How to Close Bank of Maharastra FD

As a customer of Bank of Maharashtra, you can open a fixed deposit (FD) account if you wish to maximise your savings. FDs are considered to be not only a great investment tool but is also very safe. You can deposit a certain amount for a fixed tenure on which you will earn interest and then withdraw the money when the account reaches maturity.

Ways to close your Bank of Maharashtra FD account

You may have to close your Bank of Maharashtra FD account after it has reached maturity. You may also want to close your FD account prematurely if you are facing cash crunch and need to withdraw the amount from your account.

Hence, you can close your FD account:

• Online
• Offline

Closing your bank account on maturity

Online

• You can close your Union Bank FD account by logging in to the bank’s net banking portal where under ‘FD/RD’ you will have the option to close your FD account.
• Select the FD account you wish to close. The bank will disburse the maturity amount to the bank account provided by you.

Through mobile app

• You can also download the Bank of Maharashtra mobile app and log in to close your FD account.
• Select the FD account you wish to close under ‘FD/RD’ section.
• The bank will close your FD account and disburse the amount to your bank account.

Offline

• Visit the Bank of Maharashtra and fill the Fixed Deposit account closure form. Sign it and submit it to the bank manager.
• Enclose all the Know Your Customer (KYC) documents. The documents you will have to submit will be the proof of address, and proof of identity.
• On opening a fixed deposit account with the bank, you will be issued a fixed deposit certificate. This certificate will contain details such as the deposit amount, tenure, and interest you will earn. Submit the certificate to the bank. The lender will verify the details and if they are found to be correct, the maturity amount will be disbursed to your bank account.

Closing your bank account before maturity

Online

• You can close your Union Bank FD account by logging in to the bank’s net banking portal where under ‘FD/RD’ you will have the option to close your FD account.
• Select the FD account you wish to close. You will have to pay a penalty for closing your FD account prematurely. Once the penalty has been paid, the bank will disburse the maturity amount to the bank account provided by you.
• However, no penalty will be charged if withdrawal for deposits up to a tenure of 1 year. Otherwise, a penalty of 1% up to amount of Rs.2 crore is chargeable.

Through mobile app

• You can also download the Bank of Maharashtra mobile app and log in to close your FD account.
• Select the FD account you wish to close under ‘FD/RD’ section.
• You will have to pay a penalty for closing your FD account prematurely. Once the penalty has been paid, the bank will close your FD account and disburse the amount to your bank account.
• However, no penalty will be charged if withdrawal for deposits up to a tenure of 1 year. Otherwise, a penalty of 1% up to amount of Rs.2 crore will be levied.

Offline

You will have to follow the process similar to the one mentioned for closing your FD account on maturity offline. You will have to submit an account closure form, KYC documents, and fixed deposit certificate to the bank. The only difference will be that before the bank disburses the amount to your bank account, you will have to pay a penalty for closing your fixed deposit account prematurely.

However, no penalty will be charged if withdrawal for deposits up to a tenure of 12 months. Otherwise, a penalty of 1% up to amount of Rs.2 crore is chargeable.

FAQs

1. What is the maximum interest one can earn on opening an FD account at BoM?

   The maximum interest you can earn is 4.90% for deposit up to Rs.2 crore.

2. What is the minimum amount I must deposit to open an FD account with the bank?

   You will have to make a minimum deposit of Rs.1,000 to open an FD account with the bank.

3. What is the maximum tenure for which I can open an FD account with the bank?

   The maximum tenure for which you can invest in a Bank of Maharashtra FD account is 10 years.