FDs
Bonds
Blog
Login
Updated 08 Dec 2023
Fixed deposits (FDs) are an integral component of financial planning for many. However, sometimes, emergent needs or changed financial scenarios necessitate the closing of these FDs before maturity. Unity Small Finance Bank, a notable player in India's financial ecosystem, has specific processes for premature FD withdrawals.
This article aims to guide you through the steps you'll need to undertake if you're considering closing your FD at Unity Small Finance Bank.
Offline Method (Branch Visit)
Note: While the master blog doesn't specifically mention an online method, most modern banks offer online facilities for such services. If you wish to explore this, it's best to log into your internet banking account or consult with the bank directly.
Is there a penalty for premature withdrawal of the FD from Unity Small Finance Bank?
Yes, a penalty of 1% on the applicable interest rate or the contracted rate (whichever is lower) is imposed for premature withdrawals.
How much time does it take to receive the FD amount after closing it?
Generally, once you've completed all the procedures, the FD amount (minus any penalties) is immediately transferred to your savings account. However, it's advisable to check with the bank for specific timelines.
Can I close my FD online with Unity Small Finance Bank?
The master blog doesn't mention an online method. It would be best to check with the bank directly or log into your internet banking account for this information.
Are there any documents required to close my FD at Unity Small Finance Bank?
Yes, while closing your FD offline, you'd typically need to submit the FD receipt or provide the FD account number. Additionally, some form of identification might be required.
If I have availed an overdraft against my FD, can I still close it?
Generally, if you've taken an overdraft against your FD, closing the FD would involve settling the overdraft amount. However, specific terms may vary, and it's essential to consult with the bank.
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.
