How to Close PNB Fixed Deposit

The Punjab National Bank is among the largest banks in the country and offers a wide range of products, namely term or fixed deposits. These deposits can be made for a tenure which is chosen by the depositor. However, the depositor can choose to break his fixed deposit or wait until it matures to withdraw it. The steps to be taken for each situation are mentioned below.

Ways to Close a Punjab National Bank Fixed Deposit

• Netbanking
• Visiting a branch of PNB

Closing a Punjab National Bank FD account on Maturity

You can withdraw the FD once it is done with the tenure through netbanking or by visiting the branch of the bank. You can log in to your netbanking account and choose to close the fixed deposit account. Once done, the total matured amount will be transferred to the account of your choosing and will be reflected immediately.

If not through netbanking, you can also visit any branch of Punjab National Bank and request for the closure of your fixed deposit account.

Closing a Punjab National Bank FD before Maturity

It is not advised to withdraw your fixed deposit before maturity as it doesn’t offer the matured amount and only the principal amount is returned. However, Punjab National Bank does allow premature withdrawals of the fixed deposit after charging a penalty of 1% on all premature withdrawals and partial withdrawals. This will be effective on all tenures.

An FD with the Punjab National Bank can be closed before maturity by following the steps mentioned below:

Netbanking

• Log in to your netbanking account with Punjab National Bank.
• Click on ‘Manage accounts.
• Once done, under the section of ‘Open/Close accounts, select ‘Premature Closure of FD’.
• The FD account will be then displayed on the screen along with the account details where the matured sum will be reflected.
• Click on ‘Submit’.

Visiting PNB Branch

If not through netbanking, you can visit any branch of the Punjab National Bank and request to close the fixed deposit account prematurely. You will need to fill a form and submit it to the bank and confirm the details of the account where you wish to see the funds to be reflected.

FAQs

1. How long does it take for the FD amount to be reflected in the account?

   On maturity, the amount will be transferred to the bank account of your choice and will reflect immediately. In the case of premature withdrawal, once the form is verified, the money will be transferred immediately to the bank account.

2. What are the disadvantages of premature closure of the fixed deposit account?

   If you wish to close your FD account prematurely, you will not receive the interest accrued on the sum and you will be entitled to receive only the principal amount. Along with this, an additional 1% interest must be paid as a penalty for the premature closure.