Updated 08 Dec 2023
Fixed Deposits are often chosen for their security and fixed returns. However, there may come a situation where you need to get access to your funds earlier than planned. Whether it's due to an unexpected expense or a change in your investment strategy, breaking an FD can seem challenging. With the Bank of India, the process is designed to be user-friendly and transparent.
We will walk you through the steps and considerations of breaking an FD at the Bank of India. By the end, you'll be equipped with the knowledge to make an informed decision and understand the implications of the decision.
For the pre-mature withdrawal of FDs, please note the following points.
To close your Bank of India FD account prematurely, follow the mentioned steps:
Can I close my FD anytime?
Yes, you can close your Fixed Deposit account anytime you want.
What is the penalty for early withdrawal?
If you are withdrawing your FD prematurely, you need to submit to pay a penalty of 0.5% to 1%. However, if you withdraw less than ₹ 5 lakhs after completion of one year since the opening of the FD, no penalty will be charged.
Is it mandatory to have an account in BOI to open an FD?
Yes, you need to have a bank account in Bank of India to open an FD.
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