FD Premature Withdrawal Penalty Calculator HDFC

Banks and other non-banking financial institutions offer fixed Deposits. The amount that you put in the account will allow you to earn pre-determined interests for a given period. However, in case of premature withdrawals, the bank will require us to pay a penalty fee for breaking the deposit.

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An Overview

The FD Premature Withdrawal Penalty Calculator HDFC is an excellent way of calculating the penalty fee that you will owe to the bank. The fee can range from 0.5% to 1%. 

Most of the fixed deposit accounts come with a premature withdrawal. This entails that you are allowed to make a partial withdrawal before it reaches maturity. However, it's noteworthy to mention that you will need to pay the required penalty fee specified by the bank. 

In this case, Premature Withdrawal Penalty Calculator HDFC can assist you in understanding the costs that will be levied. So, you will need to conduct thorough research of the terms of the account. 

How Does HDFC FD Premature Withdrawal Penalty Calculator Work?

You will need to understand the process of the closure of your fixed deposit. In this regard, the first step you can take is simply to request the bank. Upon the receipt of the request, the bank will initiate the termination of the term. 

Furthermore, we will need to bear in mind that the closure interest rate will be lower than the base rate. This will, however, apply to deposits that are lesser than Rs 1 crore. In addition to that, the bank will charge you a penalty fee for partial withdrawals as well as the sweep-ins. 

In addition, the HDFC bank charges you a fee of 1% that is applicable on the base rate. However, if the partial withdrawal is being made within 7-14 days, the penalty may be waived. 

For example,

If you have an FD account with Rs 2 lakh for one year, and suppose the interest rate at that time was fixed at 6%. However, to meet a financial obligation, you break the FD after six months. In this case, you will be offered the interest rate applicable in these six months, not the one you were contracted to receive. 

You will need to fill in the required information on the FD Premature Withdrawal Penalty Calculator HDFC, and it will do the necessary calculations for you. 

You May Also Like: HDFC Bank FD Rates

How Can it Help?

FD Premature Withdrawal Penalty Calculator HDFC offers you an easy and elegant option to calculate your interest and penalties. Just in case you're considering a partial withdrawal, the tool will be instrumental. 

We can fill in the required information, and the FD Premature Withdrawal Penalty Calculator HDFC will handle the rest. The tool is very convenient, and we don't have to indulge in complex calculations.

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Written By: PolicyBazaar - Updated: 14 July 2021
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