BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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do not allow the same till maturity of the deposits
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charge a penalty for the same
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do not charge any penalty and allow the same
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All of the above
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Detailed explanation-1: -Penalty: You are liable to pay a penalty if you want to withdraw your FD before maturity. A bank usually charges anywhere between 0.50% to 1.00% of the interest as a penalty. The applicable penalty may change according to the discretion of the bank.
Detailed explanation-2: -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Detailed explanation-3: -All Bank of India FDs can be withdrawn prematurely.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. However, suppose the deposits below INR 5 lakhs are withdrawn after a tenure of 12 months. In that case, the Bank of India will not charge any penalty.
Detailed explanation-4: -HDFC Bank penalty on FD premature withdrawal According to HDFC Bank website, “For such premature withdrawals, including sweep-ins and partial withdrawals, the Bank will levy a penalty of 1%, on the applicable rate.