• How to Close HSBC Bank Fixed Deposit

    Fixed deposit or term deposit is considered to be among the safest investment vehicles offered by HSBC. Closing an FD can be done either prematurely or after the fixed deposit matures at the end of its tenure which usually ranges from 7 days to 10 years. Here are the steps to follow if you wish to close the fixed deposit account.

    Ways to Close an HSBC Fixed Deposit

    • Via HSBC netbanking.
    • Via HSBC mobile application.
    • By visiting the bank’s branch.

    Closing an HSBC Fixed Deposit on Maturity

    Via HSBC Mobile App

    • Open the HSBC mobile application on your mobile phone.
    • Select ‘FD’ from the list of accounts registered under your name.
    • Click on the option of ‘close FD’.
    • Once done, enter the secure code or OTP if required and the FD will be closed.

    Via HSBC Internet Banking

    • Visit the website of HSBC.
    • Log in with your credentials and click on your registered deposit account.
    • Once done, select the option of ‘close FD’.
    • Choose the account where you wish the matured amount to be credited.
    • Click on submit and your deposit account will be closed.

    Closing an HSBC Fixed Deposit Prematurely

    Via HSBC Internet Banking

    • Log in to your net banking account.
    • Click on ‘deposits’ and choose the option to break FD.
    • HSBC will charge a fee of 1% on premature closing of fixed deposit accounts.
    • Select the account where the amount must be transferred,
    • Click on ‘submit’.

    FAQs

    1. Can my FD account be automatically renewed?

      Yes, depending on the action you have chosen at the beginning of the process of opening an FD account, the FD can either be renewed or deposited to a bank account of your choice.

    2. What is the minimum tenure for the fixed deposit?

      A fixed deposit account can be opened for a tenure starting at 7 days.

    3. Is there a penalty to withdraw the fixed deposit prematurely?

      Yes, HSBC does charge a premature withdrawal penalty of 1% on the interest accrued on the fixed deposit depending on the tenure chosen.

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