Bank FD news: Important information has come out for those who have Fixed Deposit (FD) in SBI, HDFC, and PNB. After opening FD in these banks, if for any reason you have to break it before time, then you will be charged a penalty. Also, know that now the rate of penalty related to pre-withdrawal from FD (Pre-closer penalty on FD) has increased.

This new rule can be no less than a big shock for bank customers. Now the interest rate you get on premature withdrawal of FD will be reduced, and this reduction can further increase the loss of your investment. To avoid this change, customers will now have to be more careful.

Effect of repo rate on interest rate -

After the cut in repo rate by 0.25 percent in the monetary policy meeting of RBI for the year 2025, the possibility of a reduction in FD interest rates along with various loans has increased. Although the customer benefits from the reduction in loan interest rates, the reduction in FD interest rates results in less benefit in returns and results in loss.

Due to this change, many FD investors may consider withdrawing their current plan prematurely and re-investing in a new, long-term plan. This may be an opportunity for investors before the banks revise the interest rates so that they can take advantage of the current rates and get better returns.

This much penalty will have to be paid on pre-mature withdrawal -

FD investors should keep in mind that banks can charge a penalty from the customer as a penalty for pre-mature withdrawal (penalty on FD closer), which may cause them loss (FD tudwane ke nuksan). This penalty can be waived only under certain conditions, such as investing in the same bank for a long period. Investors should first get complete information about their bank's terms, financial structure, and interest rate on premature withdrawal so that the right decision can be taken.

Premature withdrawal charges on bank FD -

All banks charge different fees on premature withdrawal of fixed deposits, which usually range from 0.5 percent to 1 percent (precloser FD penalty interest rates). This penalty is also applicable to premature withdrawal in the case of the State Bank of India, Punjab National Bank, and HDFC Bank. The fee may vary in these banks depending on the conditions and interest rates before withdrawal. Investors should take steps like breaking FD (Disadvantages of breaking FD) only after understanding the policies of these banks.

This is the rule in SBI and PNB -

In the State Bank of India, a penalty of 0.50 percent is fixed for premature withdrawal on fixed deposits up to Rs 5 lakh, while a penalty of 1 percent (term-deposit pre-closer charge) is levied on term deposits above Rs 5 lakh. Apart from this, in Punjab National Bank (PNB FD precloser charges) also, the interest rate on premature withdrawal is reduced by 0.5 percent or 1 percent. This rule forces customers to get interest less than the predetermined interest rate.

Penalty on HDFC Bank FD -

On premature withdrawal in HDFC Bank, customers get 1 percent less than the previously fixed interest rate. As per the rule applicable on pre-mature withdrawal in HDFC Bank (HDFC bank FD precloser charges) from July 2023, the interest rate will be 1 percent less. This rate will be determined based on the date of deposit and will depend on the period of deposit in the bank. Sweep-in and partial withdrawals will also come under the purview of this rule, due to which customers will get less interest.

This much penalty will be levied on PNB pre-mature withdrawal -

A 1 percent fee is charged for premature withdrawal of money from Punjab National Bank FD. However, if you close the old FD and open a new FD (PNB FD pre-closer charges) scheme in the same bank, then there is no penalty. But keep in mind that the tenure of the new FD (FD rules in PNB) should be more than the previously closed FD. This rule allows customers to increase the benefit of their amount without paying penalty.

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