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How to Close Suryoday Small Finance Bank Fixed Deposit (FD) Online

Updated 08 Dec 2023

Fixed deposits are a popular form of savings, especially in India. However, there may be times when you need to access your money before the FD's maturity date. Closing or prematurely withdrawing an FD might involve certain procedures and penalties.

In this blog, we'll guide you through the steps on how to close an FD in Suryoday Small Finance Bank, one of the prominent small finance banks in the country.

How to break an FD in Suryoday Small Finance Bank

Online Method

  • Log in to the Suryoday Small Finance Bank internet banking website.
  • Navigate to “Accounts and Cards”.
  • Choose “Term Deposits” from the dropdown menu.
  • You will find the list of your active FDs. Click on the FD you wish to break and follow the instructions provided.

Offline Method by visiting the nearest Branch

  • Visit your nearest branch of Suryoday Small Finance Bank.
  • Request for an FD premature withdrawal form.
  • Fill in the necessary details like FD number, amount, and reason for withdrawal.
  • Submit the form along with a copy of your Aadhar and PAN card. The bank officials will process the form, and the funds will be credited to your linked bank account.

FAQs

What are the penalties associated with premature withdrawal of an FD in Suryoday Small Finance Bank?

If you decide to close your fixed deposit account before its maturity, the bank will pay back the principal amount and the interest at either a reduced interest rate or after deducting a 1% penalty.

How is the interest rate calculated for premature withdrawal?

The interest rate applicable for premature withdrawal will be the lesser of the rate for the original/contracted tenure (as of the booking date) or the rate for the actual tenure the deposit was maintained with the bank.

Is there any online penalty calculator available for FD premature withdrawal in Suryoday Small Finance Bank?

The bank's official website or mobile application may provide such tools. It's best to check there or contact customer support for accurate calculations.

Can I get back the deducted TDS if I close my FD prematurely?

TDS, once deducted, will be deposited to the government. However, if your income is below the taxable limit, you can claim a refund by filing your income tax returns.

Is it advisable to close my FD?

Closing an FD should ideally be a last resort, as you might incur penalties and lose out on potential interest. Consider your financial situation and future requirements before taking such a decision.

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