BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Principal
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Rate of interest
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Minimum deposit amount
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Maturity amount
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Detailed explanation-1: -Penalties: In case of premature withdrawal, the investor has to pay a certain amount as a penalty to the bank. The amount charged by the bank as a penalty is generally from 0.50 % to 1.00 % of the interest.
Detailed explanation-2: -A 1% penalty will also be levied by the bank for premature withdrawal recurring deposit. The interest rates offered by banks vary as per bank stipulations. However, some banks would reduce the interest rate by 1% to 2% for the period during which the deposit remained in the bank in case of premature withdrawal.
Detailed explanation-3: -Yes Bank penalty on FD premature withdrawal A 0.50 percent penalty will be imposed if the FD was closed in fewer than 181 days. If your tenure is 182 days or more, you will face a 0.75 percent penalty.
Detailed explanation-4: -Does Bank of India allow Premature withdrawals? All Bank of India FDs can be withdrawn prematurely. The bank charges a penalty of 0.5% for withdrawal of deposits below INR 5 lakhs before the completion of 12 months.