Quick Answer: How Can I Break My FD In Post Office?

Go to the post office where you hold the deposit.

Speak to the concerned official and tell that that you want to make a premature withdrawal.

Submit identity and address proof documents along with the FD receipt.

The maturity proceeds will be credited to your savings bank account within a stipulated period of time.

Can I withdraw my fixed deposit 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.

How can I break my fixed deposit?

Withdrawing an FD before maturity is known as breaking an FD. When you break the FD, you get a lower rate of interest and also pay a penalty for the premature withdrawal. Say, you opened a 1 year FD at 7.5%. If you decide to break an FD at 10 months, the interest earned on the FD will reduce by 1%.

How many years FD will double in post office?

Time deposit accounts have a tenure ranging from 1 year to 5 years. Depositors can open any number of FD accounts in any of the post offices. Minors aged 10 years or more can open and manage these accounts as well. Minors have to apply to get the account converted in their name after they become 18 years old.

What is interest rate of FD in post office?

InstrumentInterest rate (%) from 01.07.2019Max Amt (Rs.)
Public Provident Fund7.901.50 Lakhs p.a.
5 Yr NSC – VIII Issue7.90No Limit
Time Deposit#6.9-7.7No Limit
Post Office Monthly Income Scheme7.60Single 4.5 Lakhs

6 more rows

What if I close my FD before maturity?

However, in case of an lock in FD, a bank may refuse a premature withdrawal as per RBI guidelines. Let us have a look at premature penalty. Usually banks charge a penalty of 0.5% to 1% lower interest on FDs which are closed before maturity. This penalty may be waived off by some banks if it is an emergency.

Can I break my fd online?

No, there is no extra amount that would be deducted if the FD is broken online. In fact, it would save you precious money to break the deposit online without visiting the branch of the bank. This is an easy and the most convenient way of breaking the deposit.

Can I break my 5 years fixed deposit?

1/ The lock in period for such a “Tax saving Fixed Deposit” is 5 years. You can not break this Fixed Deposit before 5 years tenure is over. This is different from any regular Fixed Deposit which can undergo a premature withdrawal. Company Fixed Deposits are not eligible for tax savings through Section 80C.

Is there any penalty for breaking FD?

To liquidate an FD, most lenders will charge you a premature withdrawal penalty. Usually, the penalty for breaking an FD is 0.5-1% and it is applicable for the period the deposit has remained with the bank.

What happens to FD after maturity?

After maturity: A fixed deposits get renewed automatically if not withdrawn on maturity or the interest rate of savings account is paid for period after maturity. Second, the depositor can indicate in the form that the amount be renewed after maturity. The longest tenor for an FD is 10 years.

Can I double my money in 5 years?

This is the number of years it will take for your money to double. For example, if your money is earning an 8 percent interest rate, you’ll double your money in 9 years (72 divided by 8 equals 9). Or, if your money is earning a 5 percent interest rate, you’ll double it in 14.4 years (72 divided by 5 equals 14.4).

Which bank is best for FD 2019?

Compare Fixed Deposit Interest Rates 2019 in India

BankFD Rate of InterestSenior Citizen FD Rates
HDFC7.50% – 7.50%7.55% – 7.55%
PNB Housing Finance8.25% – 8.45%8.50% – 8.70%
Allahabad Bank5.00% – 6.75%
Andhra Bank4.00% – 6.80%% – 7.30%

41 more rows

Which scheme is best in post office?

Post Office Saving Schemes: These top 5 will give you high interest – Check key details

  • – Post Office Monthly Income Scheme Account (MIS):
  • – 5-Year Post Office Recurring Deposit Account (RD):
  • – Senior Citizen Savings Scheme (SCSS):
  • – 15 year Public Provident Fund Account (PPF):
  • – Sukanya Samriddhi Accounts:

Is FD in Post Office taxable?

Post Office Time Deposit Scheme: Post offices also offer tax-saving time deposit with a maturity period of 5 years carrying 8.50% per annum interest rate. The interest is payable annually but compounded quarterly. Also, though the interest paid is taxable but TDS is not deducted by the post offices.

Which bank is best for FD?

Kotak Bank FD Rates

TenureKotak Bank FD Rates
2 years – less than 3 years7.00%7.50%
3 years and above – less than 4 years6.90%7.40%
4 years – less than 5 years6.75%7.25%
5 years – 10 years6.50%7.00%

17 more rows

How many years FD will double in SBI?

For domestic deposits – Less than Rs. 1 cr

Maturity PeriodDeposit AmountInterest Rate
Senior Citizen
7 days to 45 daysLess than Rs. 1 cr6.25
46 days to 179 daysLess than Rs. 1 cr6.75
180 days to 210 daysLess than Rs. 1 cr6.85

5 more rows