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

Updated 08 Dec 2023

Investing in fixed deposits (FDs) is a time-tested way of securing your funds and earning returns on them. While many prefer to let the deposit mature, life can sometimes bring unexpected circumstances that necessitate breaking or prematurely withdrawing an FD.

 

Utkarsh Small Finance Bank, with its robust FD schemes, offers flexibility in this domain. This blog delves into the process of prematurely closing an FD with Utkarsh Small Finance Bank, providing you with all the necessary steps and nuances.

How to close an FD in Utkarsh Small Finance Bank

Online Method via Internet Banking

  • Step 1: Log in to the Utkarsh Small Finance Bank website. Navigate to the “Personal Login” section and enter your username and password.
  • Step 2: Once logged in, go to the “Fixed Deposit Tab.”
  • Step 3: Here, you will see an option to break or prematurely withdraw your FD. Click on it.
  • Step 4: Verify the details of the FD you wish to break. Once satisfied, click on confirm.
  • Step 5: You will receive a confirmation message indicating the successful premature withdrawal of your FD.

Mobile App Method

  • Step 1: Open the Utkarsh Small Finance Bank Mobile App on your phone and log in with your credentials.
  • Step 2: Navigate to the 'My FD' section from the main menu.
  • Step 3: Here, choose the FD you wish to break and click on the premature withdrawal option.
  • Step 4: Verify all details and click on 'Confirm'.
  • Step 5: A confirmation message will appear, signaling the successful breakage of your FD.

Offline Method

  • Step 1: Walk into the nearest branch office of Utkarsh Small Finance Bank.
  • Step 2: Approach the helpdesk and request assistance for premature FD withdrawal.
  • Step 3: Fill out the necessary forms and submit any required documentation.
  • Step 4: Hand over the original FD receipt if requested.
  • Step 5: After verification, the bank will process your premature withdrawal, and you'll receive the amount.

FAQs

Is there a penalty for prematurely closing an FD at Utkarsh Small Finance Bank?

Yes, Utkarsh Small Finance Bank charges a penalty of 1% for premature withdrawal. However, no penalty is levied if the FD is closed within 7 days of opening.

How is the interest calculated on prematurely withdrawn FDs?

The interest is calculated at 1% less than the card rate as of the date of deposit for the period the deposit remained with the bank or 1% less than the contracted rate, whichever is lower.

Can I take a loan against my FD instead of closing it?

Yes, Utkarsh Small Finance Bank offers the option to take a loan/overdraft against the FD, but this facility is not available on Tax Saver Fixed Deposits.

How soon will I get my money after closing the FD?

In most cases, the amount will be credited to your bank account immediately upon confirmation, especially for online methods. For offline methods, the bank may take a few hours or a day, depending on the branch operations.

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