How to Close PNB Fixed Deposit

FAQs on How to Close PNB Fixed Deposit

• What are the disadvantages of premature closure of the fixed deposit account?

  If you wish to close your FD account prematurely, you will not receive the interest accrued on the sum and you will be entitled to receive only the principal amount. Along with this, an additional 1% interest must be paid as a penalty for the premature closure.

• How long does it take for the FD amount to be reflected in the account?

  On maturity, the amount will be transferred to the bank account of your choice and will reflect immediately. In the case of premature withdrawal, once the form is verified, the money will be transferred immediately to the bank account.

• Are there any tax implications if I withdraw my fixed deposit in PNB?

  Yes, there are tax implications on FDs as the interest earned on FDs is taxable. Be aware of the TDS implications while you're withdrawing your FD. 

• How quickly can I have access to my funds after withdrawing my fixed deposit in PNB?

  Once the FD is withdrawn, the funds will be available to you in your linked savings account immediately or within a business day. 

• What is the penalty for premature cancellation or part withdrawal of domestic term deposits in PNB?

  A penal interest rate of 1% will be charged at the time of premature cancellation or part withdrawal of domestic term deposits for all tenors. The interest rate payable would be either the contractual rate minus 1% or the rate applicable for the tenor on the contractual date minus 1%, whichever is lower. 

• Will I incur any penalty if I reinvest my premature-closed deposit into another term deposit scheme with PNB?

  No, there will be no penalty if you prematurely close your deposit for reinvestment into another bank's term deposit scheme. However, the deposit must remain with the bank for a period longer than the remaining period of the original contract. 

• Can the surviving depositor of a joint term deposit withdraw the deposit prematurely without penalty?

  Yes, in the case of term deposits with a 'Former or Survivor' or 'Either or Survivor' mandate, premature withdrawal can be allowed to the surviving depositor without any penalty, provided there is a joint mandate from the depositors to this effect. 

• How can I close my Punjab National Bank Fixed Deposit account on maturity?

  You can close your Punjab National Bank Fixed Deposit account on maturity either through net banking or by visiting a bank branch. Through net banking, log in to your account, select the option to close the FD, and choose the account where you want the mature amount to be transferred. Alternatively, visit any PNB branch and request the closure of your fixed deposit account. 

• What is the process for closing a Punjab National Bank FD before maturity?

  If you need to close your Punjab National Bank FD before maturity, you can do so through net banking or by visiting a PNB branch. Through net banking, log in to your account, navigate to the option for premature closure of FD, select the specific FD account, and submit the request. Alternatively, visit a branch, fill out the necessary form, and confirm the details of the account where you want the funds to be transferred. Keep in mind that premature closure incurs a penalty of 1% on all withdrawals.