How to Close IDFC Bank FD Account
A term deposit/fixed deposit is a scheme where you can invest huge amounts for a pre-fixed tenure, and you can earn interest at the rates applicable on the day you open the fixed deposit.
IDFC offers Fixed Deposit offers fixed deposits at many tenures at a very competitive interest rates. There may be a lot of cases where you can close a fixed deposit- either prematurely or close it once the term is over, instead of renewing it.
Steps to Close IDFC Bank Fixed Deposit Account
- Step 1: Fill in the account closure form/fixed deposit liquidation form.
- Step 2: Attach your KYC documents.
- Step 3: Submit your Fixed Deposit Certificate or the Fixed Deposit Receipt.
Premature Withdrawal of Term Deposit
- The bank will at times allow premature withdrawal of a term deposit before its completion and will levy a penalty.
- The bank will pay the rate for the term deposit remained, after it has deducted 1%.
- 1% will be levied for preclosure including deposits that are closed for reinvestment.
- The penalty for premature withdrawal of deposits is not applicable for single deposits of Rs.1 crore and more.
- No interest will be payable for a premature withdrawal of deposits that happens before completion of the minimum period prescribed.
- The bank can disallow premature withdrawal of a deposit for a single deposit of more than Rs.15 lakh.
How to Close Other Bank's FD
- How to Close SBI FD
- How to Close HDFC FD
- How to Close Axis Bank FD
- How to Close IndusInd Bank FD
- How to Close CitiBank FD
- How to Close RBL Bank FD
- How to Close Yes Bank FD
- How to Close HSBC Bank FD
- How to Close PNB FD
- How to Close Canara Bank FD
- How to Close IDBI Bank FD
- How to Close BOB FD
- How to Close BOI FD
- How to Close Bank of Maharastra FD
- How to Close Union Bank FD
- How to Close Indian Bank FD
- How to Close KVB FD
FAQs on How to Close IDFC Bank Fixed Deposit Account
- How do I update my PAN?
You need to update your PAN for 5-year fixed deposit schemes. You have to visit the bank branch with your PAN card and then get this updated.
- Can I withdraw my tax saving fixed deposit prematurely?
No, the bank does not allow premature withdrawal of tax saving fixed deposit schemes.
- Are the IDFC fixed deposit schemes available for account holders only?
Any existing, as well as a non-existing customer of the bank, can opt for these schemes and reap benefits from competitive IDFC fixed deposit interest rates.
- Can I take a loan against a tax-saving fixed deposit?
No, tax-saving fixed deposit schemes do not come with an option of taking a loan against the deposit.
- Is it possible to close an FD account by visiting an IDFC Bank branch?
Yes, you can close an FD account by visiting an IDFC Bank branch.
- Once the FD account is closed, how long will it take for me to receive the funds?
Once the FD account is closed, you will receive the funds immediately into the bank account.
- Will a penalty be levied by IDFC Bank in case the FD account is closed before maturity?
Yes, a penalty may be levied by IDFC Bank in case the FD account is closed before maturity.
- Does IDFC Bank provide the option to close the FD account online?
Yes, IDFC Bank provides the option to close the FD account online.
- Should identity proof be submitted when I close the FD account?
Yes, identity proof may need to 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.
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