Money Excel - Personal Finance Blog

Menu
  • Home
  • Business Ideas
  • Stock Market
  • Mutual Funds
  • Incometax
  • Credit Card
  • Insurance
  • Downloads
Home
Banking
How to close SBI Fixed Deposit Online?

How to close SBI Fixed Deposit Online?

Raviraj Parekh April 4, 2020

Making a fixed deposit in SBI is one of the safe investment option compared to mutual funds and shares. If you have invested in a fixed deposit at SBI this post if for you. In this post, I will share information about how to close SBI Fixed deposit online?

It is advisable to close fixed deposit in SBI only at the time of Maturity to avoid the extra charges. However, if you are in need of money and you want to go for closure of  fixed deposit follow the method given below.

Steps Close Fixed Deposit in SBI Online through Internet Banking 

  • Log in to Online SBI Account using your Internet Banking Username and Password.
  • Click on Tab mentioning ETDR / STDR (FD)

close fixed deposit online

  • Click on “Close account prematurely” option under ETDR / STDR (FD) section.
  • Select fixed deposit you want to close and click on “proceed”
  • Verify fixed deposit detail. Write reasons for closing and click on ‘confirm’
  • You will receive “High-Security Password” on your registered mobile. Type it and click on ‘Confirm’

password closure sbi fd

Do not miss below posts -
  • Whatsapp Banking – How Use? – Key Features & Benefits
  • How to open a Post Office Savings Account and activate …
  • RBI complaint management system portal – How to register complaint …
  • On the screen, you will be able to see that your FD has been closed.
  • Check your bank account it will be credited with FD amount.
  • This facility is available between 08:00 AM IST to 08:00 PM IST.

close fixed deposit online sbi

Steps Close Fixed Deposit in SBI by Branch Visit

Second way for closure of fixed deposit in SBI is by personally visiting SBI Branch.

  • Visit SBI branch to close your fixed deposit account.
  • You need to visit branch from where you have taken a fixed deposit.
  • Don’t forget to carry fixed deposit receipt with you.
  • Mention your account number and sign at the backside of FD receipt.
  • Submit the fixed deposit receipt to the executive.
  • Executive will calculate exact maturity amount and close your fixed deposit.
  • The FD amount will be credited to the account mentioned by you.

This is the complete process to close FD of SBI bank.

It is very easy to close FD at SBI bank. You can adopt any method online or offline based on your comfort. If you have net banking account I recommend the use of online method.  You can close fixed deposit online with a click of the button. However, you may also visit a branch to close your Fixed deposit.

Should you opt for fixed deposit closure before maturity?

You have option to close fixed deposit before maturity or on maturity. Both these options are available online as well as offline. However, you should close fixed deposit only at the time of maturity. If you are in need of money due to financial issues you can go for premature closure of fixed deposit.

If you close FD prematurely, you will end up losing compound interest you could have earned. You also need to pay penalty on interest. The penalty varies and applicable as per bank rules. SBI Charges a penalty of 0.5% for premature withdrawal of FD up to 5 Lakh. The applicable penalty is 1% for premature withdrawal of FD up above 5 Lakh.

Tweet
Share
Whatsapp
Pinterest
Prev Article
Next Article
Tags:Break SBI FD online close FD online Close Fixed Deposit close fixed deposit online close SBI Fixed Deposit

About The Author

Raviraj Parekh

Raviraj is the man behind moneyexcel.com. He is PGDBA, engaged in blogging for 10 years. Moneyexcel blog is ranked as one of the Top 10 Personal Finance Blog in India. He is not affiliated with any financial product, service provider, agent or broker. The purpose of this blog is to spread financial awareness and help people in achieving excellence for money. Please note that the views expressed on this Blog/Comments are clarifications meant for reference and guidance of the readers to explore further on the topics. These should not be construed as investment advice or legal opinion.

2 Comments

  1. HS Subramanya

    Sir ,
    I am having saving accounts at different places.Is it possible to close SB Accounts online ? Thanks

    April 4, 2020
  2. Raviraj Parekh

    You can not close your SBI account online. You need to visit bank for the closure of bank account.

    April 4, 2020

Leave a Reply Cancel Reply

Search

Top Posts & Pages

  • Rakesh Jhunjhunwala Portfolio Holdings - April 2021
  • Income Tax Calculator FY 2020-21 (AY 2021-22) – Excel Download
  • Cash Deposit Machine Locator – How to find CDM Near You?
  • 20 small manufacturing business ideas with low cost
  • 235 Small Business Ideas with Low Investment in 2021-22
  • How to check Property Records and Land Records online in India?
  • 10 Best Small Trading Business Ideas
  • 10 ways to Convert Black Money to White
  • Download Income Tax Calculator FY 2021-22 (AY 2022-23)
  • Top 60 Manufacturing Business Ideas

Subscribe to Blog via Email

Join 5,483 other subscribers

Follow MoneyExcel

Money Excel – Personal Finance Blog

Personal Finance Blog
Copyright © 2021 Money Excel - Personal Finance Blog
| About |Downloads | Contact Us | Sitemap | Disclaimer | Privacy Policy |