Prematurity of FD:
Deposits will be repaid only on maturity, however as per the statute, no pre-mature withdrawal of deposits is allowed within a period of less than six months from the date of acceptance or renewal of such deposit.
For pre-mature withdrawal of deposits after the expiry of a period of six months from the date of such deposit, the Company will allow such withdrawal subject to reduction in rate of interest by 1% from the applicable rate of interest, for which tenure deposit remain invested with the Company.
For the above purpose broken period of less than six months will be ignored and six months and above will be considered as full year.
For such cases the Physical Deposit Receipt, must be discharged by all the joint holders along with a written request for pre-mature withdrawal signed by all of them. In case of Digital FDR, the Pre mature withdrawal request form duly signed by all Applicants is to be submitted.