Existing SBI FD accountholders can close their SBI FD account online through two modes: net banking, and ‘Yono’ mobile app. Upon successful closure of the fixed deposit account, the maturity proceeds are credited to the source account. Closing an SBI FD online is a simple process and can be done in the following steps:
How To Close SBI FD Online Through Netbanking
Stated below are the steps to close SBI FD online through net banking:
Step 1: Login to SBI Net Banking (onlinesbi.sbi)
Step 2: Go to the ‘Deposit & Investment’ Tab and click on Fixed Deposit (e-TDR/e-STDR).
Step 3: Click on the type of fixed deposit you want to close and tap on ‘Proceed’
Step 4: Click on ‘Close A/c prematurely’
Step 5: Click on the FD account number you want to close.
Step 6: The maturity proceeds will be automatically transferred to the respective debit a/c from which your FD was originally funded at the time of its opening.
However, depositor should note that the FD can be closed instantly if the request is initiated between 8:00 a.m. to 8:00 p.m. The request initiated beyond this specified duration will be executed after the next opening hours i.e. 8:00 a.m.
How To Close Fixed Deposit Online Through Mobile Banking – Yono App
Listed below are the steps to close FD through the Yono App.
Step 1: Login to Yono SBI App
Step 2: Tap on ‘Deposit’ menu
Step 3: Click on ‘Fixed Deposit’
Step 4: Click on the FD account you want to close
Step 5: The deposit amount will be credited to your savings account
Comparison of Top 20 Scheduled Banks based on FD Rates
Banks | Highest FD rate (% p.a.) | 1-year FD rate (% p.a.) | 3-year FD rate (% p.a.) | 5-year FD rate (% p.a.) | Additional interest rate for senior citizens (% p.a.) |
| Unity Small Finance Bank | 9.00 | 7.85 | 8.15 | 8.15 | 0.50 |
| North East Small Finance Bank | 9.00 | 7.00 | 9.00 | 6.25 | 0.50 |
| Shivalik Small Finance Bank | 8.80 | 6.00 | 7.50 | 6.50 | 0.50 |
| Suryoday Small Finance Bank | 8.60 | 8.25 | 8.25 | 8.60 | 0.50 |
| Utkarsh Small Finance Bank | 8.50 | 8.00 | 8.50 | 7.75 | 0.60 |
| ESAF Small Finance Bank | 8.38 | 6.00 | 6.75 | 6.25 | 0.50 |
| Jana Small Finance Bank | 8.25 | 8.25 | 8.25 | 8.20 | 0.50 |
| Ujjivan Small Finance Bank | 8.25 | 8.25 | 7.20 | 7.20 | 0.50 |
| Equitas Small Finance Bank | 8.25 | 8.10 | 8.00 | 7.25 | 0.50-0.75 |
| SBM Bank | 8.25 | 7.05 | 7.30 | 7.75 | 0.50 |
| AU Small Finance Bank | 8.10 | 7.25 | 7.50 | 7.25 | 0.50 |
| DCB Bank | 8.05 | 7.10 | 8.05 | 8.05 | 0.50 |
| Bandhan Bank | 8.05 | 8.05 | 7.25 | 5.85 | 0.50-0.75 |
| RBL Bank | 8.00 | 7.50 | 7.50 | 7.10 | 0.50 |
| Induslnd Bank | 7.99 | 7.75 | 7.25 | 7.25 | 0.50 |
| IDFC First Bank | 7.90 | 6.50 | 6.80 | 6.75 | 0.50 |
| YES Bank | 7.75 | 7.25 | 7.25 | 7.25 | 0.50-0.75 |
| Central Bank of India | 7.50 | 6.85 | 7.00 | 6.75 | 0.50 |
| Punjab & Sind Bank | 7.45 | 6.30 | 6.00 | 6.00 | 6.00 |
| HDFC Bank | 7.40 | 6.60 | 7.00 | 7.00 | 0.50 |
How to Close SBI FD By Visiting the branch – Offline Alternative
SBI FD accountholders can also use the branch banking channel to close their FDs. They have to visit the SBI branch, fill out the FD closure form and submit the form it to the designated officer for FD closure.
Important Points to Remember Before Closing SBI FD
Prematurely closing a deposit account can attract penal charges of up to 1% on the fixed deposit interest rate. Therefore, before opening an FD account, the depositor should check the premature withdrawal penalty and the terms and conditions of account closure. For example, the non-callable FDs, tax-saving FDs (before the completion of their 5-year lock-in period) and SBI Amrit Kalash Deposit Scheme cannot be closed before their maturities.