How to Close an UCO Bank Fixed Deposit Account
Updated on: Sep 5th, 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
- 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 On the same day the withdrawn amount will be credited directly into your account.
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Yes, regardless of whether your fixed deposit is withdrawn or held until maturity, any interest earned is taxable according to your applicable income tax slab.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.
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