How to Close an Yes Bank Fixed Deposit Account
Updated on: Aug 31st, 2023
Navigating one's financial journey often involves deciding on investments like Fixed Deposits (FDs). While FDs are known for their security and predictable returns, circumstances might necessitate accessing these funds earlier than anticipated. Yes Bank, a leading banking institution in India, understands this fluidity and has streamlined procedures for such eventualities.
This blog delves deep into the steps involved in breaking an FD with Yes Bank. From understanding the potential implications to guiding you through the process, this comprehensive guide will give you all the information you need should you break your FD with Yes Bank.
Breaking an FD with Yes Bank
Closing your fixed deposit with YES Bank before its maturity date will require steps akin to those taken when the deposit reaches its end term. The procedure entails providing a:
- Filled out account termination form,
- Presenting necessary KYC paperwork.
- Surrendering your fixed deposit receipt.
Nevertheless, it's essential to remember that the bank might impose a premature closure charge before finalizing your account and transferring the determined sum to your banking account.
Post - Maturity
To close your fixed deposit at YES Bank, head to the closest YES Bank branch and complete the necessary paperwork for fixed deposit account termination.
- Ensure your signature is on the form before handing it to the branch official. You'll need to attach the relevant KYC documents, including proof of identity and residence.
- Upon opening your fixed deposit, the bank would have provided you with a certificate or a receipt.
This document serves as evidence of your fixed deposit agreement with the bank, outlining details like the deposited sum, term length, and accrued interest. When closing the account, this receipt must be presented for verification. After confirming the accuracy of the details, the due amount will be transferred to your banking account.
Are there any penalties for breaking the FD before maturity?
Yes Bank may charge a penalty for the premature closure of FD accounts. It's best to check the latest terms or consult with the bank directly for the exact charges.
How quickly will I receive the funds after breaking the FD?
Once the FD is broken, the funds usually get credited to the linked bank account immediately or within a few hours.
Can I break my FD online without visiting the branch?
Yes Bank offers online banking services, which may allow you to break your FD online. However, checking with the bank or referring to their online portal for specific procedures is advisable.
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