Topic: Can we withdraw money from a fixed deposit before its maturity?

Please advise

Yes, you might be able to withdraw money before the maturity. If you are a senior citizen, some FDs might allow you a partial withdrawal based on need.
However, there will be some fines or penalties. Also, if you invested in an fixed depsosit in India to avail of section 80c benefits, then there could be additional complications because the money is locked in for 5 years.
Speak to your bank about which deposit you have and try and minimize your penalties.

premature withdrawal of fixed deposit

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FD made of 12 months and like to withdraw after five months. what will happen to interest for 5 months

tarsemsiddhu wrote:Please advise

Hi,
Yes you can withdraw the funds from FDs before maturity. However, the banks generally charge a penal rate of interest. Have a read of the following article which explains the best way to make FDs and reap the maximum benefits out of a FD:

http://insight.banyanfa.com/?p=103

Regards
BFA

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