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

Updated 08 Dec 2023

Fixed Deposits (FDs) have been a preferred choice for many investors seeking safety and decent returns. However, situations might arise when one needs to break these FDs for sudden financial requirements. Ujjivan Small Finance Bank, one of India's renowned small finance banks, offers a straightforward process to break FDs, ensuring convenience for its customers.

 

This article will walk you through the steps for online and offline methods and address some of the most frequently asked questions about the process.

How to close an FD in Ujjivan Small Finance Bank

(i) Online Method

  • Log into your Ujjivan Small Finance Bank's online banking account.
  • Once logged in, navigate to the 'Deposits' section to see all your active FDs.
  • Choose the particular FD you wish to break.
  • There will be an option called 'Break FD' or 'Premature Withdrawal'. Click on it.
  • The system will show the maturity amount, the amount you will receive upon breaking, and any penalties applicable. Review these details.
  • After ensuring all the details, click 'Submit'.
  • You'll receive a confirmation message on your registered mobile number and email.

(ii) Offline Method

  • Head to the nearest Ujjivan Small Finance Bank branch.
  • Approach the bank executive and express your desire to break your FD.
  • You'll be asked for the FD receipt or the details associated with the FD. Furnish the same.
  • The executive will detail the maturity amount, the amount you'll receive, and any penalties.
  • Fill out and sign any forms or documents the bank requires for the procedure.
  • Once processed, you will receive a confirmation of the FD being broken.

FAQs

Is there any penalty for closing the FD in Ujjivan Small Finance Bank?

Yes, the bank levies a 1% penalty on the interest for all premature withdrawals, except for tax-saving FDs, which cannot be prematurely withdrawn.

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

Typically, the amount is instantly credited to your bank account for online withdrawals and within a working day for offline requests.

Can I close my tax-saver FD in Ujjivan Small Finance Bank?

Tax-saver FDs have a lock-in period of 5 years and cannot be prematurely withdrawn.

What happens to the interest accrued if I close my FD prematurely?

You will receive the interest for the period the FD remained with the bank, but the rate might be adjusted based on the tenure for which the FD remained and any applicable penalties.

Do I need to visit the branch where I opened the FD to close it?

No, you can close the FD at any Ujjivan Small Finance Bank branch.

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