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Updated 08 Dec 2023
Have a Financial Emergency? Want to withdraw your FD prematurely? Do not worry; we got you covered. Here is the step-by-step process for a pre-mature withdrawal of your Fixed Deposit and getting your money at hand with the minimum penalty. Let’s look at different scenarios when you can redeem your FD investment.
Here are the various modes through which you can break your FD.
For Premature Withdrawal of FD
For Withdrawal of your FD on Maturity
Assuming that your FD has reached its maturity date, you can either opt to withdraw the amount or renew the FD. You will be notified a week prior that your Fixed Deposit is maturing. You can renew it by visiting the bank branch or via net banking. To Withdraw, you can notify your bank, and the amount will be credited to your bank account on the maturity date.
Will there be any penalty for closing an FD before maturity?
Yes, Union Bank may levy a penalty for premature withdrawal of FD. The penalty rates can vary and are subject to change.
Can I partially withdraw from my FD?
The terms may vary, but typically you would need to break the entire FD. Consider opening multiple FDs with smaller amounts for more flexibility.
Will the bank inform me before deducting the penalty?
The penalty terms are usually mentioned when you open the FD. When starting the FD, it's always a good idea to inquire about premature withdrawal conditions.
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.
