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 Limited provide you with an option to take a loan against fixed deposits, so that you can tend to emergencies easily.
To avoid delays and speed up premature FD withdrawals, here’s what you need to know:
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 and go to the service request section
- Select the option prompting for ‘Premature Closure of Fixed Deposits’
- Enter your FD number and submit a cancellation request
Usually, the process for premature fixed deposit closure remains the same throughout all financiers. An online option evades the hassles of paperwork and appointments with the lender.
Offline application process for breaking Fixed Deposits
Though the online procedure is much more convenient, offline methods are popular when you cannot access the internet. The two primary steps for this procedure are:
- Complete and submit the premature FD withdrawal form. Make sure you enter the requested 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, after which your FD will end. The money will be credited to your account either online or offline through a cheque into your bank account.
What should you remember when you break 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 about your fixed deposit handy 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 does the premature withdrawal of fixed deposits affect your interest calculation?
This is because when you break an FD, you might also lose out on interest or be eligible to pay the penalty. So, evaluate other ways of raising finance before you decide to break your fixed deposit, or you can check FD Interest Rates first before going further.
Bajaj Finance is now offering an attractive rate of interest up to 7.75% p.a.
Know More About Bajaj Finance Product
While care is taken to update the information, products, and services included in or available on our website and related platforms/websites, there may be inadvertent inaccuracies or typographical errors or delays in updating the information. The material contained in this site, and on associated web pages, is for reference and general information purpose and the details mentioned in the respective product/service document shall prevail in case of any inconsistency. Subscribers and users should seek professional advice before acting on the basis of the information contained herein. Please take an informed decision with respect to any product or service after going through the relevant product/service document and applicable terms and conditions. In case any inconsistencies observed, please click on reach us.
*Terms and conditions apply