How can I withdraw money from fixed deposit
You deposit the money in a fixed amount in a single instance in fixed deposits. This is the reason for the name given to this investment instrument, what is a fixed deposit. However, the investors can choose the amount of money they want to deposit while opening their FD account. They can withdraw these funds both before and after the duration of the maturity period.
The procedure of withdrawing money from a fixed deposit
If you want to withdraw your money from the FD account, follow the steps mentioned below. There are multiple ways of withdrawing money from an FD. Choose the method which you find convenient enough for you.
Online withdrawal
The steps to withdraw your FD online are as follows.
Step 1: Visit the firm's website
Firstly, you will have to go to the website or app of the financial firm with which you opened what is fixed deposit account. Then, you will have to submit the FD certificate or any other such document as the firm provides.
Step 2: Fill out the account closing form
You then have to fill up a closing account form. It is formal approval from your side that the account can be closed after the maturity period.
Step 3: Provide bank account details
Usually, banks or non-banking financial companies (NBFC) ask you to mention your bank account details while opening the fixed deposit account. If not, then provide the same with a photocopy of your bank account passbook now. You will be receiving the money in this bank account.
Step 4: Receive your moneyÂ
Finally, your due amount gets transferred to your bank account. On successful verification and confirmation, the firm processes the transaction in a few days. Firms such as Shriram City Union Finance take only a couple of hours to transfer the money. They have a proper online portal to apply for the withdrawal, making it a straightforward procedure.Â
Offline methodÂ
You can also withdraw what is fixed deposit amount from your FD account offline. Here are the steps to do it.
1. Get the withdrawal form from the firm's website or visit a branch office and ask for it.
2. Carefully fill out the form. Mention all the relevant information, including both your personal and bank details.
3. Submit the documents your firm may ask you for.
As soon as your request gets processed, you shall receive the funds in your bank account. Remember one thing here. You may have to pay a penalty if you withdraw the money before the maturity date. So always make sure you open an FD with firms like Shriram City that provide non-cumulative or sweep-in FDs. Here you get regular payout options. Hence, you get back your funds (in parts) from time to time.