How To Close FD in Axis Bank Online & Offline?

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Fixed Deposits are one of the most popular and safest means of investment among risk-averse individuals. During a financial crisis, it becomes a compulsion to close a fixed deposit by making a premature withdrawal. In this regard, liquidating a fixed deposit with Axis Bank is simple and convenient. You can close an Axis Bank FD via multiple channels such as Internet banking, offline and mobile (app) banking. Let’s read along to get more insights on how to close FD in Axis Bank online and offline.

Table of Contents

How to Close FD in Axis Bank FD?

Now, closing an Axis Bank FD is no longer a hassle, you can break your fixed deposit right from the convenience of your smartphone from any part of the country through their mobile banking (app) channel.

Let us understand each method of FD closure one after the other.

1. Internet Banking

Here is the step-by-step guide to close your Axis Bank fixed deposit through Internet Banking.

Step 1: Log in to the Axis Bank net banking portal using your credentials.
Step 2: Go to the ‘Service’ tab and click on “Close/Partially Withdraw FD”.
Step 3: From the interface, choose the type of fixed deposit account you are willing to close.
Step 4: Enter your Net Secure Code and click on “Submit”.

The bank will process your request for premature FD withdrawal/closure immediately, and you can expect your FD amount in your savings account within a few minutes.

2. Offline Mode

You can close your fixed deposit or make premature withdrawals by visiting your nearest Axis Bank Branch with your photo ID proof. Just approach a bank executive and specify to him/her that you want to withdraw your fixed deposit prematurely.

The bank executive will then ask you to fill out an FD account closure form and guide you through the remaining steps.

3. Axis Bank Mobile Banking App

Below are the steps guiding you on closing FD in the Axis Bank mobile app.

Step 1: Log in to the Axis Mobile mobile banking app using your MPIN.
Step 2: Tap on the “FD/RD” menu.
Step 3: From the interface, select “FD” and then choose the type of fixed deposit account you are willing to close and click on “Continue”.
Step 4: Enter your MPIN and submit.

The bank will transfer the FD investment value to your savings account upon successful closure.

FD Closure on Maturity

The maturity period of a fixed deposit starts from a minimum of 7 days to a maximum of 10 years. Depositors can select their tenure based on their requirements, and upon its maturity, they can liquidate the entire FD investment value. This can be done in two ways: online and offline. If you have availed your FD through internet banking, things get much simpler. Here’s what you need to do:

Simply log in to your bank’s net banking portal.
Then navigate to the FD section and check the status of the FD you want to close.
You will find options for closure or renewal on or after the maturity date.
Simply close your FD.

On the other hand, depositors who have opened their FD physically can liquidate the same by visiting their branch along with their FD certificate, ID proof and other documents. At Axis Bank, a representative might ask them to fill out an account closure form.

This is how you can transfer the maturity value to your linked savings account.

Things to Remember Before Closing FD Account

There are several points to consider before making a premature withdrawal from your FD account, which are as follows.

Penalty Calculation
Instead of closing the fixed deposit right away, you should consider the calculation of penalty charges beforehand. For this, you can directly call your relationship manager and ask him/her about the penalty charges.
Interest Loss
In most cases, banks penalise account holders by not providing the actual amount of interest earned from an FD investment. Hence, consider the loss of interest and look for a better alternative than simply breaking the FD.
Laddering Technique
It is one of the strategic techniques of investing in an FD, in which the investor divides the sum into multiple FDs instead of making a single FD. In that way, an investor can break one or two FDs, bearing less loss on interest and penalty charges even when an urgent fund is required.

Conclusion

Hopefully, by now, you have got some clarity on how to close FD in Axis Bank online and offline. You can easily break your Axis Bank FD following the above-discussed procedures. Consider a few things before going for a premature withdrawal, such as penalty calculation and interest loss, and look for better alternatives than closing an FD account.

FAQs

Is there any extra fee if I close my FD online?

There is no extra fee or penalties for breaking fixed deposits online. The penalty or the loss of interest will be the same irrespective of the fact that you are breaking your FD offline or online.

How long does it take to prematurely close an FD account?

The time taken depends on the mode you opt to close your FD. If you are closing your FD through offline mode, it can take a maximum time of 20 to 30 minutes. If you are closing your FD through an online mode, the bank will process your request instantly if you made the request between 8 AM and 8 PM. Otherwise, the bank will process in the next opening hour, i.e. 8 AM.

After closure, how long does it take for the funds to get credited to my savings account?

Once the request of premature withdrawal/closure is processed by the bank, the funds will get credited to the linked savings account instantly.

How to close tax saver fd in Axis Bank?

You can close an Axis Bank tax-saver FD similarly, just like a regular FD. It comes with a lock-in period of 5 years; hence, premature withdrawals are not allowed before maturity.

How do you get Axis Bank fixed deposit advice through Internet banking?

To get FD advice from Axis Bank, simply login to its Internet Banking Portal and select the type of FD account you prefer. Next, click on the “FD advice” tab. You will get all expert advice in a downloaded PDF format.