Can I Close My RD Account Before Maturity?

RD account refers to the Recurring Deposit, a type of term deposit that is offered by the Indian banks. My father had one but eventually closed it. It helped him to deposit a fixed amount of money every month into his recurring deposit account and get an interest at the rate applicable to fixed deposits. Once he visited the bank and asked the officials

can I withdraw

money from RD account before maturity and got to know that he will not be able to do it. It is like a fixed deposit so the money can only be withdrawn once it gets matured. Several people want to know the same question so let me help them since I know some basic details about it.

Can I close my RD account before maturity?

My father thought that partial withdrawal of money is allowed but after much discussion, he found out that no such thing can be done. He can withdraw it but it is going to be a complete loss. A 1 % penalty will be levied by the bank for premature withdrawal recurring deposit. 

I remember that my father was quite annoyed with the policy that time and asked the officials:

can I close RD before maturity but lerant there is a penalty charge for it as well. It is actually disturbing to know that one cannot withdraw his own money whenever he wants. However no one can force these things or break the rules so my father had to wait until the maturity date arrived and you too have to do that if you do not wish to pay extra charges.

I hope I have answered your question: can I withdraw money from RD account before maturity?