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How to Break your FDs Before Maturity - Online & Offline Procedure

  • Highlights

  • How to Break fixed deposit

  • Break your FD online or by visiting a branch

  • Application for breaking fixed deposit

  • Speeding up FD Withdrawal with relevant details

  • Penalties with premature withdrawals

How to withdraw your FDs: Emergencies warrant immediate cash flow, which is why most people opt for breaking their fixed deposits. Fixed deposits are excellent investment instruments for emergencies, where you can set aside some amount. Financiers like Bajaj Finance provide you with an option to take a loan against fixed deposits, so you can tend to emergencies easily.

In order to avoid delays and hasten premature FD withdrawals, here’s a lowdown on all that you need to know:

Bajaj Finserv Fixed Deposit

Online Application Process for Breaking Fixed Deposits

Breaking an FD online can help you save time, and avoid unnecessary hassle. Here’s what could help you with an online process to withdraw your funds prematurely:

• Visit your lender’s website
• Login by entering your user ID and password
• Go to the service request section

• Select the option prompting for ‘Premature Closure of Fixed Deposits’
• Input your FD number and submit a cancellation request

• Usually the process for premature FD closure remains same throughout all financiers. An online option evades the hassles of paperwork and appointments with the lender.

Offline Application Procedure to Break FD

Though the online procedure is much more convenient, offline procedures are popular when you don’t have access to the Internet. The two main steps for this procedure are mentioned below:

• Complete and submit the form for premature FD withdrawal. Make sure you enter details such as your FD number, your name, bank account details, and so on.
• Submit this form with ID proof such as a photocopy of your PAN card. Once this is done, your FD will end. Then, the money might either be credited to your account, or you will have to deposit a cheque into your bank account. This depends from lender to lender, and some financial institutions will leave the choice up to you.

Everything you should know about Fixed Deposit

What should you remember when breaking your FDs prematurely?

The offline application procedure could be time-consuming if you have to travel a long distance to your financier
• The online application requires you to have access to high-speed internet and a computer.
• Have all documents and details pertaining to your fixed deposit within easy reach, to speed up the process further.

Understand both procedures so that you can make the right choice. Also, avoid investing in long-term FDs if you anticipate several financial commitments.

Additional Read: How premature withdrawal of fixed deposits affects your interest calculation?

This is because when you break an FD, you might also lose out on interest or be eligible to pay a penalty. So, evaluate other ways of raising finance before you take the decision to break your fixed deposit or You can check FD Interest Rates first before going further.

Bajaj Finance is now offering attractive rate of interest up to 8.05%

*For senior citizens, on a cumulative scheme tenor of 48-60 months

DISCLAIMER: The mentioned fixed deposit interest rates are indicative only, and may be subject to change periodically. Please check the interest rates on our website.

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