How To Handle Your Fixed Deposit Through an Online Medium ?
Purpose of a savings account and services offered with it Fixed deposits are a preferred option for many people in India because it is considered as the safest option and also ensures guaranteed returns. Generally, the banks of India provide an interest rate ranging between 7.5% to 8.5% on fixed deposits. Traditionally, an investor has to visit the bank to manage the fixed deposits (for example, to open, to withdraw money or to close the account). But due to unforeseen conditions, like countrywide lockdown make it difficult for investors to visit the bank to manage the fixed deposits account. However, there are few banks, SBI, HDFC, Axis Bank, Indusind Bank and more, who have introduced online services for the same. Let’s understand how an individual can handle their fixed deposits account online:-
How to open Fixed deposits account online?
- Visit the NBCF or financial institution’s website
- Create a new login ID if you don’t have the existing ID. If you already have one then use the ID and password to log in.
- Once you have logged in then you should select the FD type.
- Here, enter all the required details like tenure, principal amount and nominee (if nominee facility is available on the FD type.)
- Check the details once before making the payments.
- Make a payment using a net banking option.
- At the end download the receipt.
The process the open the FD account vary from bank to bank. Websites may have different categories or heads under which you can find an option to open the FD account. For example:- In Axis Bank investors can find head which says “Open FD account”, whereas, on the website of State Bank of India, the investor will have to select a tab ‘Term Deposits’.
How to Close FD Online?
- To close the FD with SBI you need to perform the following steps:-
- Log in to SBI net banking using the registered User ID and password
- From the top select e-Fixed deposit option
- Click Proceed
- In the bar menu, you will find a tab called ‘Close A/C Prematurely’ click on it
- Select the FD account which you wish to close and then click Proceed
- A new page will open up which will have all the details related to your SBI FD rates, verify all the details
- In the Remarks field give the remarks and click on the button ‘Confirm’
- Enter a password which will be sent on the registered mobile number and the password will be treated as One Time Password (OTP)
- Once the message is sent on the mobile, a message will appear on the screen which will confirm that the FD account has been closed
2.Close HDFC FD account
Perform the following steps:-
- Visit the HDFC Bank website and using your credentials login to HDFC net banking
- From the sidebar menu select ‘Transact’
- After that click on ‘Liquidate Fixed Deposit’
- From the drop-down menu click on ‘Select An Account’, select the account which you want to click
- Now, you will have to select the type of account in which you want your amount to be disbursed
- After selecting the account type to accept the ‘I Accept Terms & Conditions’ and click “Continue’
- In a new webpage, verify all the details related to your FD account. It will have interest earned, penalty charged and etc
- Click Confirm
- In the end, a message will appear on a screen which says ‘FD Liquidation- Complete’.
- Once the amount is transferred, you will get a message on the registered mobile number
3. Close ICICI Bank FD account
Follow the given steps to close the ICICI Bank FD account:-
- Log in to your ICICI Bank net banking account.
- Open ‘Deposits’ in ‘My Accounts’ from the bar menu at the top of the webpage.
- Select ‘Service Requests’ from the side menu box
- Click on Close or Renew Fixed/Recurring Deposit.
- Fill the online form that will next appear on the screen.
- Provide savings A/C number in which FD amount will be credited
- Select whether you are closing on maturity or before the maturity date
- Select FD account number
- Provide either mobile no. or email-ID or both
- After completing all the fields, click on ‘Submit’.
- On the Request Confirmation page verify the details (check maturity amount and ICICI Bank FD rate at which interest is calculated) and enter One Time Password or OTP sent to your registered mobile number. Now click ‘Submit’ again.
Confirmation message shall be displayed on the screen. Check your savings account whether the amount is credited.
4. How to Close PNB FD Online?
Perform the following steps to close the FD online:-
- Visit the Punjab and National Bank website
- Log in to the net banking using the credentials
- Go to Manage Accounts Tab and Select ‘Premature FD Closure’ which can be found under the section ‘Open/Close Accounts’
- A new screen will be opened where you will have to select the Fixed Deposit account which has to be closed and the A/C number where the amount will be credited
- Click on ‘Continue’.
- After this, all the FD accounts will be displayed, so verify all the details
- Once you verify, click on ‘Yes’
- In a space provided for the password, enter the password and submit the same
- Once it is done successfully, a message will be displayed on the screen