How to break FD in HDFC Bank?

HDFC Bank offers fixed deposit (FD) accounts with attractive interest rates and flexible repayment tenures. The bank allows you to close your fixed deposit account either on maturity or prematurely. This article will discuss how to break FD in HDFC Bank, including online and offline methods.

Closing an HDFC FD account on maturity

When your HDFC fixed deposit account reaches maturity, you can close it by visiting the branch where you opened it. To start the procedure, you must submit your fully discharged fixed deposit receipt one week before maturity. If the maturity date falls on a bank holiday, the deposit amount will be paid on the next working day. The deposit amount will be credited to your bank account through RTGS/NEFT or via an account payee cheque drawn on the first depositor.

Closing an HDFC FD before maturity (premature closure)

If you wish to close your HDFC fixed deposit account before maturity, follow the steps below:

How to break FD in HDFC Bank online?

1. Visit the official HDFC net banking portal.
2. Log into your account using your net banking credentials.
3. Click on the ‘Fixed Deposit’ menu on the left-hand side of the page.
4. Select the option ‘Liquidate Fixed Deposit’.
5. From the drop-down list, choose the FD account you wish to close.
6. Click on ‘Continue’.
7. Review the entered details and submit the request.

How to break FD in HDFC Bank offline?

If you opened your HDFC fixed deposit account directly at the bank, you need to visit the bank’s office to close your account prematurely. Follow the steps below:

1. Visit the HDFC Bank branch and obtain a premature withdrawal application form.
2. Complete the form with the necessary information, including your bank account details, FD number and name.
3. Submit the completed form to the bank.

Upon completion of the request, the funds will be credited to your savings account.

See also: How to break a fixed deposit in SBI?

Withdrawal upon maturity of FD

Upon maturity of your fixed deposit, you can withdraw the total amount or create another fixed deposit. If you withdraw the deposit upon maturity, you can do so online or by visiting the branch.

Online method

Login to HDFC Bank NetBanking, go to the ‘Fixed Deposits’ tab, and click ‘Withdrawal’. Your savings account will receive the money transfer. For joint accounts, online withdrawal is possible only if the mandate is updated.

Offline method

You could also go to a nearby branch and submit the deposit advice issued when the fixed deposit account opens. All account holders must sign the deposit advice.

Penalty for breaking a fixed deposit in HDFC Bank prematurely

HDFC Bank imposes a penalty for premature closure of fixed deposits. The interest rate for premature closure is lower than the contracted rate or the rate in effect during the time the deposit has been held by the bank, whichever is lower. The penalty is exempted for certain new FDs booked under specific rate slabs.

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