How To Cancel Fd In Sbi Online

This article provides a step-by-step guide on how to cancel a fixed deposit (FD) in State Bank of India (SBI) through online means. It offers instructions and information on the process without any personal opinions or comments.

Important Considerations Before Closing an SBI Fixed Deposit

State Bank of India provides fixed deposit (FD) options with attractive interest rates and flexible repayment periods, ranging from 7 days to 10 years. Customers have the choice to close their SBI FD before or after its maturity date. To close an FD in SBI after it matures, individuals need to submit the deposit certificate at an SBI branch along with a signed form indicating the closure on the maturity date. The deposited amount and earned interest will then be transferred to their savings account upon maturity. Additionally, customers can conveniently renew or close their SBI FD online when it reaches its maturity date.

In a similar manner, individuals have the option to terminate their fixed deposit (FD) in SBI bank through either online or offline methods. To close an FD in SBI offline, one can visit their nearest SBI branch and present the fixed deposit certificate as part of the initiation process. In cases where it is a joint account, all depositors must sign jointly. Additionally, the depositor needs to complete an FD account closing form with necessary details such as FD account number and savings account information. Furthermore, for those opting to close their FD in SBI online, they must log into their internet banking portal.

Closing an SBI Fixed Deposit Online: Step-by-Step Guide

Here is a guide on how to cancel your fixed deposit in SBI online before it reaches maturity.

Closing Fixed Deposit Online in SBI

When the fixed deposit reaches its maturity period and no action has been taken by the depositor, the bank has two options to handle it.

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Hence, it is advisable to carefully go through the terms and conditions mentioned on the deposit certificate in order to understand how fixed deposits are handled upon maturity.

How to terminate my fixed deposit in SBI?

SBI Fixed Deposit (FD) account holders have the option to close their FDs through the branch banking channel. To do so, they need to personally visit an SBI branch and complete the FD closure form. After filling out the form, it should be submitted to the designated officer responsible for FD closure.

– SBI FD accountholders can utilize the branch banking channel for closing their FDs.

– The process involves visiting an SBI branch in person.

– Accountholders must fill out a specific FD closure form.

– The completed form needs to be submitted to the designated officer handling FD closures.

How to Close Fixed Deposit in SBI Offline

Here is the step-by-step procedure for cancelling an FD in SBI through offline methods.

If you are interested, you can also find information on how to cancel a fixed deposit account.

Is it possible to prematurely close an SBI fixed deposit online?

There are two methods available for closing your SBI FD account. The first option is to do it online through the official website of SBI. This can be done conveniently from the comfort of your home or office, without having to visit a branch physically. To close your account online, you will need to log in to your SBI internet banking portal and follow the instructions provided for closing an FD account.

The second option is to close your SBI FD account offline by visiting your nearest SBI branch. This method may be preferred by individuals who prefer face-to-face interactions or have specific queries regarding their account closure process. When visiting the branch, make sure to carry all necessary documents such as identification proof, passbook, and any other relevant paperwork related to your FD account.

FAQs on Closing FD Account

Is it necessary to possess a savings account in order to initiate an FD account with SBI?

Having a savings account is a prerequisite for opening an FD account in SBI. The procedure to initiate the process of creating an FD account online through net banking is quite simple.

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Upon maturity of the fixed deposit account, the depositor will receive both the principal amount and the accrued interest. To determine the maturity amount, individuals can utilize an FD calculator by inputting their investment amount, interest rate, and duration of investment.

How to Cancel SBI Fixed Deposit Online

Fixed Deposit Calculator for various banks in India including SBI, HDFC, Axis, ICICI, Canara Bank, PNB, Post Office and Yes Bank. Check out the FD rates offered by these banks using their respective calculators.

Is it possible to terminate a fixed deposit?

If you wish to withdraw your Fixed Deposit (FD) before its maturity date, you may be subject to a penalty. Banks in India typically charge a penalty fee ranging from 0.50% to 1.00% of the interest earned on the FD as per their terms and conditions.

The penalty for premature withdrawal is imposed by banks as a means to discourage customers from withdrawing their funds before the agreed-upon tenure. This is because when an FD is opened, both parties enter into a contract where the bank agrees to pay a fixed rate of interest for a specific period, while the customer agrees not to withdraw the funds until maturity.

Penalty for closing FD in SBI

For Term Deposits with a value of up to Rs 5 lakh, if you decide to withdraw the deposit before its maturity date, SBI will charge a penalty of 0.50% regardless of the duration for which the deposit was made. On the other hand, for Term Deposits exceeding Rs 5 lakh, a higher penalty rate of 1% will be applicable in case of premature withdrawal, irrespective of the tenure.

The penalty rates mentioned above apply uniformly across all tenures offered by SBI. This means that whether you have opted for a short-term or long-term fixed deposit scheme, these penalties will still be applicable based on the amount withdrawn and not on how long you held the deposit.

However, if your investment exceeds Rs 5 lakh—for instance, if you have deposited Rs 6 lakh—and wish to make an early withdrawal from your term deposit account at any point during its tenure period; then SBI would impose a higher penalty fee equivalent to 1% (or one percent) instead.

Is it possible to close an FD through the internet?

Closing a Fixed Deposit (FD) account in SBI online is a straightforward process, especially if you initially opened the account through internet banking. When your FD matures, all you need to do is access your net banking account and navigate to the fixed deposits section. From there, you can review the status of your investment and opt to close or liquidate it.

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To cancel an FD in SBI online, follow these steps:

1. Log in: Access your SBI net banking account using your username and password.

2. Navigate: Look for the “Fixed Deposits” or “Deposits” tab on the homepage or menu options.

3. Select FD Account: Choose the specific FD account that you wish to close from the list displayed.

4. Review Details: Verify important details such as maturity date, interest rate, and principal amount associated with your FD.

5. Close/Liquidate Option: Locate the option to close or liquidate your FD within this section.

7. Confirmation Message/Receipt: After successful closure of your FD, a confirmation message will be displayed on-screen along with a receipt containing relevant details.

Remember that premature withdrawal may attract penalties depending on various factors like tenure and type of deposit scheme chosen at the time of opening.

Can FD be closed online?

To cancel a Fixed Deposit (FD) online with SBI, follow these steps:

1. Visit the official website of State Bank of India.

2. Log in to your account using your user ID and password.

3. Go to the service request section on the website.

5. Enter your FD number in the designated field.

6. Submit a cancellation request for your FD.

Can I break my FD before maturity date?

When you decide to cancel your FD before its maturity, you will be subject to paying a penalty amount determined by your bank or financial institution. The exact penalty charges can vary significantly between different providers, so it is crucial to carefully review the terms and conditions of your FD agreement beforehand.

P.S. It is essential to thoroughly understand the penalties associated with premature cancellation of an FD as they can impact your overall returns on investment. Make sure to consult with your bank or financial institution regarding their specific policies and charges related to breaking an FD before taking any action.