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Change in Interest Calculation on Premature Withdrawal
Effective 1st July 2026, we are changing how interest is calculated if you withdraw your Fixed Deposit (FD) or Recurring Deposit (RD) before maturity.
This change will apply only to FDs/RDs booked or renewed on or after 1st July 2026.
Your existing FDs/RDs will remain unaffected.
What is the change?
For all FDs and RDs booked or renewed on or after 1st July 2026, if you withdraw your deposit before maturity, interest will be calculated as follows:
• We will first identify the lower of:
(i) the interest rate at which you booked your FD/RD, and
(ii) the interest rate applicable, at the time of booking, for the actual period your deposit remained with the bank.
• We will then deduct the penalty, if applicable, from this rate
The resulting rate will be used to calculate your interest.
Illustrative Examples
Example 1
Interest rates as on 1st July 2026:
365 days – 6.50% p.a.; 500 days – 7.25% p.a.
You book an FD for 500 days, but withdraw it after 365 days:
The lower of the two rates (7.25% and 6.50%) applies → 6.50% p.a.
After a 1% penalty, you earn interest at 5.50% p.a.
Example 2
Interest rates as on 1st July 2026:
2 years – 7.25% p.a.; 5 years – 6.00% p.a.
You book an FD for 5 years, but withdraw it after 2 years:
The lower of the two rates (6.00% and 7.25%) applies → 6.00% p.a.
After a 1% penalty, you earn interest at 5.00% p.a.
Is it applicable to all customers?
Yes, this change will apply to all customers who book a new FD/RD or renew an existing one on or after 1st July 2026.
Impact on existing customers
There is no change to FDs/RDs booked before 1st July 2026. They will continue as per the original terms agreed upon at the time of booking.
Premature Closure Penalty
FD/RD if prematurely closed is subject to ‘Premature Closure Penalty’ as prescribed by the Bank on the date of deposit. This penalty is applicable on all FDs/RDs booked and/or renewed on or after May 2, 2019.
Currently, penalty for premature closure of FD/RD is 1%.
Exemptions (No penalty is applicable on premature closure of following deposits):
• Senior Citizen deposits (FDs below ₹3 Crore and RDs)
• Deposits closed due to death of account holder(s)
• Deposits of Government / Quasi-Government / Regulatory / Statutory bodies
• Sweep-out FDs offered on select accounts
• FCNR Deposits
• GIFT City Fixed Deposits
For any assistance or clarification, please contact us on 1800 10 888.
