Are there any deductions when I prematurely withdraw my FD?
When you prematurely withdraw your FD using the Stable Money app, your invested amount is 100% safe.
In fact, you also earn interest on your investment. The interest calculation is explained with an example below:
Example:
If you booked a 2-year FD of ₹1 lakh at a rate of 8% but withdrew after 1 year, the interest rate applied will be the current rate for a 1-year FD at the time of withdrawal, which is usually lower than the original rate. Additionally, the bank charges a 1% penalty on premature withdrawals. This penalty is deducted only from the interest earned.
You can also write to us at help@stablemoney.in for further assistance.
To date, customers have seamlessly withdrawn more than ₹90 crores worth of FDs through the Stable Money app