How to Close an FD Account?
Closing a Fixed Deposit (FD) account with Bajaj Finserv is a straightforward process that can be done either upon maturity or prematurely if needed. The process involves submitting a request through the Bajaj Finserv online portal or by visiting a branch in person. It’s important to note that premature closure of an FD may attract penalties, which could impact the interest earned. Having all necessary documents, such as the fixed deposit receipt and valid identification proof, ready will help ensure a smooth and hassle-free process. Whether you opt for an online or offline method, Bajaj Finserv provides clear instructions to facilitate the closure of your FD.
Methods of Closing an FD
Closing a Fixed Deposit (FD) with Bajaj Finserv can be conveniently done online by following these steps:
- Access the portal: Start by visiting the Bajaj Finserv customer portal after clicking on the sign-in button on this page.
- Login: Enter your registered mobile number in the designated field. You will receive a One-Time Password (OTP) on your mobile phone. Enter this OTP to verify your identity.
- Verify details: After logging in, verify your details by entering your Date of Birth (DOB). This step ensures that the request is being made by the account holder. Click on "Raise a Request" to proceed to the next step.
- Select product: From the options provided, select "FD" as your product. Then, choose the specific FD number that you wish to close. This step is crucial to ensure that the correct fixed deposit account is being processed for closure.
- Specify query: In the query type section, select "Prematurity" as your query type. Following this, choose "Need Prematurity Details" as the sub-query. This helps the system identify the nature of your request and streamline the processing.
- Submit request: Enter all the required information as prompted by the system. Carefully review your details to ensure accuracy. Once everything is in order, submit the request.
After submitting your request, Bajaj Finserv will process it, and the funds will be credited to your linked bank account. This method offers a seamless and efficient way to manage your fixed deposit closures without the need to visit a branch. Ensure that you have all the necessary details and documents ready to facilitate a smooth transaction.
What happens to a fixed deposit when it matures?
When a Fixed Deposit (FD) matures, Bajaj Finserv will notify you about the maturity date and the amount due for payment. At this stage, you have several options. If no action is taken, the FD may automatically renew for the same tenure at the prevailing interest rate, depending on the terms of your original agreement. This automatic renewal ensures that your funds continue to earn interest without interruption. However, if you choose to withdraw the matured amount, you need to submit maturity instructions to Bajaj Finserv.
Upon providing your instructions, Bajaj Finserv will disburse the maturity proceeds, which include the principal amount along with the interest earned, directly to your linked bank account. It's advisable to review the maturity instructions and decide whether to reinvest the funds or withdraw them based on your current financial goals and liquidity needs. Keeping track of the maturity dates and planning accordingly can help you make the most of your investments.
Additional Read - How to renew Bajaj Finance fd online
Documents required to close fixed deposit
Closing a Fixed Deposit with Bajaj Finserv requires specific documents to ensure a smooth and efficient process. These documents include:
- Fixed Deposit Receipt: This is the original document issued at the time of FD creation, which serves as proof of the deposit. The receipt includes details such as the deposit amount, tenure, and interest rate.
- FD certificate: This certificate provides comprehensive details about the FD, including the terms and conditions, interest rate, and maturity date. It is crucial for validating the closure request.
- Identity proof: A valid form of identification is required to verify your identity. Accepted documents include an Aadhaar card, PAN card, passport, or driver’s license.
- Account closure form: This form, available at Bajaj Finserv branches or downloadable from their website, needs to be filled out with your personal and FD details. The form must be signed to authenticate the closure request.
Having these documents ready and correctly filled out ensures that the closure process is completed without any delays. Once all documents are submitted, either online or at a branch, Bajaj Finserv will process the request and transfer the funds to your linked bank account promptly.
