How to Withdraw a Fixed Deposit from a Corporate?

Are you looking to build a balanced investment portfolio in 2022? Invest in a Fixed Deposit (FD) with an NBFC (Non-Banking Financial Company) like Shriram because it offers one of the highest interest rates of up to 8.75% for a fixed deposit account. Besides, the Shriram FD withdrawal process is quick and seamless to help investors use their maturity amount according to their financial goals. This article will help you understand how to withdraw a corporate fixed deposit without any hassles.

A fixed deposit is the best investment option for investors who want to build a well-balanced investment portfolio as it helps investors get excellent and stable returns at zero risk. This investment even allows investors to withdraw guaranteed returns at maturity as the interest rates are resistant to market risks. Besides, NBFCs (Non-Banking Financial Companies) in 2022 are offering increased interest rates on fixed deposit accounts to match the interest rates offered by other investment options in the market.

How to Withdraw an FD from a Corporate?

Whether withdrawing before or after maturity, fixed deposit withdrawals from a corporate are effortless. With increasing internet users, most FD withdrawal processes have migrated online to make the process easier for investors. However, you can also visit NBFC branches to complete your FD withdrawal process swiftly. Let’s take a detailed look at how to withdraw a fixed deposit from a corporate.

How to Withdraw Corporate Fixed Deposit Before Maturity?

Withdrawing a corporate fixed deposit before maturity means breaking a fixed deposit. Breaking a fixed deposit before maturity is less beneficial and will incur a penalty from the NBFC. As an FD offers super quick liquidity, you can easily break an FD and make a premature withdrawal.
There are two ways to withdraw a fixed deposit before maturity. They are online and offline processes.

Steps to Withdraw Corporate FD - Offline

Visiting an NBFC branch is the only way to withdraw an FD offline. Here are a few steps you can follow for a successful FD withdrawal offline.
Step 1: Before visiting the branch, an FD account holder must be ready with the following documents and ID proofs; Fixed Deposit Receipt (FDR), Aadhaar Card, account holder’s photographs and passport, etc.
Step 2: Visit the NBFC branch where your fixed deposit is booked.
Step 3: Fill out the fixed deposit closure application form and submit the ID and address proofs for verification.
Step 4: Upon successful verification, the NBFC will deduct the premature withdrawal penalty and transfer the remaining maturity amount to the bank account linked to your FD account.

Steps to Withdraw Corporate FD - Online

Withdrawal of a fixed deposit online is quicker than an offline process. All you need is a login account with your respective NBFC where your FD is booked.
Step 1: Log in to your account through your NBFCs official website.
Step 2: Fill out the fixed deposit closure application on the online portal.
Step 3: Upload your identity and address proofs along with your application for KYC verification.
Step 4: Upon successful KYC verification, your NBFC will deduct the penalty and will credit your maturity amount to the bank account linked with your fixed deposit account.

How to Withdraw Corporate Fixed Deposit on Maturity

A fixed deposit closure on maturity is cost-free. You need essential documents like an FDR, Aadhaar Card, account holder’s photographs and passport, etc. A Fixed Deposit Receipt (FDR) is a receipt issued by NBFCs while opening an FD. It will comprise information like the investor’s name, maturity amount, interest rate, deposit type, other charges and nomination details. While closing a corporate fixed deposit, you need to submit the FDR to your NBFC, who will verify and credit your maturity amount to the bank account linked to your FD account.
If you fail to make your fixed deposit withdrawal on maturity, NBFCs will auto-liquidate or auto-renew your fixed deposit as mentioned in the FDR.
To avoid the above-mentioned scenarios, you should keep your FDR safe and track the maturity dates to fulfil your goals as planned.

Easy Steps to Close a Corporate Fixed Deposit on Maturity

Closing a corporate fixed deposit on maturity is the same as closing an FD before maturity. The significant difference is that the verification process is lenient as an FDR is produced to NBFC, and the closure process does not incur any charges.
Check out three easy steps to follow and close a corporate FD on maturity;
Step 1: Download the FD closure form from the NBFCs official website and fill out the necessary information as requested for closure.
Step 2: Upload ID and Address proofs to verify your proof of identity and communication address.
Step 3: Upon successful KYC verification, NBFCs will transfer your FD maturity amount to the bank account linked with your FD.

Build Your Wealth with Shriram

Shriram is one of the best NBFCs in India, giving excellent returns to investors on maturity. The interest rate (8.75%) at which Shriram offers a fixed deposit to investors makes it one of the most attractive corporate fixed deposit schemes. In addition, investors prefer Shriram over other NBFCs because the FD withdrawal process is seamless and quick. If you want to invest in an NBFC that offers excellent end-to-end service for a fixed deposit, Shriram is your best choice.

Key Highlights

• Are you looking to build a balanced investment portfolio in 2022?
• Invest in a Fixed Deposit (FD) with an NBFC (Non-Banking Financial Company) like Shriram because it offers one of the highest interest rates of up to 8.75% for a fixed deposit account.
• Shriram offers excellent end-to-end service for a fixed deposit account.
• Shriram FD withdrawal process is quick and seamless to help investors use their maturity amount effectively.