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NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY INTERNAL PROCESS MANAGEMENT DEPARTMENT OFFICE OF AFFIRMATIVE ACTION NJEDA WEB www.njeda.com/affirmativeaction NJEDA EMAIL affirmativeaction njeda.com NJEDA.

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A term deposit is a legal contract between you and the financial institution for the higher interest rate, so by withdrawing your money early, you are breaking the contract. This means you would have received a higher interest rate than you were entitled to.

Banks allow you to withdraw the fixed deposit amount prematurely or upon maturity. However, partial withdrawal before maturity is not allowed if the account is a Tax Saver/Non-Withdrawable Fixed Deposit.

Can I withdraw money from a fixed deposit before maturity? A. Yes, you can prematurely withdraw from a fixed deposit by paying the penalty in most cases.

In case of FD withdrawal prematurely, the investor has to pay the penalty before a minimum term has elapsed. These penalties can range from 0.50% to 2%, varying from bank to bank. Penalties vary ing to bank policies.

Penalties: In case of premature withdrawal, the investor has to pay a certain amount as a penalty to the bank. The amount charged by the bank as a penalty is generally from 0.50 % to 1.00 % of the interest. The penalty may change over time as and when the bank decides to update its policies.

How many Types of Term Deposits? Company Deposits: Company Fixed Deposits are offered by Financial and Non-Banking financial companies (NBFCs). ... Senior Citizen Term Deposits: Offers a higher interest rate than other Term Deposits for 60+ aged people. ... NRI Term Deposits: ... Tax-Saving Term Deposits:

Fixed deposits, with a premature withdrawal facility, allow the depositor to close the FD before the date of maturity arrives. This comes as a relief in times of cash crunch. However, a certain amount may be required to be paid by the depositor as a penalty to the bank. This usually ranges between 0.5% and 1%.

You can break your Fixed Deposit prematurely in case of a personal emergency or for any other business/personal requirement. If you break the deposit prematurely, the bank charges a penalty.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232