Fixed Deposit Charge: Due to some urgent reasons or during a sudden emergency, the depositor has to withdraw his fixed deposit (FD) prematurely. For this, the customer or depositor is allowed to withdraw pre-mature FD from the bank, but for this the bank charges an amount as penalty and it is deducted from the deposited amount. If you are planning to withdraw your FD deposited in the bank prematurely, then you should be aware of how much penalty the bank charges you on pre-mature FD.
What is the penalty for withdrawal of pre-mature fixed deposit?
The amount of penalty charge to be deducted on withdrawal of pre-mature FD is decided by the bank on the basis of its maturity date. This penalty or charge is imposed on the final interest payment or the refund amount.
Here you can get information about how much will be charged for withdrawing pre-mature FD in SBI, HDFC Bank, ICIC Bank, PNB, Canara Bank, Bank of India and Yes Bank.
How much penalty does SBI Bank charge for withdrawing money from pre-mature FD?
According to the SBI website, if you have made a term deposit of up to Rs 5 lakh, then there will be a penalty of up to 0.50 percent on withdrawal of the pre-mature amount. If the term deposit is above Rs 5 lakh, a penalty charge of up to 1 percent will be deducted for premature withdrawal.
What is the penalty charge of HDFC Bank on pre-mature FD withdrawal?
As per the information uploaded on HDFC Bank website, the interest rate applicable for premature withdrawal including partial withdrawal with effect from July 22, 2023 will be the rate of deposit in the bank for the period of time on the date of deposit. Will be less than 1 percent.
What is the charge on pre-mature FD of PNB Bank?
According to the information uploaded on the website of PNB Bank, the bank charges a penalty of up to 1 percent on pre-mature FD. This charge is applicable on premature withdrawal of all types of deposits i.e. pre-maturity.
How much penalty does ICICI Bank charge on pre-mature FD?
The bank will pay interest on the amount deposited in the bank i.e. fixed deposit as long as the amount is with the bank for the time period for which it was deposited. If the FD is broken in between then the bank charges the same. ICICI Bank charges a penalty of up to 0.50 percent for withdrawal of funds within one year of deposit of FD. At the same time, if FD is withdrawn after one year, the bank makes payment of penalty of 1 percent.
What is the penalty charge on pre-mature FD of Canara Bank?
As per the information received from the website of Canara Bank, the bank is not allowing premature closure/partial withdrawal/premature extension of domestic/NRO term deposits below Rs 3 crore accepted/renewal after March 12, 2019. A penalty charge of up to 1 percent will be imposed. Penalty for premature extension of domestic/NRO term deposits is waived in certain circumstances.
Does YES Bank charge penalty for premature withdrawal of FD?
The bank charges a penalty of up to 0.75 percent for closing the FD before the deadline of 181 days. If you close the FD after 182 days or later, a penalty of up to 1 percent will be charged on it.
What is the penalty charge on pre-mature FD of Bank of India?
Bank of India does not charge any penalty for withdrawal of deposits less than Rs 5 lakh or for withdrawal after 12 months of deposit. But if you withdraw less than Rs 5 lakh before 12 months, the bank charges a penalty of 1 percent.
(Note: This information has been taken from the data uploaded on the websites of the above banks till November 20, 2024.)
When is penalty not applicable on premature withdrawal?
As per the information uploaded on Bank of India website, in case of deposits which are prematurely closed for renewal for more than the remaining period of the original contract period, irrespective of the amount of the deposit, the There will be no penalty for early withdrawal. If the term deposit is being withdrawn prematurely due to the death of the depositor, there will be no penalty for the same.
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