Latest FD premature withdrawal charges 2024: SBI vs HDFC Bank vs ICICI Bank vs PNB vs Yes Bank vs Bank of India
What is premature withdrawal of fixed deposits?
Premature withdrawal of a fixed deposit refers to the withdrawal of the investment prior to its maturity date. Mostly a penalty is levied for premature or early withdrawal. The penalty is deducted from the final interest payment or redemption/refund amount.
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Here is a look at the penalty charges of SBI, HDFC Bank, ICICI Bank, PNB, Canara Bank, Bank of India and Yes Bank for premature withdrawal of FD. (Information as per banks’ websites as on November 20, 2024)
SBI penalty on FD premature withdrawal
According to the SBI website, «For term deposits up to Rs 5 lakh, the penalty for premature withdrawal will be 0.50% (all tenors). For term deposits above Rs 5 lakh, the applicable penalty will be 1% (all tenors). The interest shall be 0.50% or 1% below the rate applicable at the time of deposit for the period deposit remained with the Bank or 0.50% or 1% below the contracted rate, whichever is lower.”
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