Bonds
Blog
Invest in bonds with 9-11% fixed returns
Earn higher return than FD, lower risk than equity. Start with just ₹10,000.
Explore Now
Banner image
Home>Fixed Deposit>UCO Bank>How to Close UCO Bank Fixed Deposit (FD) Online
bank_logo

How to Close UCO Bank Fixed Deposit (FD) Online

Updated 08 Dec 2023

Fixed Deposits (FDs) are a reliable way to invest your money. While its tempting to lock in an interest rate for a fixed period there may be situations where you need access to those funds earlier than expected.

 

If you happen to have an FD with UCO Bank and find yourself in such a situation, this article is here to guide you through the process of withdrawing your funds from your UCO Bank FD, whether online or offline.

Breaking an FD with UCO Bank

Offline Method

  • Visit the branch of UCO Bank.
  • Request the withdrawal of your FD.
  • Generally within 24 to 48 hours of making the request the amount will be credited to your account.

Steps for Online Method

  • Login into either the UCO Bank mobile application or website.
  • Access the section that displays your FD details.
  • Open the FD that you wish to withdraw from.
  • Look for the option labelled 'Premature Withdrawal' and click on it.
  • Confirm all details. On the same day the withdrawn amount will be credited directly into your account.
Invest in bonds with 9-11% fixed returns
Earn higher return than FD, lower risk than equity. Start with just ₹10,000.
Explore Now
Banner image

FAQs

Will I be penalised if I break my UCO Bank fixed deposit before maturity?

UCO Bank may impose a penalty on the interest rate, for withdrawals, which will vary based on the terms and conditions specified when you opened the fixed deposit.

Can I withdraw a portion of my UCO Bank fixed deposit before maturity?

Yes UCO Banks Flexible Fixed Deposit Scheme allows withdrawal in increments of ₹5000 without affecting the remaining portion of the deposit.

Can I visit the bank in person to close my fixed deposit?

No UCO Bank provides a method to close your fixed deposit as mentioned earlier. However if you prefer you can also visit the bank in person to complete this process.

How long does it take to receive my money after closing the fixed deposit?

Using methods typically takes 24 48 hours for processing. On the hand, with this method, the amount is usually credited on the same day.

Is the interest earned from withdrawing my fixed deposit subject to taxation?

Yes, regardless of whether your fixed deposit is withdrawn or held until maturity, any interest earned is taxable according to your applicable income tax slab.

Are there any services or options I should be aware of before closing my fixed deposit?

Certainly! UCO Bank offers a sweep facility that you should consider exploring.

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.