How to Close Standard Chartered Bank Fixed Deposit Account?: Bank Fixed Deposit or Term Deposit is a deposit scheme where you can invest money in lump sum for a fixed pre-decided tenure at a given rate of interest. Standard Chartered Bank offers Fixed Deposit (FD) products of multiple tenures at competitive interest rates and with many other benefits like loan or overdraft facility against Fixed Deposit. It is usually seen that if someone opens a bank FD account, he/ she rarely closes it before maturity in order to achieve the financial objectives for which it was opened. Premature closure is not considered a good option as you bear financial loss if you close your FD before maturity.
Standard Chartered Bank (the “Bank”) is committed to maintaining a culture of the highest ethics and integrity, and in compliance with all applicable law, regulation and internal policy. As part of this commitment, the Bank has a ‘Speaking Up’ programme through which genuine concerns in. Standard Chartered Islamic Account - Fixed Deposit – 3 months Min Balance to Maintain-25K AED Monthly Fee-0 AED No Annual fees Apply for Islamic Account Online. Standard Chartered Bank Fixed deposit is amongst one such offering. However, it also deals with many other facilities such as flexible durations, choices between simple and compound interest, low deposit amounts and even auto-renewal facilities.Fixed deposit continues to.
However, still there could be multiple reasons to close a bank Fixed Deposit Account such as:
- Emergencies in the family
- Lower rate of interest
- Customer Service is not upto the mark
- Requirement of funds for purchase of some asset
- Bad Relationship with Bank Staff
- Better interest rate is being offered by other bank
- Better opportunity for investment
In order to close your Fixed Deposit Account, you may be interested to know how to close bank Fixed Deposit Account? It seems tedious but it's very easy to get your account closed, you just need to follow a few steps for the same.
Alternate Ways instead of Closing Bank Fixed Deposit Account of Standard Chartered Bank
- A loan against fixed deposits can help you manage finances without breaking your investment.
- Arrange the funds for emergency from your family, friends or relatives, if your FD maturity date is very close.
- Avail Personal Loan, in case it is financially viable option.
How to close Standard Chartered Bank Fixed Deposit Account?
If you have a Fixed Deposit Account with Standard Chartered Bank and interested to know how to close it then following are the steps will have to follow:
(1) Fill up the FD Account Closure Form or Fixed Deposit Liquidation form of Standard Chartered Bank In order to close Standard Chartered Bank FD account, the first step is to fill up an FD Account Closure Form. For this, you can visit your branch, get the FD account closure form and fill it up properly. After that you need to sign it and submit it to the branch manager/ officer-in-charge. Please note that if there is/ are any joint holder/s in your account, all need to sign the FD account closure form.
(2) Attach your KYC (Know Your Customer) DocumentsAll the holders of the account need to attach a copy of KYC documents i.e. a copy of PAN, which also serves as your proof of identity and a proof of address to the FD closure form. The account holders may also be asked to self attest these documents.
(3) Submit FD Certificate or FD ReceiptWhenever you apply for bank FD, the bank issues a deposit certificate or receipt as a proof of fixed deposit. It shows the details like FD amount, Tenure and Rate of Interest. You need to carry this certificate or receipt to close a fixed deposit. You need to submit FD certificate or receipt duly signed by all the account holders. The banker will verify the documents submitted by you and if he/ she finds all the things are correct then you are asked to withdraw the balance amount in your account. You may either take cash withdrawal or the bank issues a cheque/ DD in your favour or the amount can be transferred to another account.
If you follow above steps, you would be able to close your FD account in a hassle free manner. Banks generally send an email or SMS on your registered email id and mobile after your FD account is closed.
Important Points regarding Closing of Standard Chartered Bank Fixed Deposit Account
- For closing your FD account, you need to visit that branch of the bank where you had opened the account.
- Some of the banks offer FDs with minimum lock-in period which means that if you withdraw your FD before the lock-in period, no interest will be paid.
- On premature closure of Fixed Deposit, usually a penalty of 0.50% to 1% lower interest is levied. One will not get the original interest on FD amount for the entire tenure of the FD, but will be paid the lower interest rate less penalty for the period in which the FD was withdrawn.
- Any type of tax-saver FD cannot be withdrawn prematurely i.e. you cannot withdraw the amount before a lock in period of 5 years.
- Loan and Overdraft facility is not available against tax-saver FDs.
More Links Standard Chartered Bank
Standard Chartered Bank offers Fixed Deposit (FD) products of multiple tenures at competitive interest rates and with many other benefits like loan or overdraft facility against Fixed Deposit. It is very easy to open a Fixed Deposit Account in Standard Chartered Bank
Eligibility Criteria for opening Fixed Deposit Account in Standard Chartered Bank
Any individual, Minor, HUF, proprietary/ partnership firm, LLP, company, AOP, body of individuals (BOI), local authority, trust, NRI and registered society can invest in fixed deposits (FD).
Documents required for opening Fixed Deposit Account in Standard Chartered Bank
Following Documents are required for opening a Fixed Deposit Account
| Category | Documents Required |
|---|---|
| Individual, HUF, Proprietor |
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| Partnership Firm |
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| Trust |
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| Associations, Clubs |
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| Company |
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How to open Fixed Deposit Account in Standard Chartered Bank?
In order to open a Fixed Deposit Account in Standard Chartered Bank, you need to follow below mentioned steps:
(1) Personally Visit the Standard Chartered Bank BranchYou need to visit the Standard Chartered Bank branch in which you want to open your FD account. Glitter bingo.
(2) Fill up Fixed Deposit Account Opening Form (FD-AOF)Obtain the Fixed Deposit Account Opening Form and fill up all the necessary details of the customer's information and other details in the different sections given in the prescribed form like name, address, contact number, email id, PAN, type of account to be opened, nominee's name, etc. Free spins coin master.
(3) Fill up Fixed Deposit TenureYou need to mention FD tenure/ period/ or Term which ranges from 7 days to 10 years.
(4) Attach Cheque for Fixed DepositYou need to attach a cheque worth of that amount you wish to deposit for FD. Alternatively, you can also transfer that amount through net banking.
(5) Attach Required (Mandatory) Documents with the Account Opening Form (AOF)After completing filling up the account opening form, you need to attach KYC documents like PAN, Proof of Address & Proof of Identity.
Some banks make it mandatory to provide Permanent address and telephone number.
(6) Verification of Account Opening Form (AOF) & Other Documents by the BankerBanker will verify Account Opening Form (AOF) and other attached documents. If he is satisfied with these requirements, he will proceed further.
(7) Obtain acknowledgement slip of FD Account Opening Form from Standard Chartered BankOnce your documents are successfully verified, the banker will give you acknowledgement slip of FD Account Opening Form.
Important Points regarding Opening Fixed Deposit Account in Standard Chartered Bank
- Research and select the bank paying maximum rate of interest on Fixed Deposit for the FD tenure you require.
- Different Banks offer different rate of interest under Fixed Deposit Account.
- Select a nearby bank branch.
- Fill the account opening form in CAPITAL LETTERS using black ink.
- Countersign in case of any overwriting while filling up the account opening form.
- You must avail the nomination facility.
- Don't forget to take the original KYC documents with you for verification purpose.
- If your mailing address and permanent address are different, provide address proof documents for both.