How to Close Federal Bank Fixed Deposit on Maturity (2024)

FAQs

How to Close Federal Bank Fixed Deposit on Maturity? ›

Once you close an FD after on maturity, you will need to submit the deposit certificate. You could also be asked to submit a signed form indicating that the FD may be closed on the maturity date. The fixed deposit amount including the interest will be transferred to your savings account on maturity.

Once you close an FD after on maturity, you will need to submit the deposit certificate. You could also be asked to submit a signed form indicating that the FD may be closed on the maturity date. The fixed deposit amount including the interest will be transferred to your savings account on maturity.

I/We, the undersigned, request Bajaj Finance Limited (“BFL”) to prematurely close the below mentioned Fixed Deposit/s (“FD”) held in my/our name and transfer the proceeds after deducting the penalty and TDS, if any, in line with the terms and conditions of FD accepted by me/us, in the Bank account as mentioned in the ...

In certain economic climates, interest rates on FDs may drop, and there is no guarantee that they will be as high as they were on the date you opened your account. Therefore, you are making yourself susceptible to lower interest rates by prematurely withdrawing your FD, should you wish to reopen an FD again shortly.

Upon the due date, the fixed deposit will be liquidated, and the bank will proceed to transfer the total amount, which includes the principal sum along with the accumulated interest, to your savings account.

To close your FD account after maturity, you have to submit a fixed deposit certificate signed by the account holders to the concerned bank. Furthermore, you will be asked to submit a form with your signature stating that the FD can be closed on the maturity date. An online FD account can be closed or renewed online.

We hold the Current Bank Account Number 9830017363XXXX at your branch. We request the closure of our fixed deposit account with your bank. This request is because we need the funds to cover some urgent expenses. We would like to ask you to transfer the funds to our current account as soon as possible.

Penalty - If you wish to take your FD out before it matures, you will have to pay a penalty. As a penalty, a bank typically levies 0.50% to 1.00% of the interest. The bank reserves the right to alter the applicable penalty.

Yes, investment can be terminated before maturity; however a portion of accrued interest will be forfeited.

What happens if we don't withdraw from FD after maturity? ›

If someone does not withdraw a fixed deposit after maturity, banks have two options. They can either pay the current savings account rate or auto-renew the fixed deposit account at the same interest rate.

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 investment tenure of FDs ranges from seven days up to ten years, and it varies across banks. The return on investment is compounded periodically; it may be monthly, quarterly, or annually.

Complete and submit the premature FD withdrawal form. Make sure you enter the requested details such as your FD number, your name, bank account details and so on. Submit this form with ID proof, such as a photocopy of your PAN card, after which your FD will end.

Most banks tend to follow a similar direction when fixed deposits are unclaimed after the maturity date—they can pay the current savings account rate or renew the unclaimed fixed deposit unlimited times. This decision solely depends on the bank you have invested in.

A maturity instruction fixed deposit is a type of fixed deposit where the investor gives instructions to the bank on what to do with the principal and interest upon maturity. The investor can choose to reinvest the funds, withdraw the funds, or renew the deposit.

Most banks tend to follow a similar direction when fixed deposits are unclaimed after the maturity date—they can pay the current savings account rate or renew the unclaimed fixed deposit unlimited times. This decision solely depends on the bank you have invested in.

Access to the Fixed Deposit after death is reserved for the surviving holder, with the nominee entitled to the original deposit plus accrued interest only after the demise of both depositors. If no nominee is designated, legal heirs have the right to claim the FD amount.

Once the tenure ends, your initial deposit, or principal, is returned to you along with the interest earned. Singapore Fixed Deposits are denominated in Singapore Dollars (SGD), meaning both the deposited amount and interest payments are in the local currency.