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Have you ever found yourself in a financial crunch, wondering if breaking that Fixed Deposit (FD) early is the right thing to do? Fixed Deposits are designed to provide guaranteed returns in the form of interest on the maturity date. Therefore, it is one the best monthly saving schemes, providing you hold of your FD until maturity. Nevertheless, according to a report by the Reserve Bank of India, about 20% of Fixed Deposits in India were prematurely withdrawn during 2021-2022. This means that for every 100 FDs, around 20 of them were withdrawn before maturity. This is because, under certain circumstances, it becomes essential to cater to the in-hand financial needs. Thus, during such times, the option of premature withdrawal of a Fixed Deposit serves the purpose. If you do not know how to exit your FD early, do not worry! This blog will walk you through prematurely withdrawing your Fixed Deposit offline and online. It will also discuss when to consider such a withdrawal and its implications on your finances. So, read on till the end. What is the Premature Withdrawal of the FD? Premature withdrawal of Fixed Deposit refers to withdrawing your Fixed Deposit investment before its predetermined maturity date. You must remember that penalties and charges are often associated with the early withdrawal of funds. A penalty may also be levied on the interest that you will get. The calculation for the penalty varies from one bank to another. Usually, banks levy a penalty ranging from 0.50% to 1%. However, some banks offer premature withdrawal with zero penalty charges, too. How to Prematurely Withdraw the FD Offline? You must physically visit the bank holding your FD account to withdraw your FD offline. Here is the step- by-step process for doing the same: ● Visit your nearest bank branch. ● Carry valid identification documents, such as an Aadhar card, PAN card, or passport. ● Fill out the Premature Withdrawal Application Form with accurate details like your name, FD number, bank details, etc. ● After submitting the form, wait for your request to be processed. ● You can then collect your funds via check or get them credited to your linked bank account. How to Prematurely Withdraw the FD Online? To withdraw your FD online, you need to access the bank’s online portal and follow the steps mentioned below: …
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