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How to Move Fixed Deposits from One Bank to Another?

By Finserv MARKETS - Aug 1,2019
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How to move fixed deposits from one bank to another?

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Fixed deposits have traditionally been viewed as one of the safest investment options available to individuals. Even now, it is very popular amongst investors of all kinds. However, many new investors often find themselves confused in certain aspects of fixed deposits. For instance, they’re not aware if a fixed deposit can be transferred or not. If you’re in the same boat, don’t worry, here’s something that can help you out. But before that, let’s take a quick look at fixed deposits as a whole.

What is a Fixed Deposit?

A fixed deposit is an investment avenue wherein you invest a certain amount of money with a bank or a financial institution for a set time period. That’s why fixed deposits are also known as term deposits. And in return for depositing the money with the bank or financial institution, you get to receive FD interest on your investment.

You’re probably thinking ‘can I transfer a fixed deposit from one bank to another?’, aren’t you? Further, if you are also wondering how to transfer a fixed deposit from one bank to another bank, continue reading to find out the answers.

Are fixed deposit accounts transferable?

To put it simply, yes. You can transfer your fixed deposit accounts. However, you can only transfer your FD accounts from one branch of a bank to another branch of the same bank. To effect this transfer, all that you would need to do is reach out to the branch manager where you have your fixed deposit and present a FD transfer request letter along with the FD receipt. After verifying the details, your fixed deposit will be transferred to the bank’s branch specified by you in the FD transfer request letter.

On the other hand, if you’re currently looking for ways on how to transfer a fixed deposit from one bank to another bank, then it is currently not possible to do so. You would either have to wait till your FD matures or you would have to prematurely close your FD to invest the proceeds in another bank as a fixed deposit.

Should you Transfer your FD?

Now that your question on ‘how to transfer a fixed deposit from one bank to another bank?’ has been answered, let’s take a look at whether you should transfer your FD.

If you have an FD account in a bank branch and you relocate to a different part of the city or a new city altogether, transferring your FD from one branch to another that’s near you makes sense. On the other hand, if the bank branch where your FD account is currently in is still accessible to you despite relocating to a new area, then transferring it may not be very helpful.

If you wish to not have to go through the process of transferring an FD, but if you would still like to open one, head on over to Finserv MARKETS right now. You can open a new fixed deposit account from Finserv MARKETS within just a few minutes. Not only is the entire FD application process online, but you can also access your account from wherever you are.

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FAQs

1. What are the benefits of fixed deposits?

Fixed deposits give you the option to earn steady and consistent income from your investments. And on top of that, they’re also considered to be quite safe too.

2. Can I renew or drop my FD account?

Upon maturity, you can either choose to renew your FD account or drop your FD account and retrieve your investment.

3. How do I change my fixed deposit account?

To change your fixed deposit account from one branch to another, you would have to submit the following documents to the manager of the branch where you have your FD account.

  • An FD transfer request letter
  • Your FD receipt

4. What are the best fixed deposit interest rates?

Visit Finserv MARKETS to know what the best fixed deposit interest rates in the market are.

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Bajaj Finserv Direct Limited ("BFDL") is primarily engaged in distribution of financial products and services through its digital platform (“Bajaj Finserv MARKETS”) and inter alia renders services of customer acquisition, providing preliminary credit support activities, fulfilment services and post-acquisition customer services to Banks, NBFCs, HFCs. BFDL is also a registered Corporate Agent (Composite) under valid IRDAI registration number: CA0551 valid till 10-Apr-2024 for solicitation and servicing of Insurance Products. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522