Hi,
I invested in an FD in SBI Bank for 5 years. The Bank Manager insisted that I create the FD online but I was reluctant as I saw some statement in the website “Pre-mature closure of e-TDR/e-STDR under tax saving scheme is not allowed during the lock-in period. ” So I was wondering if I did it through them, then I would have an option to break my FD if needed.
On asking the Bank Manager concerning this, she said FD’s created either online or otherwise for tax saving purpose cannot be broken at all. I was little taken back cos I was thinking all the while that I could break those 5 year FD’s in case of emergency. Is what the Bank Manager said true?