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Can fixed deposits be closed prematurely?

April 26, 2017closed deposits fixed prematurely

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Can fixed deposits be closed prematurely?

3 Answers

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• NRE & FCNR fixed deposits with the bank can be closed prematurely. No interest is payable if the deposit is not kept with the bank for a minimum period of one year. If the deposit is kept for one year or above, interest will be paid at the rate applicable for the period for which it has run.

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NRE & FCNR fixed deposits can be closed prematurely. No interest is payable if the deposit is not with the bank for a minimum period of one year. If the deposit is kept for over one year, interest will be paid at the rate applicable for the period for which it has run, less a penalty of 1%.

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A10. NRE & FCNR fixed deposits with the bank can be closed prematurely. No penalty is levied after the minimum period of 1 year, for the amounts upto Rs.5.00 lacs or equi. of USD 10,000/-.However, Premature withdrawal permissible subject to 1% penal interest, after the minimum period of 1 year, for the amounts ABOVE Rs.5.00 lacs or equivalent of USD 10,000/-.