POSTED BY January 6, 2013 10:28 am COMMENTS (4)ON
/* Style Definitions */
mso-padding-alt:0in 5.4pt 0in 5.4pt;
mso-fareast-font-family:”Times New Roman”;
I have opened SBI ONLINE e TERM DEPOSIT ACCOUNT. Only for min tenture of 7 days On 3/1/2013. Maturity date 10/1/2013. When should I close my TDR Account on 10th jan or on 11 jan.? I have not opt auto renewal..
2021 © Jagoinvestor.com All Right Reserved
4 replies on this article “CLOSER OF SBI ONLINE e TERM DEPOSIT ACCOUNT.”
If auto renewal is not selected then maturity proceeds should get credited in the saving account.But my experience suggests to keep track whether it happens or not.
Few days back we have FD [nationalized bank] – with auto renewal instruction – was matured and it was expected that it should be renewed for the same period of 3 years..but I was surprised to find it renewed only for 180 days period with much minimum rate of interest….
Lady in the bank without having any expressions on her face told me that It was the “system” that renewed FD for 6 months instead of 3 years & we can’t do anything now.You can extend it now for 3 years but will receive interest rate correspond to 180 days for in between days…
Sometimes,I think that banks have enabled systems which can take auto-decisions in favor of them..
The FAQ says:
“The Special term deposit a/c will be automatically renewed at the time of maturity if you do not approach Branch for payment / renewal on maturity.”
SBI renews my FDs automatically. So best to approach them on 10/1 with an online request to close acc.,
As you have not opted for auto-renewal I believe the amount will be credited back to your SB account automatically after maturity. That’s how e-TDs work with majority of banks.
Also closing requests are handled only during 8 AM to 8 PM even if done online. Except for maturity amount credit, other questions are answered in the SBI FAQs – https://www.onlinesbi.com/personal/osbi_etdr_estdr_faq.html