FD Premature Withdrawal Charge: Are you thinking of breaking your FD? Know which bank charges how much

– Advertisement –

FD Premature Withdrawal Charge: Whenever it comes to safe investment, then the first thing that comes to the mind of many people is Fixed Deposit (FD). It is considered a very safe way of investment.

For this reason many people invest in it, but if you are thinking of breaking the FD before time, then the bank charges you a penalty. If you are also thinking of breaking the FD before time, then today’s news can be very useful. In today’s news, we are going to tell you, which bank charges how much for breaking the FD before time, so let’s know about it…

– Advertisement –

Banks set the deadline

Every bank sets a time limit for not breaking the FD before the completion of the tenure. If you break the FD after crossing this limit, then there is no penalty. However, if the FD is broken before the time limit given by the bank, then the bank charges a certain percentage of the amount as penalty. This amount may vary according to each bank.

SBI Bank FD Rules

SBI Bank will charge a penalty of 0.5% for breaking a term deposit FD of Rs 5 lakh. However, in cases of more than Rs 5 lakh, the penalty rate will be 1%.

ICICI Bank FD Rules

ICICI Bank (ICICI Bank FD Penalty) on premature FD withdrawal is decided as per the rate fixed at the time of the contract. If the maturity period of FD of Rs 5 crore is one year, then a penalty of 0.50% will be charged. Similarly, if the maturity period is more than one year, the penalty rate can be 1%.

PNB Bank FD Rules

Punjab National Bank charges a penalty of 1 per cent of interest rate for all tenures in case of premature cancellation or part withdrawal.

HDFC Bank FD Rules

HDFC Bank charges a penalty of 1% on sweep ins and partial withdrawals.

– Advertisement –