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Updated 08 Dec 2023
Fixed deposits are a safe way to invest and grow your money over a specific period. However, life can sometimes be unpredictable, and you might need to access your funds before the maturity date.
This blog aims to guide you through the steps to close an FD in Thane Bharat Sahakari Bank, allowing you to address unforeseen financial needs. Let's dive in.
Visit the Bank Branch
Step 1: Head to your nearest Thane Bharat Sahakari Bank branch.
Step 2: Get a premature withdrawal form and fill it out, mentioning the amount, FD account number, and other necessary details.
Step 3: Submit the form along with necessary identification documents like Aadhar and PAN card. The bank officials will then process the premature withdrawal.
Premature Withdrawal Penalties
It's essential to note that breaking an FD before its maturity date may come with some penalties. Thane Bharat Sahakari Bank charges penal interest based on the contract interest rate for the period the deposit remained with the bank, considering the deposit tenure agreed upon at the time of placement.
What is premature withdrawal in terms of FD?
Premature withdrawal refers to the process of taking out your fixed deposit amount before its maturity date.
Does Thane Bharat Sahakari Bank allow premature withdrawal of the FD?
The bank permits premature withdrawal of the fixed deposit, but it may attract penal interest.
Is there any penalty for closing the FD?
Yes, penal charges are based on the agreed contract interest rate for the period the deposit remained with the bank.
In case of death, how is premature withdrawal made?
The nominee or legal heir of the deceased account holder can make the premature withdrawal. They must provide the bank with the deceased's death certificate and other necessary documents. In such cases, premature withdrawal penalties usually do not apply.
Can I renew my FD after closing it prematurely?
Yes, after withdrawing the amount, you can choose to renew or create a new fixed deposit 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.
