How to Close BOI Fixed Deposit (FD)
If you hold a bank account with the Bank of India (BoI), then you can consider opening a fixed deposit account with the lender. FDs are considered to be brilliant investment tools and are considered to be of low risk. You can deposit a certain amount of money for a certain tenure and finally withdraw it to meet your expenses.
However, you may have to close your FD account in case your account reaches maturity, or if you are facing a cash crunch.
We will list down the steps you will have to follow in order to close your BOI FD account.
Closing Your BOI Fixed Deposit Account on Maturity
- Visit the BoI branch and duly fill the fixed deposit account closure form. Make sure all the details entered by you are correct. After the form has been filled, sign it and then submit it to the branch manager.
- You will also have to enclose all the Know Your Documents (KYC) to the lender along with the account closure form. The KYC documents you will have to submit are your address and identity proofs.
- On opening a fixed deposit at the bank, you will be issued a fixed deposit receipt or certificate which serves as a proof you having opened a fixed deposit account with the bank. The receipt will contain important details such as your deposit amount, tenure, the interest you will earn, etc. You will have to submit this receipt to the bank. The lender will verify the details, and if they are found to be correct, then the maturity amount will be disbursed to your bank account.
Closing Your BOI Fixed Deposit Account Before Maturity
The process to close your FD account prematurely will be similar to the one you would have followed if you had to close your FD account on maturity. You will have to fill the FD account closure form and submit it along with the KYC documents and fixed deposit receipt. The only difference will be that the bank is likely to charge you a penalty ranging between 0.5% to 1% of the total deposit amount. However, if you are withdrawing less than Rs.5 lakh after completing one year since the opening of the FD account, no penalty will be charged.
How to Close other Bank's FD
- How to Close SBI FD
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- How to Close Standard Chartered Bank FD
- How to Close Yes Bank FD
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- How to Close PNB FD
- How to Close Canara Bank FD
FAQs on How to Close BOI FD
- Can an FD account be opened in the names of two or more individuals?
Yes, you can open an FD account in the names of two or more individuals.
- Do I need to have a bank account with BOI in order to open an FD account?
Yes, it is mandatory to have a bank account with BOI if you wish to open an FD account.
- Will I have to pay to open an FD account with BOI?
No, you won't have to pay anything to open an FD account with BOI. You will have to, however, make a minimum deposit to open an FD account.
- Will any charges be levied in case I close the FD account before maturity?
Yes, a penalty may be levied in case the FD account is closed before maturity.
- In case I wish to withdraw below Rs.5 lakh from the FD account, will a penalty be levied?
No penalty will be levied in case you wish to withdraw below Rs.5 lakh from the FD account.
- Will I need to visit a Bank of India branch to close the FD account?
Yes, you will need to visit a Bank of India branch to close the FD account.
- Should identity proof be submitted when I close the FD account?
Yes, identity proof must be submitted to close the FD account.
- Can the FD account be closed at any given time?
Yes, the FD account can be closed at any given time.
- Will I need to have a savings or current account with the bank to open an FD account?
Yes, you will need to have a savings or current account with the bank to open an FD account.
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