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Premature Withdrawal of FD: How interest is calculated and how you will be charged
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Fixed deposits are not only limited to risk-averse and conservative investors but are also one of the most preferred investments and saving tools preferred by all in India. Bank FDs are widely accepted due to their safe and secure nature. They also offer a cumulative option, instead of the regular or interest payment options, along with relatively low risk and fixed returns.
Industry experts say FDs could be used by an investor when in need of emergency funds, as Bank FDs offer a wide range of tenures to choose from, ranging from 7 days to up to 10 years, and the main advantage is liquidity. One can opt for easy premature withdrawal from one’s FDs, however, often this comes with a penalty.
There are 2 types of accounts that you can choose
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