Hey Friend,
NoBroker InstaCash Loan
Get upto Rs. 10 Lakhs Instantly in your Bank Account with hassle free auto repayment.
Instant approval and disbursement
Interest rate starting 12.99%
During the 2020 lockdown period, I lost my job. It was a very difficult period for me to sustain. I was in need of money, hence, I was thinking of withdrawing money from my fixed deposits. Accordingly, I asked one of my banker friends, “Can we withdraw money from fixed deposit before maturity?” My friend explained the entire scenario that includes the process to withdraw, penalty charges, and so on. I would like to brief you through the process.
Rather than investing in FD, invest in affordable properties with NoBroker for better returns. Consult experts at NoBroker to get more details about the property before investing.Can FD be withdrawn before maturity:
Fixed deposits that provide a premature withdrawal option give the depositor the option to close the FD before the scheduled maturity date. When money is tight, this is a relief. However, the depositor would need to pay a fine to the bank of a specific sum. Typically, this falls between 0.5 and 1 percent. Certain banks do provide early withdrawal options with no fees.
However, the bank or the corporation is not responsible for paying any interest if the FD is prematurely terminated before completing 7 days from the date of the booking.
If the investor can't visit the bank, the fixed deposit can be withdrawn early through net banking. When making a fixed deposit in a branch, you must give the bank a signed copy of the fixed deposit receipt. The account holder must fill out a fixed deposit liquidation form if the receipt is lost. After receiving the completed form and submission, the bank processes the request and transfers the funds to the investor's personal account.
I hope this clarifies your query of can we withdraw FD before maturity.
What are the ways to avoid paying penalty on premature withdrawal of FD:
The fixed deposit (FD) is one of the most well-liked investment instruments. For up to 10 years, you can invest in a fixed deposit plan and receive enticing interest that can help you meet your long-term financial needs.
However, there may be instances where you must prematurely withdraw from your fixed deposit account owing to an emergency cash shortage, which would result in a penalty fee. There are a few strategies to prevent paying a penalty for premature FD withdrawal;
FD Laddering
Loan against FD
Sweep in-facility
However, you might need to register an FD account with a minimum balance of Rs. 25,000 in your savings account in order to be eligible for this feature. With this tool, you can meet your quick financial needs without having to touch your regular investments and it has a better corpus. You are not subject to any penalties for withdrawing at your convenience.
I would like to conclude here as I believe this suffices your query of “Can we withdraw money from fixed deposit before maturity?”
Read More:
How much interest on FD in post office? What is the penalty for breaking FD? What are ICICI Premature FD Closure Charges?Your Feedback Matters! How was this Answer?
NoBroker Cash Loans
✔
Max Funding✔
Lowest Interest Rates✔
Quick Sanction✔
Doorstep Assistance✔
No Hidden Charges
Get Cash Loan
Apply Now
Know your Borrowing Capacity
Check Eligibility
Compare Loans
Calculate Your EMI Now
Can we Withdraw Money from Fixed Deposit before Maturity?
Diya
19 Views
1
2 Year
2022-08-12T15:31:54+00:00 2022-08-12T15:31:55+00:00Comment
Share