How to Break Fixed Deposit in SBI Online – A Step by Step Guide

260

5 min read

Want to break your SBI Fixed Deposit account? You can now do it online in an easy step-by-step process. Read it below.

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.

Here we share the exact process on how to break Fixed Deposit in SBI via online and offline methods. Read on to know the step-by-step procedure for the same.

PayBima Khushi Ka Tohfa

What is a Fixed Deposit?

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.

SBI FD Features

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 an SBI Account 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 close FD in SBI online:

  1. Go to the official website of SBI (www.sbi.co.in).
  2. Click on the Fixed Deposit tab on the screen.
  3. You will see another tab under the FD tab, called ETDR/STDR (FD). Click on it.
  4. Now you will come across an option that says, “Close A/C Prematurely”. Click on it. A list will appear.
  5. The list in this section will show the FDs in your SBI account.
  6. From this list, you can select the particular SBI FD that you wish to close. Click on Proceed.
  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.
  8. In the Remarks section, you can state the reason for closure of the account and then hit on Confirm.
  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.
  10. Enter the OTP and then click on Confirm.
  11. Once you click confirm, you will receive a confirmation message from SBI stating that your SBI FD account has been successfully closed.
  12. Upon closure of your FD account online, the amount in your account will be credited to your chosen bank account.

How to Break Fixed Deposit 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:

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

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 – 1 Crore Fixed Deposit Bank 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.

Found this post informational? Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance and Investment section. You can visit PayBima to Buy Insurance Online.

Visual Stories

 

View this post on Instagram

 

A post shared by paybima (@paybima)

Oct 21, 2022
SHARE THIS ON
Author Bio
Author Image

PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

Related Blogs

Would love to hear from you

Share your candid feedback. Your email address won’t be published, we promise!

All fields are required

Find your suitable insurance plan

Speak to our advisor

Enter Value

Popular Posts

Trending Articles

Corporate Office : Mahindra Insurance Brokers Ltd ( A Mahindra Group Company ) Sadhana House, Ground Floor, 570 P. B. Marg, Behind Mahindra Towers, Worli, Mumbai 400018.

Licenced by IRDAI License No. 261; License Validity : 17-05-2025; Category : Composite Broker; CIN : U65990MH1987PLCO42609 Member of Insurance Brokers Association of India (IBAI).

Insurance is the subject matter of solicitation.

For a seamless experience, use the latest version of Chrome/Firefox/Internet Explorer.

Copyright © 2022 Mahindra Insurance Brokers. All Right Reserved.

Get A Call Back
Get A Call Back