How to Close Fixed Deposit in Lakshmi Vilas Bank

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.

Lakshmi Vilas Bank 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 Lakshmi Vilas 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 Fixed Deposit in Lakshmi Vilas Bank

1. Am I allowed to deposit more amount into my fixed deposit account?

   No, you cannot deposit more amount in the existing fixed deposit account. You can deposit only once when you open the account.

2. Who is eligible to open a fixed deposit account in Lakshmi Vilas Bank?

   All HUFs, NRIs, resident individuals, minors, and firms can open a fixed deposit account.

3. Can I change the tenure of my fixed deposit account?

   No, you cannot change the tenure of the fixed deposit account after the account has been opened.