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Fixed Deposit Withdrawal Rule: To curb rising inflation in the country, the Reserve Bank of India has increased the repo rate several times since May 2022. This has also affected the interest rates of the bank’s fixed deposit scheme and savings accounts. In such a situation, experts are currently advising to invest in FD scheme. If you are also planning to invest in FD scheme, then first of all know that in which bank’s FD scheme you will not have to pay any fee for premature withdrawal.
Premature withdrawal charges have to be paid in many banks
Investing in FD scheme is considered a risk free investment, but before investing in it, be sure to know about the premature withdrawal rules of banks. It is worth noting that the bank charges the customers for withdrawing money before a fixed period of investing in the FD scheme. This charge is decided according to different banks. State Bank of India, the country’s largest bank, charges 0.50 per cent penalty on FDs of Rs 5 lakh. At the same time, for a period of more than Rs 5 lakh, the bank charges a charge of up to 1%. Whereas HDFC Bank charges 1% on premature FD withdrawal.
Punjab National Bank Easy Term Deposit Scheme
Punjab National Bank charges 1% interest on premature withdrawal from FD scheme, but you will not have to pay any fee for premature withdrawal of deposits under the easy FD scheme.
Know about premature withdrawal of PNB easy term deposit scheme-
Anyone above 10 years can invest in PNB Sugam Term Deposit Scheme. Under this scheme, you can invest a minimum amount of Rs 10,000 and a maximum amount of Rs 100 crore. Under this FD scheme, if you withdraw the deposit prematurely, then you will have to somehow, No penalty will have to be paid. The rate of interest on the investment amount under this scheme depends on the period and amount of your investment.
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