Penalty on premature withdrawal of bank fd
This query is : Resolved
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.
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.
05 August 2017
I am losing my principal amount by 1% and 18%gst on it in just 4 days.
05 August 2017
Banks do have such policies.lease go through their website for penalty details and whether penalty is proper
05 August 2017
Almost all banks have such policies on prematurely closed FDs
06 August 2017
please check the application form when you deposited the money with Central Bank
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.
As shown on central bank of india site.
But i have made 10 fd receipts of ₹1 lakh.
06 August 2017
In that case, write a mail to the branch and follow up for reversal of such charges
06 August 2017
what are you saying of GST 18% ? is it charged by the bank on premature withdrawal?
06 August 2017
18 % gst on penalty charges.
06 August 2017
so? how much is the GST?
08 August 2017
18 percent on penalty charges
08 August 2017
that is ok......it is as per the Act.
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