Steps to Close an FD Offline by Visiting Branch (Premature)
Visit the bank branch and get a form for premature withdrawal.
Submit the document with the bank and they will process your request.
Once the FD is closed, the funds will be credited to your savings account.
How can I transfer my FD to another branch?
Fixed Deposit can be transferred through SBI online from one branch to another branch of the same bank. Submit a Written request for transferring term deposit to another branch. Fixed Deposit can be transferred on line from one branch to another branch of the same bank.
Can we break FD in other branch?
Yes you can open FD/RD in any branch of SBI regardless whether it is home branch or not, but the only catch here is you can liquidate it only in the branch where you opened it. Or through another branch if you forward the letter through the branch of your present choice to FD opening branch.
Is it possible to withdraw FD before maturity?
Yes, one can break the fixed deposit before maturity. However, it comes with certain conditions. Read through to get into the details of the premature withdrawal of FD. Breaking a fixed deposit means, withdrawing money before the fixed maturity date, which is also called the premature withdrawal of FD.
What is the penalty for premature withdrawal of fixed deposit?
Premature closure penalty:
Depending on the lender that you have chosen, you may have to pay a significant sum of money as penalty. This could range from 0.55% to even up to 1% of the FD amount.