Fixed deposits are a safe way to save your money and get higher interest rates than regular savings accounts. Many people prefer to make a Fixed Deposit (FD) for a longer duration to get the most out of it with a higher interest rate amount at the end of the maturity date. But, for some reason, you may want to break the FD and get the money in your account. In this case, there are different rules, and you may not get the expected interest rate; considering you already know the cons of breaking FD early, we will see how to close FD in SBI online using your smartphone or computer.
Table of Contents
Things required to close FD in SBI online –
- Yono SBI App should be installed on your smartphone.
- SBI net banking User ID. If you forgot the user id, read how to recover the SBI userid.
- SBI netbanking password. If you forgot the password, read how to reset SBI net banking password.
How to close FD in SBI online?
- Using Yono App
- Using SBI net banking website
We will see each method in detail –
Method 1 – How to close FD in SBI online using YONO SBI App?
You can use the Yono App from your smartphone and easily close FD online.
- Download YONO SBI App on your smartphone.
- Open the app and allow required permissions.
- Log in with your User ID and password.
- Once you log in to the app, from the home page, tap on the Deposits option.
- Under the deposits section, you can now view your Fixed deposits with FD number and amount.
- Select the FD that you want to close by tapping on the number.
- Now, tap on the Close Deposit option from the bottom of the screen.
- You will receive OTP on your registered mobile number. Enter this OTP on the screen and tap on CONFIRM button.
- Your Fixed Deposit is now closed successfully.
- The FD amount and the accumulated interest rate will be credited to your saving account.
MUST READ – How to Change registered Mobile Number In SBI?
Method 2 – How to close FD in SBI online using Netbanking?
You can use the SBI internet banking any time and close your FD online by following these step-by-step instructions –
- Open SBI net banking website on your computer or smartphone – onlinesbi.com
- Enter your Username and password. Enter captcha code and click on the LOGIN button.
- You will now receive OTP on your registered mobile number. Enter this OTP and click on CONFIRM button.
- From the main homepage, click on the “Fixed Deposit” option from the main menu.
- From the new page, select the type of Fixed Account that you have created.
- Then click on the “Close Account prematurely” option.
- Select the account number that you have to close and click on the Close option.
- Enter the Remark and click on Confirm button.
- Now, you have closed the fixed deposit account. You will receive a message on the screen about the same.
Note - If your account has an auto DEBIT SWEEP facility, also known as MOD facility, then such type of FD cannot be closed online. However, you will get the money in your saving account whenever the account balance falls below Rs.25,000.
the answer to How to close FD in SBI online is very simple as we have explained in this article. Using your phone, you can close FD in SBI online, and no need to visit the branch to get your money. Let us know if you have any doubts/queries regarding the information provided in this article.
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