or receipt indicating the specifics of your deposit, such as amount, period, and interest rate. Once you present, this certificate and the bank confirms its accuracy, the matured amount will be transferred to your account.
Terminating your Standard Chartered Fixed Deposit Account Before Maturity
- The protocol for premature termination mirrors the steps mentioned for maturity-based closure. This includes submitting the account termination form, KYC documents, and the fixed deposit proof. However, note that an early termination might be subjected to additional charges or fees as a penalty for premature withdrawal.
Will I still earn interest if I close my FD early?
You will earn interest, but it is usually at a reduced rate compared to the originally agreed rate.
Can I close my FD online?
Many banks offer online services to break FDs. Check with your bank's online portal or mobile app.
How long does it take to get my money after closing the FD?
Usually, the funds become available immediately after breaking the FD, but it might take a few hours to a few days based on the bank's procedure.
Do I need to submit any documents when closing the FD?
Generally, if you're breaking the FD in person, you might need to submit the FD receipt or certificate. Online procedures might not require physical documents.
Are there any tax implications for closing an FD?
The interest earned on the FD is taxable. However, breaking the FD doesn't introduce new taxes. Still, TDS may be applicable if you earn interest above a certain threshold in a financial year.
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