Fixed Deposits (FDs) have long been a preferred investment choice, offering security and stability for those seeking to safeguard their funds.
Known for their fixed tenure, which can span from seven days to a decade, FDs provide varying interest rates based on duration and principal amount. However, early withdrawal often incurs charges from the bank.
Managing FDs upon Maturity: Options and Procedures
When an FD matures, customers have the choice to either automatically transfer the funds to their account, as instructed earlier, or allow the bank to auto-renew it if no specific instructions were provided.
Alternatively, premature closure can be pursued, either through offline or online channels.
Closing FDs upon Maturity: Online Approach
For customers who initiated their FDs through online banking, closing the FD account upon maturity is an effortless process. By accessing the Fixed Deposit section on the net banking platform, customers can monitor their investments and opt to close the account.
Opting for Premature Closure
Banks commonly grant customers the flexibility of prematurely closing their Fixed Deposits. However, doing so before the tenure concludes may result in the forfeiture of interest, and potentially incur associated charges.
In essence, interest is paid for the period during which the deposit was held by the bank. After closure, the funds are typically transferred to the customer’s account.
Guidelines for Closing SBI Fixed Deposit Online
- Visit the official SBI website: www.sbi.co.in.
- Navigate to the Fixed Deposit tab.
- Choose the ETDR/STDR (FD) option.
- Click on “Close A/C Prematurely” and select the relevant FD from the list.
- Confirm the closure reason.
- Complete verification via the OTP received on your registered mobile number.
- An email notification will confirm the account closure, and the FD amount will be transferred.
Streamlined Steps to Close HDFC Bank FD Online
- Log in to NetBanking using your credentials.
- Access the Fixed Deposit section.
- Choose the specific FD account from the dropdown menu.
- Opt to close the FD, after which the funds will be transferred to your account.
Additionally, customers can always visit their nearest HDFC Bank branch to personally close their FD.
These streamlined online procedures by SBI and HDFC Bank offer customers the convenience of managing their Fixed Deposits from the comfort of their homes,
enhancing accessibility and ease of use.
