Close Fixed Deposit in SBI : State Bank of India is undoubtedly the best bank in India providing a lot of banking products for its customers. If you have saved a large amount of money, it is a good idea to get SBI Fixed Deposit with that amount. In addition to the Fixed Deposit Amount, you will be getting a fixed interest from the Bank, depending upon the Amount and Period of Fixed Deposit. You also have the option to close Fixed Deposit in SBI at any point of time. However, it is advisable to break fixed deposit in SBI only at the time of Maturity to avoid the extra charges. In this Article we will tell you the procedure to close fixed deposit account in SBI. Don’t forget read one of our previous articles on how to get Credit Card against Fixed Deposit in SBI.
Fixed Deposit is considered to be a safer investment option as compared to other investments like shares or the mutual funds. However, due to the need of money you may want to close or break Fixed Deposit in SBI.
In this Article, we will tell you how to :
- Close Fixed Deposit in SBI Online through Internet Banking
- Close Fixed Deposit in SBI by Branch Visit
How to Close a Fixed Deposit in SBI ?
Before we tell you the complete procedure to close Fixed Deposit in SBI, it is important to know that if you close SBI Fixed Deposit prematurely you will need to pay some extra charges for it. Only after you know about those charges, you can proceed to encash Fixed Deposit in SBI.
How to Close Fixed Deposit in SBI Online ?
In order to close a fixed deposit in SBI Online, you need to follow the step by step procedure given below :
1) Login to Online SBI Account using your Internet Banking Username and Password.
2) Select on the E-Fixed Deposit option on the Top Menu. Once you click on the E-Fixed Deposit Tab, you will reach another page.3) Select e-TDR / e-STDR (Fixed Deposit) radio button and click on Proceed.
4) Click on Close A/c Prematurely option under e-TDR/e-STDR (Fixed Deposit).
5) Select the Fixed Deposit Account and Click on Proceed.
6) Finally, Click on Confirm button to close the Fixed Deposit Account.
As soon as you click Confirm button, your SBI Fixed Deposit Account will be closed.
Note : FD Account in SBI can be closed only between 8:00 am to 8:00 pm on all working days, otherwise it will be scheduled for next working day.
This is the complete process to close Fixed Deposit in SBI Online. Let us now know about the process to break SBI FD by Branch Visit.
Also Read : How to Open SBI Recurring Deposit ?
How to Close Fixed Deposit in SBI by Branch Visit ?
In order to close a fixed deposit in SBI by Branch Visit, you need to follow the step by step procedure given below :
1) Visit the SBI Home Branch to close your Fixed Deposit Account.
2) Collect the SBI Fixed Deposit Account Closure Form from the Accounts Executive.
3) Fill up the fixed Deposit Account Closure Form carefully, re-check the filled up form and put your signature wherever needed.
4) Submit the self attested Copy of your Address Proof and PAN Card along with the FD Closure Form to the Accounts Executive.
5) Once your FD Closure Form and Documents are verified, you can collect the Fixed Deposit matured amount.
This is the complete process to close Fixed Deposit in SBI by visiting SBI Branch.
Final Words :
You might have noticed that closing a FD in SBI is quite an easy process and does not take much time. Although both online and offline processes are simple, but it all depends upon your convenience which one you want to use. If you have Net Banking Account in SBI, you can easily close a Fixed Deposit in SBI in not more than 4-5 minutes.
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