How to Close HDFC FD | How to Close HDFC Bank Fixed Deposit Account

How to Close HDFC FD:- When you open a bank account, you can save money or make other financial transactions. A safe place to keep and move money is an account. It provides financial transparency and accountability. Getting a fixed deposit account, on the other hand, is more than just a regular transaction; it’s also a way to plan for the future or work on big projects. A Foxed deposit is a safe account that lets you save a certain amount for a set amount of time.

To receive better returns, the money should not be withdrawn until maturity. Depending on the customer’s savings and timeframe, each bank has a fixed interest rate and benefits. The amount and the accrued interest are deposited into the account holder’s savings account upon maturity for straightforward withdrawal. However, depending on the requirements, one can reinvest the interest or extend the tenure. It is also possible to close an FD account before it reaches maturity (prematurely), but doing so has different repercussions.


How to Close HDFC FD

What's In the Article

HDFC Bank provides a variety of banking services, each of which has advantages in terms of money. Customers can save money with the bank’s FD account services in a variety of time frames. The term of the fixed deposit account ranges from seven days to ten years. Customers of HDFC who want to put money away for a longer time can apply for an FD account.

The bank allows account holders to borrow against FD funds during a financial crisis. Additionally, an overdraft of up to 90% of the saved amount can be obtained. Because of this, the possibility of incurring a penalty for premature account closure or withdrawal is eliminated.

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How to Close HDFC FD

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How to Close HDFC FD Details

Name How to Close HDFC FD
Launched by HDFC
Beneficiaries HDFC Bank
Category How To Guide
Official Website

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Important Points regarding Closing of HDFC Bank Fixed Deposit Account

In this blog post, we’ll discuss some important points regarding the closing of an HDFC Bank Fixed Deposit account. We’ll discuss the different types of accounts that are closed, as well as provide information on how to ensure a smooth and stress-free closure process. We hope you find this blog post informative and helpful, and we look forward to hearing your thoughts in the comments section!

  • You must visit the branch of the bank where you opened your FD account in order to close it.
  • If you withdraw your FD before the lock-in period, you won’t be charged interest on it because some banks offer FDs with a minimum lock-in period.
  • A penalty of 0.50% to 1% lower interest is typically assessed for the premature closure of a Fixed Deposit. For the time that the FD was withdrawn, the borrower will be reimbursed at a lower interest rate and subject to a penalty than the original interest rate.
  • Any kind of tax-saver FD can’t be taken out early, so you can’t take money out before a five-year lock in period.
  • Against tax-saver FDs, there is no facility for loans or overdrafts.

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How to Withdraw FD Funds After Maturity?

Once the amount matures, the bank will include the set interest benefits. The users can opt to:

  • Transfer the sum to a savings account and reinvest the interest:
  • The account holder can put the money’s interest back into the account.
  • Auto-renewal: If the account holder does not transfer the amount, the bank automatically renews the period.

Using RTGS or NEFT, the bank sends the money to the saving account. Cheques addressed to the depositor are another option.

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How to Close an HDFC FD Account Prematurely?

If you’re unhappy with your HDFC bank account and want to close it prematurely, there are a few steps you need to take. In this blog post, we’ll outline the steps you need to take and the timeline involved in closing an HDFC bank account prematurely. We will also provide tips on how to minimize the impact of this decision on your credit score and financial stability.

  • Click the link to the HDFC internet banking portal.
  • Enter your login information after that to access account options.
  • Choose the “liquidate fixed deposit” option after selecting the “fixed deposit” tab.
  • Select the account you want to shut from the list of FD accounts on the page.
  • After reading the information, click “Continua
  • , verify the information and press the submit button.
  • The amount will be credited to the savings account after the system has verified the request.

Offline Method

  • Visit HDFC Bank and ask to have your FD account closed.
  • The bank agent will provide you an application for an early withdrawal.
  • FD number, name, and bank account information are necessary.
  • Before returning the form to the officers, double-check it.
  • After reviewing the details, the bank will send it to your savings account.

A low or no interest rate means a premature closure. Let’s say the user wants to take some of the money out; The bank will provide a benefit with low interest rates. The remaining funds, on the other hand, are entitled to the full interest rate.

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Reasons to Close FD Account Before Maturity

  • Emergency issues
  • Moving abroad
  • If the bank has low-interest rates
  • Poor customer care service
  • Better investment opportunities

Users of FD accounts are advised to borrow against the saved amount or take out an overdraft to delay the maturity date. This will give the user extra time for the funds to mature. However, closure is inevitable in some circumstances.

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