Terms and Conditions of Closing Fixed Deposit account online

Here are the AxisBank Terms and Conditions of Closing Fixed Deposit account online

Terms and Conditions:

  • Premature Encashment: :
    • For Rupee Term Deposits of a contracted amount less than Rs 5 Crores opened/renewed on or after May 1, 2014 (including Flexi deposits), interest rate shall be 1.00% below the card rate, prevailing as on the date of deposit, as applicable for the period the deposit has remained with the bank or 1.00% below the contracted rate, whichever is lower. However, for Rupee Term Deposits closed within 14 days from the date of booking of the deposit interest rate shall be rate applicable for the period the deposit has remained with the bank or the contracted rate, whichever is lower.
    • For Rupee Term Deposits of a contracted amount of Rs 5 Crores and above, interest rate shall be 1% below the card rate prevailing as on the date of deposit, as applicable for the period the deposit has remained with the bank or 1% below the contracted rate, whichever is lower. This would also be applicable on Rupee Term Deposits closed within 14 days from the date of booking of the deposit.
      No interest will be paid if the NRE Deposit is prematurely withdrawn prior to completion of 1 year.
  • For NRE deposits up to Rs. 5 Crores closed pre-maturely post completion of 1 year,no pre-mature withdrawal penalty would be levied.
  • Request will be processed only if the FD/RD & savings account is under the same customer ID.
  • This facility is available on Internet Banking only to customers having a Single Ownership account status on Fixed Deposit.
  • On closure of the FD/RD the proceeds will be credited to the operative account as selected/mentioned.
  • In case of online premature closure of NRO deposit, the proceeds will be credited to the NRO account only.
  • Request submitted before 4 pm on weekdays & 2 pm on Saturday will be processed on the same working day.
  • Request submitted after 4 pm on weekdays & 2 pm on Saturday will be processed on the next working day.
  • If the closure request is submitted on a Sunday/ Bank Holiday, the request will be processed on the next business day.
  • Please view the Fixed Deposit summary page & check if there is any lien marked on the Fixed Deposit. If there is a lien marked on the Fixed Deposit, please note that the Fixed Deposit cannot be closed online. Please visit your nearest branch for the same.
  • This facility does not allow partial liquidation of the fixed deposit.
  • Premature closure of FCNR deposits is not available through internet banking. Please contact your nearest branch for the same.
  • Tax saver fixed deposits cannot be closed through the internet banking channel.
  • Flexi fixed deposit cannot be closed through Internet Banking Channel.
  • HUF and Sole proprietors will not be able to close FD/RD through Internet Banking. Please contact your nearest branch for the same.
  • In case of a deceased claim, kindly visit your nearest branch for closure of the FD/RD.
  • Axis Bank shall not be liable for your claims, if the details provided by you are incorrect / incomplete.
  • Post closure, the FD Advice / Receipt will be rendered null and void
  • Interest paid monthly/quarterly (applicable under NREMI and NREQI scheme) on NREFD would be deducted from principal amount if the NREFD is prematurely closed within a year.