Refund & Cancellation Policy

Toll Free Number: 180-022-6753

Premature Withdrawal

Premature withdrawal of Fixed Deposit before completion of 12 months from the date of deposit is permitted only due to death of the depositor, medical exigencies, educational expenses and such other reasons acceptable to SIDBI. However, premature withdrawal is not permitted in non-individual deposits prior to completion of 12 months from the date of deposits.

The terms and conditions governing premature withdrawal of Fixed Deposit are given below:

Premature Withdrawal	Rate of Interest
Before 6 months	No interest shall be paid
Between 6 months and 1 year	Interest rate not exceeding Savings Bank Rate (for scheduled Commercial Banks) / Rate as specified by RBI
After 1 year	One percent less than the rate prevailing as on the Date of Deposit applicable for the period for which the deposit has run.
Brokerage	For deposits received through brokers, the applicable Brokerage is paid upfront for the entire period of deposit to our authorized agent. In case of premature withdrawal of such deposits the brokerage will be payable for the period completed and excess brokerage paid will be recovered from the deposit amount.
Interest Recalculation	The interest shall be recalculated as indicated above. However TDS already deducted and paid shall not be recalculated. ➤ Non cumulative / Periodic Interest Payment Option deposits : The difference between the amount of interest already paid and the interest payable at the revised rate (as stipulated above) shall be recovered from the original deposit amount of the fixed deposit and the balance amount shall be paid to the depositor. ➤ Cumulative option : The maturity amount shall be recalculated on the revised rate of interest and the revised maturity value shall be paid. Premature withdrawal of the Fixed Deposit by the nominee(s) is not permitted.

The maturity proceeds after maturity/pre-mature withdrawal shall be credited to account number provided at the time of FD form submission. In case there is any change in beneficiary details, the FD depositor is requested to visit nearest SIDBI branch for updation of the same.