Fixed deposits are a secure way to store money and earn more than savings accounts. Many customers choose to create a Fixed Deposit (FD) for a longer period of time to increase the interest rate on the expiration date. But, for whatever reason, you may want to cancel the FD and get the cash.
Close SBI FD
Since you now know the disadvantages of early termination, let us check how to close SBI FD Online using Online or offline methods. To close offline, go to the nearest SBI branch. To proceed, they must provide the fixed deposit certificate.
If it’s a joint account, both members must sign it. An FD account closing form with all necessary information such as FD account number, savings account number, etc. To cancel online, the depositor must also log in to internet banking.
How to Close SBI FD through YONO SBI App
- Log in to your SBI YONO App by User ID and Password.
- From the app’s main page, choose the ‘Deposits‘ option.
- You can now see your Fixed Deposits with the FD number and amount under Deposits.
- Click on the number to choose the FD you want to close.
- Now, click on the ‘Close Deposit‘ button at the bottom of the screen.
- Your registered mobile number will get OTP. Enter this OTP and click ‘CONFIRM‘.
- Your Fixed Deposit has been closed successfully.
- The FD amount and the interest rate will be credited to your savings account.
Closing SBI Fixed Deposit through Net Banking
To close your SBI FD account online before it matures, follow these steps:
- Visit the website https://www.onlinesbi.com/ for SBI personal banking.
- Enter your SBI online banking login id and password.
- On the home page, select e-TDR/e-STDR from the Fixed Deposit menu.
- Here TDR is a term deposit. STDR is Special Term Deposit.
- On the next page, select the deposit account type.
- Select e-TDR/e-STDR. Now you must select “Proceed”.
- Next, select “Close A/c Prematurely” from the ETDR / STDR (FD) menu.
- Next, you’ll see your bank’s list of your fixed deposits.
- Select the FD you want to close here.
- And then click “Submit”. Check the details.
- Clarify why you want to close your FD account at the bank.
- Click the “Confirm” tab now.
- A “High-Security Password” will be sent to your registered mobile number.
- If the password is typed, select the “Confirm” button.
- “Your e-TDR/e-STDR has been successfully closed”, You will see a message on the screen.
- Done, Now the money is in your linked savings account.
- Here’s how to cancel an SBI FD online.
Closing SBI Fixed Deposit by Branch
- Here is what you need to do to cancel your SBI FD immediately offline.
- Visit the SBI bank office and receive an early withdrawal application form.
- Fill out the form with the relevant information such as your bank account details, FD number, name, etc.
- Submit the application form.
- The money will be transferred into your savings account after the request is approved.