How to break a fixed deposit in SBI?

Are you looking to break your State Bank of India (SBI) Fixed Deposit (FD) account? Now you can easily do it online or offline by following a step-by-step process.

Table of Contents

Breaking a SBI FD account online

Visit the official website of SBI at www.sbi.co.in.
Click on the Fixed Deposit tab.
Look for the ETDR/STDR (FD) tab and click on it.
Under this tab, select Close A/C Prematurely from the options provided.
A list of your FDs will appear. Choose the specific SBI FD you want to close and click on Proceed.
Verify your FD account details, such as maturity date and deposited amount, to ensure you’re closing the correct account.
In the Remarks section, state the reason for account closure and click on Confirm.
Enter the OTP received in your registered mobile number and click on Confirm.
Once confirmed, you’ll receive a message from SBI confirming the successful closure of your SBI FD account.
The amount from your closed FD account will be credited to your chosen bank account.

If you opt for auto liquidation, the entire FD amount will be credited to your linked bank account upon maturity.

Breaking an FD in SBI Offline: Simple steps for branch visits

Visit a nearby SBI branch and request FD account closure.
Fill out a form provided by the bank for premature FD withdrawal, providing necessary details like your name, bank account number, and SBI FD account number.
Submit the signed form at the branch.
The bank will process your request for premature withdrawal of the FD amount.
Once the request is successfully processed, your SBI FD account will be closed.
The amount from the closed account will be credited to your bank savings account.

If it’s a joint account, ensure all depositors sign the necessary documents. Submit the required paperwork, including your FD account number and savings account details, to initiate the process.

What happens to your SBI FD account when it matures?

When your SBI FD account reaches its maturity date and you don’t withdraw the funds:

The bank will transfer the entire amount to your linked savings account on the due date closing your FD account.
Alternatively, the bank can automatically renew your FD for another year or the original duration you initially selected.
If you choose the interest reinvestment option, the bank will reinvest the interest earned on your SBI FD for your selected original term. The remaining principal amount will be credited to your savings account.

FAQs

Can I break my SBI FD before maturity?

Yes, you can break your SBI FD before maturity. You can do it online or by visiting a branch.

Is there any penalty for closing an SBI FD account prematurely?

Yes, there might be penalties or reduced interest rates for closing an SBI FD account prematurely. The exact penalty amount and conditions can vary, so check the terms and conditions provided by the bank.

Can I close a joint SBI FD account online?

Yes, you can close a joint SBI FD account online. However, all depositors must give consent and sign the necessary documents for closure.

Got any questions or point of view on our article? We would love to hear from you. Write to our Editor-in-Chief Jhumur Ghosh at [email protected]

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