Ways to Close SBI FD Account Online: How to Close Fixed Deposit in SBI Online. How to Close Fixed Deposit(FD) Account before Maturity. How to Close SBI FD Account Using YONO APP
SBI customers can avail various types of banking accounts to manage their finances efficiently. For the long-term saving platform, the SBI Bank provides customers with FD (fixed deposit) accounts to save money for a particular period without withdrawing. The account offers reliable interest rates on maturity period. Fixed deposit account saving tenure ranges from seven (7) days to ten (10) years.
The account applicant can select the preferred duration from the given term. SBI FD account provides a 0.8% extra interest rate for senior citizens and a general interest rate of 2.9% to 5.4% per year for other account users.
How to Close SBI Fixed Deposit Online
Features and Benefits of SBI Fixed Deposit Account
- The minimum account deposit is Rs. 1000, with no maximum limit.
- SBI interest rates are paid on a monthly and quarterly basis.
- The deposit tenure ranges from 7 days to 10 years.
- SBI FD account have a nomination facility ( account nominee)
- A fixed deposit account user can request a 90% loan on the principal amount.
- The user can also overdraft 90% of the principal amount on the FD account.
SBI FD users can opt to close their accounts before the maturity dates. The bank offers valid ways to close an SBI FD online/offline. The user can also withdraw the amount during maturity and earn the set interest rates. However, if the account holder doesn’t access the account after maturity, the bank takes the following actions.
SBI FD Closure After Maturity
- The bank auto-renews the term.
If the account holder doesn’t withdraw the funds, the bank will automatically renew the saving term.
The SBI bank can also liquidate the amount and transfer it to the user’s saving account.
- Interest rate reinvestment
The interest rate earned on the FD account will be reinvested back on the FD, while the principal amount is credited to the saving account.
If the user closes the FD account before the agreed due date, they are no longer eligible for the FD interest rate. However, the bank will provide the accumulated principal amount to the account.
Ways to Close SBI FD Account Online
SBI account holders can use two valid online facilities to close their FD account.
- Using the SBI YONO app
- Through SBI net banking portal
How to Close Fixed Deposit(FD) Account on & Before Maturity
Closing SBI FD online before the maturity date
- Open the SBI Online net banking facility website link https://www.onlinesbi.com/
- Log in using your username and password details.
- Enter the captcha code for verification and click the login button.
- The page will send an OTP code to your registered mobile number.
- Enter the OTP and press the “confirm” button.
- Click the “Fixed Deposit” option (ETDR/STDR) to proceed.
- Select the type of FD account (e-TDR or e-STDR) and press proceed button.
- Next, click the “close account prematurely” tab >enter the account number and select the “close” option.
- Next, key in the remarks and select the “confirm” button.
- The system will send a confirmation message on your screen.
How to Close SBI FD Account Using the YONO APP
The SBI YONO app provides users with various banking services, including the FD account service. Through the app, one can request to close their account anytime.
For new SBI users, download the YONO SBI app on your smartphone device.
Register your details to gain the login credentials.
The app will request permission to allow and proceed to the login process
Enter the username and password details to access the app.
Click the “deposits” tab to view the fixed deposit information on the account
The page will show the FD amount and account number
Choose the FD account your wish to close and click the “close deposit” button
The system will send an OTP to your registered mobile number.
Use the OTP and select confirm button.
The bank will close the account and credit the principal amount and interest rate to your saving account.
Can I close my FD account at any SBI bank branch?
No, the SBI FD account user should visit the same bank they opened their account from if they use an offline method.
What will happen if I don’t withdraw the amount once the FD due date arrives?
The money is safe since the bank can auto-renew the deposit term, auto-liquidate, or reinvest earned interest rates. The principal amount is directed to the saving account if the bank reinvests or liquidates the amount.