05 August 2017
I have made one year term fd of ₹10 lakh in central bank of india on 01/08/2017. As urgent need of money, i withdraw this amount on 05/08/2017. But bank charging me ₹10,000 as penal interest at 1% for premature withdrawal. Is it logical to charge this? Pkease reply. Thanks.
06 August 2017
Payment before maturity will be available as per the prevailing rules. (1) Penal Interest @1% will be charged on premature withdrawal of FDR deposit of above Rs. 5 lac. (2) Upto Rs. 5 lac, no penal interest is charged on premature withdrawal of FDR deposit.
As shown on central bank of india site. But i have made 10 fd receipts of ₹1 lakh.
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