Premature withdrawal of fixed deposit
If there’s any unforeseen expense, you can withdraw the funds that you’ve parked in a fixed deposit before its maturity date. This is called the premature withdrawal of a fixed deposit. However, you can raise a request for premature withdrawal after three months from the date of acceptance of the deposit.
If you withdraw your FD after three months but before six months from the date of deposit, you’ll only get the principal amount. You won’t get any interest amount in such a case.
However, if you choose to prematurely liquidate FD after six months, the interest payable is 2% lower than the interest rate applicable to a public deposit for the period for which it has run.
If 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 NBFC.
You can raise a request for premature withdrawal of fixed deposit by visiting My Account – Bajaj Finance customer portal.
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Apply for premature withdrawal of fixed deposit
- Click on the ‘Sign-in’ button on this page to visit our customer portal.
- Enter your registered mobile number and submit the OTP to sign-in.
- Verify your details with your date of birth and proceed to visit our ‘Raise a Request’ section.
- Select ‘Fixed Deposit’ as your product and choose the FD number.
- Choose ‘Prematurity’ as your query type and ‘Need pre-maturity details’ as your sub-query type.
- Enter the required information and submit the request.
You can also directly visit My Account - Bajaj Finance customer portal by clicking on ‘Apply for a premature withdrawal of FD’ below. Once signed-in, you’ll be redirected to the ‘Raise a Request’ section. You can then select your FD, enter the relevant query and sub-query type, and proceed to submit.
Once you submit the request, our representative will reach out to you within 48 business hours to guide you on further steps.
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In case you need funds and wish to withdraw your fixed deposit before its maturity date, you can use this facility. You can withdraw your FD before its maturity date by raising a request with us.
Visit our customer portal – My Account and raise a request in just a few clicks.
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Check your fixed deposits
Visit our customer portal and track your FD details easily.
Frequently asked questions
In case of an emergency, you have the option to withdraw your fixed deposit before maturity. This is called premature withdrawal. While premature withdrawal can come in handy, if you need funds for urgent expenses, there are disadvantages such as:
If you withdraw the FD before 6 months, you won’t receive any interest amount.
If you withdraw the FD after 6 months, you might receive the lower interest amount applicable as per the fixed deposit receipt.
To avoid premature withdrawal of a fixed deposit, you can opt for a shorter deposit period. This way, you don’t need to wait for a long time to receive your funds. In case you need funds for emergency expenses, you can also apply for a loan against fixed deposit.
If you’ve opted for Bajaj Finance Fixed Deposit, you can use our online FD services and apply for a loan against FD (LAFD).
