Updated 08 Dec 2023
Breaking an FD is due to a financial emergency or a shift in your investment portfolio. Either of the above-mentioned reasons an important considerations. Breaking an FD is as simple as starting it. Though it attracts some penalty, you can complete the process within minutes.
Let’s learn how to pre-maturely withdraw the Indian Bank Fixed Deposit.
How to close an FD in Indian Bank?
To close your FD account prematurely, follow these steps:
- Walk into your local Indian Bank branch.
- Inform a bank official of your decision to terminate the FD prematurely.
- They will furnish you with an early termination form. Ensure all details are correctly filled.
- Complete your KYC.
- Submit the FD certificate and a piece of identification.
- After the bank validates and processes your application, the principal and accrued interest (after any deductions) will be deposited into your account.
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FAQs
Can I close my FD anytime?
Yes, you can close your Fixed Deposit account anytime you want.
What is the penalty for the pre-mature close of Indian Bank FD?
You will be charged 1% of the total liable amount as a penalty for premature withdrawal of Indian Bank Fixed Deposit.
What is the minimum and maximum period for the Indian Bank FD?
The minimum period for an Indian bank FD is 1 year, and the maximum period for an Indian bank FD is 3 years.
