How to Close FD in BOB – Online and Offline Process

Fixed deposits are one of the safest means of investment. However, there are times when we need to break our FDs before maturity. It can be due to several circumstances like financial emergencies or to switch to a better investment option. In such cases, premature FD withdrawal or breaking an FD can often seem troublesome.
At the Bank of Baroda, the opening or closure process of an FD account is quite simple. Here in this article, we have discussed how to close FD in BOB online or offline and other relevant details that you need to know. 

How to Close FD in BOB?

You can prematurely withdraw or break Bank of Baroda fixed deposit both in an online mode and offline i.e. by visiting the branch in person.

How to Close FD in BOB Online

Here are the steps on how to break FD in BOB online. You can either use Internet banking or the Bank of Baroda mobile application “BOB World” to do so. 

1. Internet banking

  • Step 1: Visit the BOB net banking portal and log in using your credentials.
  • Step 2: Navigate to the deposit section and choose the FD you are willing to close prematurely.
  • Step 3: There you will find an option to close or withdraw the selected FD. Click on it.
  • Step 4: You will receive an OTP, enter the same and your FD account will be closed. 

Then you will receive a notification in your registered number that your FD closure request has been processed successfully.

2. Mobile Banking App

You can also break your FD using the BOB World mobile app. Here are the steps you can follow:

  • Step 1: Download the BOB World application and sign up for BOB mobile banking.
  • Step 2: Select ‘Fixed Deposit’ and specify the type of FD you are willing to withdraw.
  • Step 3: Check the status of your FD. 
  • Step 4: Tap on the ‘Withdraw’ option. 
  • Step 5: The bank will send you an OTP. Enter the same and click on ‘Continue’.

Your funds will get credited to your savings account once the request is processed successfully. You have now successfully withdrawn your Bank of Baroda fixed deposit account before maturity.

How to Close FD in BOB Offline

Here is a step-by-step guide on how to break FD in BOB offline by visiting the bank branch.

  • Step 1: Visit your nearest Bank of Baroda branch along with your Identity and Address Proof documents.
  • Step 2: Approach a bank representative and obtain a fixed deposit account closure form.
  • Step 3: Fill in basic details like your FD account number, your bank account number and your particulars. 
  • Step 4: Submit the form. 

Once you go through the above steps, the banker will provide you with an acknowledgement receipt. Soon your funds will be credited to your savings/current bank account. 

Bank of Baroda FD Closure on Maturity

Bank of Baroda offers a wide range of FD schemes with a flexible maturity tenure, ranging from a minimum of 7 days to a maximum duration of 10 years. BOB FD schemes are one of the easiest and safest means of investment available in the market. The FD schemes offered by the Bank of Baroda are also widely popular for their convenient booking and closure procedures. 

Usually, banks deal with matured FDs in two ways, which are:

  1. The entire FD amount, including the principal and the interest amount, will get liquidated and credited to the linked savings/current bank account of the depositor. 
  2. The deposit amount gets automatically renewed for a term of one year or based on the tenure set by the account holder.

If you are looking forward to closing your BOB fixed deposit on maturity, here is how you can proceed offline. 

  1. Simply visit your nearest Bank of Baroda Branch along with your FD receipts and ID proof.
  2. Obtain an FD account closing form and fill it up carefully with all the details such as FD account number, savings account number, name etc.
  3. Then submit the same along with your ID proof copy.
  4. Upon verification, the banker will provide you with an acknowledgement receipt and soon your FD balance will be reflected in your savings account.

Similarly, you can withdraw your fixed deposit account online upon maturity. Let’s find out how. 

  1. Simply log in to your BOB net banking account using your credentials. 
  2. Navigate to the fixed deposit section and choose the deposit you want to close. 
  3. Click on ‘Withdraw’. You will receive an OTP for verification. 
  4. Enter the same and you have successfully closed your FD. Soon your FD balance will be reflected in your savings account.

Things to Remember Before Closing BOB FD Account

Here are some of the key points to remember while closing your Bank of Baroda FD account.

1. Interest Loss

 If you close your FD before the stipulated maturity date, there is quite a huge chunk of interest you might end up losing especially if the amount is sizable. Hence, it is in your best interest to calculate the loss of interest beforehand and plan your finances accordingly.

2. Calculation of Penalty Charges

Before closing your fixed deposit prematurely, you must always calculate the penalty charges. Bank of Baroda charges a penalty of 1% on the contracted rate of interest.

3. Laddering Technique

It is one of the popular techniques prevalent among investors, in which the account holder instead of booking a single FD creates multiple FD accounts with smaller amounts. It enables them to break one of the multiple FDs while the other FDs keep generating returns and preventing a large amount of interest loss. However, this technique has to be implemented at the time of application.


Hopefully, by now we have got some clarity on how to close FD in BOB online or in an offline mode. Apart from the withdrawal procedure, there are also certain key points which one must keep in mind while going for a premature withdrawal. These are loss of interest, calculation of penalty charges or exploring other alternatives.

Moreover, the bank does not offer a premature withdrawal facility for all types of FD schemes. The Bank of Baroda Tax saver FD comes with a lock-in period of 5 years, allowing no premature withdrawals before maturity.

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