How to Break FD in SBI Online – A Step by Step Guide to Close Fixed Deposit in SBI Offline and Online (2023 Updated)

Want to break or close your SBI Fixed Deposit account? You can now do it online or offline in an easy step-by-step process. Read below how to break FD in SBI through online and offline method.

Fixed deposit, popularly addressed as FD by the common Indian populace, is one of the safest investment options in the country. A lot of people in India who do not wish to take a large amount of risk with their hard-earned money prefer to deposit their savings in FDs. It is for this reason that a number of banks and financial institutions in India allow their customers to easily open an FD account. The SBI FD account facility for the customers of State Bank of India (SBI) is one such example.

The SBI, like most other banks, allows its customers to open FD accounts for risk-free safe investments. SBI fixed deposit accounts are both easy to open as well as close upon maturity (if the account holder so wishes to). Sometimes the customers may wish to close their account before maturity due to some reason. The SBI allows them to do so as well and the FD account closure can be initiated both online and offline.

Visual Stories by PayBima

Best Investment options 2023 to get 50K Pension Per Month

Best SIP Plans to Invest in India 2023 – Maximize Your Returns

What is the Difference Between Assessment Year (AY) and Financial Year (FY)?

LIC Fixed Deposit Scheme for Senior Citizens in 2023

PayBima Health Insurance Guide – Must Read to Buy Best Health Insurance Policy in 2023

View all Web-stories

Here we share the exact process on how to close FD in SBI via online and offline methods. Read on to know the step-by-step procedure to break or close FD in SBI.

What is a Fixed Deposit (FD) Account?

As is given in the name, a Fixed Deposit refers to an account that allows for investment for a fixed duration of time. The returns on the investment are also fixed at a specific rate of interest.

What are the Features of SBI Fixed Deposit?

The SBI allows opening of FD accounts for its customers with the following features:

• Customers are allowed to deposit any amount of money with no upper capping limit.
• The interest on the returns is payable either every quarter or on a monthly basis.
• The deposit can be made for a minimum of 7 days up to a maximum of 10 years.
• The customer needs to deposit a minimum amount of Rs. 1,000 for opening the SBI FD account.
• The bank also allows for the nomination feature to its customers.

How to Close FD in SBI Online – Easy Steps to Break FD in SBI Online?

Just like opening the FD account with SBI is hassle-free, so is closing or breaking the FD with the bank. You can do the process online in your own convenient time and upon closure, the amount from the FD account payable to you will be credited to your account.

Here’s how to break fd in sbi online:

• Step 1: Go to the official website of SBI (www.sbi.co.in).
• Step 2: Click on the Fixed Deposit tab on the screen.
• Step 3: You will see another tab under the FD tab, called ETDR/STDR (FD). Click on it.
• Step 4: Now you will come across an option that says, “Close A/C Prematurely”. Click on it. A list will appear.
• Step 5: The list in this section will show the FDs in your SBI account.
• Step 6: From this list, you can select the particular SBI FD that you wish to close. Click on Proceed.
• Step 7: You would be required to verify your FD account details like the date of maturity, amount deposited, and the like. This is done to ensure that you close the correct FD account among all those prevalent.
• Step 8: In the Remarks section, you can state the reason for closure of the account and then hit on Confirm.
• Step 9: Keep an eye out for an OTP (One-Time Password) on your registered mobile number. This is sent by the bank as part of the confirmation process.
• Step 10: Enter the OTP and then click on Confirm.
• Step 11: Once you click confirm, you will receive a confirmation message from SBI stating that your SBI FD account has been successfully closed.
• Step 12: Upon closure of your FD account online, the amount in your account will be credited to your chosen bank account.

How to Close FD in SBI Offline – Easy Steps to Break Fixed Deposit (FD) in SBI Offline?

We learned above how to close SBI fixed deposit online. If you wish to close your account manually by visiting an SBI branch, you can break your FD account with the bank offline too.

Here’s the simple process to close your SBI FD account offline:

• Step 1: Visit a branch of SBI near you and request for FD account closure.
• Step 2: You will be asked by the bank authorities to fill out a form for withdrawing FD prematurely.
• Step 3: Fill in all the required details such as your name, bank account number, SBI FD account number, and the like.
• Step 4: Submit the signed form at the branch.
• Step 5: Once received, the bank will initiate processing of the request for premature withdrawal of FD amount.
• Step 6: Your SBI FD account will be closed down once the request is processed successfully by the bank.
• Step 7: Your deposited amount in the account will be credited to your bank savings account.

Things to Know Before You Close / Break FD in SBI

The FD rates offered by SBI or the State Bank of India are available at a reasonable rate of interest. The bank further offers the flexibility in terms of tenure of the plan, which can be anything between 7 days to 10 years.  Thus, the SBI FD account holder has the choice to close the account before or after the FD maturity.

Here are the things to know before you break FD in SBI:

• For closure of a SBI FD after maturity, the account holder has to submit the certificate of deposit at the SBI bank
• The person must also present a signed form mentioning that they want the FD to be closed on the date of maturity
• Once these documents are submitted, the FD amount along with the earned interest are transferred to the savings account of the depositor upon policy maturity
• The SBI bank also allow the facility to renew or close FD on maturity through online procedure

When it comes to closing a FD account in SBI bank, it can be done either online or offline. To close it offline you can simply visit the SBI branch close to you and submit the FD certificate to start the procedure. In case of joint accounts, both the account holders must sign the document jointly.

Also, as mentioned above the depositor must submit the form of FD account closure mentioning all details such as Fixed Deposit account number, details of savings account and so on.

In case of online procedure, the account holder might log in to their internet banking to close the SBI FD online. By opting for the auto liquidation option, the account holder can get the total FD amount credited to their bank upon policy maturity.

What Happens to the SBI FD Account Upon Maturity?

In case your FD account with the SBI has matured to its complete term and you do not withdraw the amount at your own will, here’s what the bank can do with your account:

• The bank will liquidate your account on the due date, transferring your entire amount to the savings account linked to the FD account.
• The bank will renew your FD account automatically for another 1 year or for the original duration of the FD earlier on the due date of maturity.
• The bank will reinvest the interest earned on your SBI FD account for the original term chosen by you. The principal amount that remains will be credited to your linked savings account.

Read More: 1 Crore FD Interest Per Month

Wrapping Up

It is generally not advisable to withdraw the FD amount from your bank account prematurely. In some cases, the same may even attract a penalty for the customer from the concerned bank. When in doubt whether or not SBI follows these guidelines, you can check the SBI FD premature withdrawal penalty calculator online. It would tell you the exact amount of penalty that you may need to bear in the event of premature withdrawal from SBI FD account.

However, if you absolutely need to, you can break your FD account either online or offline by following the simple processes mentioned in this blog.

Related Articles:

• Post Office Monthly Income Scheme (MIS) Calculator 2023
• 4 Best Post Office Saving Schemes 2023
• Sukanya Samriddhi Yojana Interest Rate for FY 2023
• Best LIC Policy and Senior Citizen Saving Scheme 2023
• Section 139 (1) of Income Tax Act Seventh Proviso
• Is LIC Maturity Amount Taxable or Not
• How to surrender LIC policy online before maturity
• Where and how to invest 1 lakh rupees

 

View this post on Instagram

 

A post shared by paybima (@paybima)

Other Investment Products