Fixed Deposit: Money can be withdrawn in FD even before time, just have to do this

Many people prefer to invest in bank FDs. Some people need money in an emergency, but due to a lack of knowledge of the rules, they are unable to withdraw their money from FD. Today we are going to give you information about how you can withdraw money from bank FD in an emergency.

For this, you have to take care of some things. You have to pay some penalty for withdrawing money from the FD scheme before the completion of maturity. This type of facility is being provided by many banks. Lenders will usually have to pay a penalty of 0.5 to 3 percent for premature withdrawal of bank FDs.

Penalty may vary from bank to bank. A penalty of 0.50 percent is imposed by SBI on premature withdrawal of money from FDs up to Rs 5 lakh.

PC:business today