Latest News
-
Bajaj Group Stock Declares Rs. 60/Share Dividend: Buy Ahead of Record Date On 28 June? -
Rs 45/Share Dividend: Record Date In Due Course; Buy The IT Stock For Dividend Eligiblity? -
175% Dividend: TATA Group Stock Declares Q4 Results; Buy The Rekha Jhunjhunwala Portfolio Stock? -
2:15 Bonus: Tata Group's Penny Stock Below Rs 90, Gives 2,821% Returns In 5 Years: Announces Q4 Report Card -
Rs. 240/Share Dividend: May 7 Fixed As Record Date; Buy The IT Stock To Be Eligible? -
1:5 & 1:2 Split, Rs 6/Sh Dividend: Fertilizer Stock Coming Up With 600% Payout; Record, Payment Dates Fixed -
Cube Highways Trust Set to Acquire Seven Highway Assets Worth Rs 5,172 Crore -
1:10 Split, Rs 51 Dividend: Accumulate Tata Stock, TP Rs 170; Big Update On £1.25 Bn Investment -
Tech Mahindra Sets Three-Year Plan for Robust Growth and Market Leadership by FY27 -
Tech Mahindra Q4 Net Profit Falls 41%, Announces Growth Strategy
How to break fixed deposit online?
As the process of creating a fixed deposit is made simpler through the online route likewise premature breaking of the fixed deposit is also possible online. However, at present the facility is provided by all of the banks. Thus, for the deposits with other banks, customers need to take the offline route i.e. visit the bank with the FD receipt or deposit certificate and complete the necessary documentation process for the processing of the request for early breaking of the term deposit with the bank.
Steps to break the FD online
In both private and public sector banks the process is much simpler with turn around time of just a few hours. For applying for early breaking of the fixed deposit scheme, all a customer needs to do is log-in into one's account using internet banking credentials and click on the Service Request link. The link would provide multiple options pertaining to different queries, among which you can select the one related to term deposits or fixed deposits. Further under this link, you'll see different available options such as know your FD status, request for early withdrawal or breaking of fixed deposit.
On clicking the link, the customer would be asked to specify his FD account number, contact number in addition to e-mail address. After the process is completed from the customer's end, bank upon verification of the details and accounting for the necessary charges and penalty amount would at the most process the request by the next working day. The principal amount plus interest less deductions on account of early withdrawal would then be credited into the customer's account.
Is there extra amount that is cut?
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.
What about tax liability
Of course, if there is a TDS that has been deducted you would get the FD proceeds without the TDS. In this case you would need to contact the branch and also get a TDS certificate. This would help you clain tax refund just in case.
Contact the nearest branch
In case of difficulty, it is best to contact the local branch for details. Otherwise, through the online route for premature FD breaking i.e. indeed available with several new-age banks. So, in case you as a customer are intending to break your existing investment into a fixed deposit scheme prematurely than you can consider the available online route which would save time as well as reduce efforts considerably.Also remember there is a prepayment penalty in case the FD is broken before a select period. Do remember to check the same with your bank.
