Fixed Deposit is a preferred investment option for investors seeking guaranteed returns on their investment. You can invest a lump sum amount in a Fixed Deposit, which accrues interest and is locked in for a fixed period. However, FD liquidity can be a concern, especially as you may end up losing interest, by paying prematurity penalties.
Guidelines for premature withdrawal of Fixed Deposit
Withdrawal within 3 months of deposit: When investing in a Fixed Deposit with a non-banking financial company, there is a minimum lock-in period of 3 months. Thus, you cannot liquidate your FD before 3 months, except in case of death.
In case no rate has been specified for that period, the interest rate payable is 3% lower than the minimum interest rate at which public deposits are accepted by the non-banking financial company.
To withdraw prematurely from your Bajaj Finance Fixed Deposit, here are the documents you need:
• Original Fixed Deposit Receipt(FDR)
• Re. 1 revenue stamp to be affixed on the above-mentioned original FDR signed by all deposit holders
• Application letter addressed to Bajaj Finance Limited, requesting premature closure of your Fixed Deposit
You can submit these documents at your nearest BFL branch and have your money credited to your registered bank account within 48 hours.
To avoid such situations, where you need to withdraw your funds before maturity, you can look for investing for shorter tenor. Managing multiple FDs is rather, quite profitable and can help you accumulate greater returns, while helping you address liquidity needs during emergencies.
With Bajaj Finance, you can cater to any emergencies by taking an easy loan against your FD amount. It is a simple process, where you can avail an easy loan for lower interest rates. This helps you manage your finances easily, without having to worry about your emergency cash flow needs. You need not disturb your investment, and can simultaneously look for handling other ad hoc requirements with greater ease.
Additional Read:What is the penalty for premature withdrawal of fixed deposit?.
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