How to Close Canara Bank Fixed Deposit

Canara Bank offers fixed deposit accounts with tenures ranging from a minimum of 7 days to a maximum of 10 years. The fixed deposits can be withdrawn on maturity or closed prematurely as well.

Ways to close Canara Bank FD Account

You can close your Canara Bank FD account by visiting the branch office.

Closing Canara Bank FD Account on Maturity

You can close your Canara Bank FD account when it matures by visiting your local branch office. You will have to submit the fixed deposit certificate with your signature and if it is jointly held, with the signatures of all the joint depositors. You may also need to submit an application form to close the FD account following which the total amount on maturity will be transferred to your savings account. If the auto-liquidation feature is available, the proceeds from the matured FD account will be credited to your linked bank account automatically on the date of maturity.

Closing Canara Bank FD Before Maturity (Premature Closure)

Here is what you need to do to close your Canara Bank FD prematurely:

• Step 1: Visit the Canara Bank branch
• Step 2: Obtain a premature withdrawal application form
• Step 3: Fill up the form with the required details such as your FD account number, bank account details, name, etc.
• Step 4: Submit the form
• The funds will be credited into your savings account once the request is processed

FAQs

1. Is there any penalty for premature withdrawal of Canara Bank FD account?

   Yes, there is a penalty of 1% for premature withdrawal of domestic term deposits lesser than Rs.2 crore.

2. Can I withdraw just a portion of my Canara Bank FD prematurely?

   Yes, you can partially withdraw from your Canara Bank fixed deposit account in units of Rs.1,000.

3. If I make a partial withdrawal from my FD account, will I get the same rate of interest on the remaining amount?

   Yes, the contracted rate of interest will be applicable for the remaining period of the tenure for the remaining amount in the fixed deposit account.