How to Close SBI Fixed Deposit

Through Net Banking 

Step 1: Go to the SBI Net Banking website and log in. 

Step 2: Navigate to the section ‘Deposit & Investment’ and click on Fixed Deposit (e-TDR/e-STDR). 

Step 3: Select the type of fixed deposit account which you want to close and click on ‘Proceed’ 

Step 4: Click on ‘Close A/c prematurely’ and select the FD account number. 

Step 5: Submit the closure request.  

Step 6: Your maturity amount will be automatically credited to the same account from which your Fixed Deposit (FD) was funded. 

Note: If the request is made between 8:00 a.m. and 8:00 p.m., the FD will be closed instantly. Requests made after 8:00 p.m. will be processed from 8:00 a.m. on the next working day. 

Through YONO App  

Step 1: Download the Yono SBI App and login. 

Step 2: From the ‘Deposit’ menu, select the option ‘Fixed Deposit’. 

Step 3: Select the FD account that you need to close 

Step 4: Your FD account will be closed, and amount will be deposited to your savings account. 

How to Close SBI Fixed Deposit Offline?

Here is what you need to do to close your SBI FD prematurely offline:

Step 1: Visit the SBI bank branch and obtain a premature withdrawal application form

Step 2: Fill up the form with the required details such as your bank account details, FD number, name, etc.

Step 3: Submit the form

Note: The funds will be credited into your savings account once the request is processed

Things to Remember Before Premature Closure of SBI FD 

Before closing your SBI Fixed Deposit early, it is important to check a few key points to avoid losses and make a better financial decision: 

• Check the penalty charges before breaking your FD.  

• Consider breaking only a part of your savings if you have multiple FDs.  

• Compare if a loan against FD is a better option than closing it early.  

• Avoid closing FD in the first few days as no interest may be paid. 

• Review current interest rates to see if reinvesting is more beneficial.