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Business News/ Money / Personal Finance/  How to close SBI fixed deposit (FD) online

How to close SBI fixed deposit (FD) online

Apart from opening FD online, you can also close it online too
  • You can close an FD online even before maturity
  • SBI offers FD ranging from 7 days to 10 yearsPremium
    SBI offers FD ranging from 7 days to 10 years

    Bank fixed deposit (FD) is considered one of the most safest investment products. Top lenders like the State Bank of India (SBI), ICICI Bank, HDFC Bank, Axis Bank and others provide the option of opening FD online. Did you know that apart from opening FD online, you can close it online too. Closing an FD is a simple process and can be done online as well as by visiting a bank branch. You can close an FD before maturity and after maturity.

    Here is a step-by-step guide to close SBI FD online

    1) Log-in to SBI net banking by providing personal details.

    2) From fixed deposit option, click on e-TDR/e-STDR (FD). Now, click on proceed. TDR is term deposit, while STDR is Special Term Deposit.

    3) Click on ‘close account prematurely’ option.

    4) The screen will display a list of your FDs.

    5) Click on the FD that you want to close and then click on the submit button.

    6) Write the reasons for closing the FD as per your choice and click on ‘confirm’

    7) You will receive a high security password on your registered mobile number.

    8) Type the password and then click on confirm button.

    9) A message will flash on your screen saying 'Your e-TD/e-STD account has been successfully closed.'

    10) The FD amount will be credited to your savings account.

    How to close an FD offline by visiting branch

    -Visit the bank branch and get a form for premature withdrawal.

    -Fill the form with necessary details such as name, bank account details, and FD number among others.

    -Submit the document with the bank and they will process your request.

    -Once the FD is closed, the funds will be credited to your savings account.

    SBI offers FD ranging from 7 days to 10 years with interest ranging from 4.5% to 6.25%. The latest rates are with effect from 10th November. To senior citizens, the bank gives a higher interest rate ranging from 5% to 6.75% on deposits maturing in 7 days to 10 years.

    From 1st November, SBI has reduced the interest rate on its savings account for balances below 1 lakh to a historic low of just 3.25%.

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    Sangeeta Ojha
    A business media enthusiast. Writes on personal finance, business and banking.
    Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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    Published: 17 Dec 2019, 03:17 PM IST
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