I want to withdraw my fixed deposit. How should I proceed?
When FD matures, you can do two things, either withdraw it or reinvest it. Now since you have decided to withdraw it, I think you should consider what instructions you had given the bank. What I’m saying is, banks give you an option to either auto-withdraw (in your savings account) or you will have to go and put in the FD withdrawal request.
Online FD withdrawal:
You can simply go to the net banking or mobile app of your bank and look for deposits/savings options. There, locate your FD account and look for the matured fixed deposit. You will find the closure option, confirm the request.
Post confirmation, you will receive the maturity amount in your account within a few hours (it could be minutes too).
Offline Withdrawal
The next option is offline withdrawal. You will have to visit the bank branch for it. Don’t forget to carry your fixed deposit receipt along. Fill out the FD withdrawal form and submit the signed copy. After submitting the request, it should take about 24 hours for bank to credit your FD maturity amount.
If you have earned an interest of over Rs. 40000, don’t forget to submit Form 15G/15H to avoid TDS.
There are two ways to claim FD after maturity. You can either visit your bank branch and put in a request to withdraw FD amount or you can do the whole process online.
I will tell you both ways for you to figure out how to withdraw money from fixed deposit after maturity.
Offline withdrawal
If you wish to withdraw FD after maturity offline, this is what you need to do:
- Go to the bank branch with your FD certificate. This certificate is issued to you at the time of opening a fixed deposit account with the bank.
- Now ask for the FD maturity withdrawal form and fill out all the details.
- Submit both FD claim form and FD certificate to the bank.
- After verifying these details, the bank will credit the maturity amount, i..e principal and interest amount cumulatively in your bank account.
Online withdrawal
If you had opened your fixed deposit account online, the FD withdrawal process can be finished online.
Login to your net banking using customer id and password. Go to the deposits tab and select Fixed deposit. Generally, there is an option to either withdraw or auto renew your fixed deposit. Select your preferred option and within a few minutes, you will get the amount in your account.