State Bank of India offers SBI fixed deposit accounts that provide attractive interest rates with flexible repayment tenures that can be as short as 7 days or as long as 10 years. You have the option of closing your SBI FD account once it matures or before maturity.
You can close your SBI FD account in two ways:
You can close your SBI FD account on maturity by visiting your nearest branch. You will need to submit your fixed deposit certificate to initiate the process. If it is jointly held, ensure that it is signed by all the joint depositors. You may also be required to submit an FD account closing form with required details duly filled in such as your FD account number, savings account details, etc.
If you have the auto-liquidation option, then the entire FD amount on maturity will be credited to your linked bank account on maturity.
To close your SBI FD account online before reaches its maturity period, follow the steps given below:
Step 1: Visit the official SBI net banking portal
Step 2: Log into your account using your net banking credentials
Step 3: Click on the ‘'fixed deposit’' option
Step 4: Click on either term deposit (e-TDR) or Special Term Deposit (e-STDR)
Step 5: Click on ‘'Proceed’'
Step 6: Click on ‘Close Account Prematurely’
Step 7: The list of your FD accounts will now be displayed
Step 8: Click on the FD that you wish to close
Step 9: Click on the submit button.
Step 10: Enter your reasons for closing the FD
Step 11: Click on ‘'Confirm’'
Step 12: A password will be sent to your registered mobile number
Step 13: Enter the password
Step 14: Click on ‘'Confirm’'
Step 15: The message ‘'Your e-TD/e-STD account has been successfully closed’' will now be displayed
The FD amount will be credited into your savings account.
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
The funds will be credited into your savings account once the request is processed
Yes, there is a premature withdrawal penalty for SBI FD accounts. For term deposits less than Rs.5 lakh, the premature withdrawal penalty is 0.50% while for term deposits above Rs.5 lakh, the premature withdrawal penalty is 1%. This is applicable across all tenors.
Yes, you can make a partial withdrawal of your FD account.
If you make a partial withdrawal from your FD, the interest rate will be reset for the balance amount in your account based on the amount remaining as per the original tenure itself and on the interest rates prevailing at the time of opening it.
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