Bank of Baroda (BoB) offers fixed deposit accounts with tenures ranging from a minimum of 7 days to a maximum of 10 years. You can close your Bank of Baroda fixed deposit account on maturity or prematurely as well.
You can close your Bank of Baroda (BoB) FD account on maturity or prematurely by visiting the branch office where the account was opened.
You can close your Bank of Baroda (BoB) FD account when it matures by visiting your local branch office. You will have to submit the fixed deposit certificate. For deposits that are jointly held, make sure that the signatures of all the joint depositors are on it. You will also have to submit an FD account closure form. If there are joint depositors, their signatures will be required on the form. Submit your Know Your Customer (KYC) documents along with this, which may need to be self-attested. This should include an address proof and your PAN as well. The total amount on maturity will be transferred to your linked savings account.
If the auto-liquidation feature is available, the proceeds from your FD account will be credited to your linked bank account automatically on the date of maturity.
Here is what you need to do to close your Bank of Baroda FD prematurely:
The funds will be credited into your savings account once the request is processed.
Yes, there is a penalty of 1% for domestic term deposits ranging from Rs.5 lakh to Rs.1 crore. There is no penalty for premature withdrawals from deposits less than Rs.5 lakh if withdrawn after 12 months from the deposit date.
If you forget to close your FD on maturity, unless you have given instructions to the contrary, the account will be automatically renewed for a tenure of one year at a rate of interest that is prevalent on the due date.
Usually, the interest on a fixed deposit is only paid out on maturity, but on the request of the depositor, the interest can be paid out before maturity also for tenures above 1 year.
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