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The Premature withdrawal of Retail Fixed Deposit is permissible. However, the interest will be paid at the rate prevailing on the date of deposit for the tenure the deposit remained with the bank or at the contracted rate, whichever is lower.
Further, the Bank will levy a penal charge from time to time for such premature withdrawals as prescribed below for Fixed Deposits booked/ renewed on or after 1st November, 2012.
|Tenure of Fixed Deposit
|Less than 181 days
|181 days and above
Interest on Fixed Deposit will be compounded at quarterly rests in case of reinvestment deposits subject to keeping the deposits with the Bank for a minimum tenor of 181 days and above.
For Fixed Deposits with tenure below 181 days, interest will be calculated at maturity as Simple Interest.