Premature withdrawal is permitted provided the fixed deposit has completed more than 3 months from the date of issuance.
Premature withdrawal is possible subject to RBI regulations in this regard. Some of the conditions are -
(a) Up to 3 months from date of Deposit:
Withdrawal of the Deposit is not permitted except in case of death of the depositor.
(b) After 3 months but before 6 months from the date of the Deposit:
Withdrawal of the Deposit will be permitted; however, interest shall not be payable.
(c) After 6 months but before the date of maturity of the Deposit:
Withdrawal of the Deposit will be permitted. Interest shall be payable at a rate that is 2% lower than the rate specified at the time of opening the deposit.
Income tax wherever applicable will be deducted at source and remitted to the applicable tax authority by the Company on behalf of the depositor, before the premature withdrawal of deposit(s).
For initiating a premature withdrawal request, you can raise a query on wecare@bajajfinserv.in.
