• How to Close IDFC Bank Fixed Deposit Account

    How to Close IDFC Bank Fixed Deposit Account

    A term deposit/fixed deposit is a scheme where you can invest huge amounts for a pre-fixed tenure, and you can earn interest at the rates applicable on the day you open the fixed deposit.

    IDFC offers Fixed Deposit offers fixed deposits at many tenures at a very competitive interest rates. There may be a lot of cases where you can close a fixed deposit- either prematurely or close it once the term is over, instead of renewing it.

    Steps to Close IDFC Bank Fixed Deposit Account

    • Step 1: Fill in the account closure form/fixed deposit liquidation form.
    • Step 2: Attach your KYC documents.
    • Step 3: Submit your Fixed Deposit Certificate or the Fixed Deposit Receipt.

    Premature Withdrawal of Term Deposit

    • The bank will at times allow premature withdrawal of a term deposit before its completion and will levy a penalty.
    • The bank will pay the rate for the term deposit remained, after it has deducted 1%.
    • 1% will be levied for preclosure including deposits that are closed for reinvestment.
    • The penalty for premature withdrawal of deposits is not applicable for single deposits of Rs.1 crore and more.
    • No interest will be payable for a premature withdrawal of deposits that happens before completion of the minimum period prescribed.
    • The bank can disallow premature withdrawal of a deposit for a single deposit of more than Rs.15 lakh.

    FAQs on How to Close IDFC Bank Fixed Deposit Account

    1. Can I withdraw my tax saving fixed deposit prematurely?

      No, the bank does not allow premature withdrawal of tax saving fixed deposit schemes.

    2. How do I update my PAN?

      You need to update your PAN for 5-year fixed deposit schemes. You have to visit the bank branch with your PAN card and then get this updated.

    3. Are the IDFC fixed deposit schemes available for account holders only?

      Any existing, as well as a non-existing customer of the bank, can opt for these schemes and reap benefits from competitive IDFC fixed deposit interest rates.

    4. Can I take a loan against a tax-saving fixed deposit?

      No, tax-saving fixed deposit schemes do not come with an option of taking a loan against the deposit.

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