Premature withdrawal of deposits
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Explanation:
Premature withdrawal from fixed deposits basically means that the depositor is allowed to close the FD before its term ends. Bank fixed deposits which allow premature withdrawal require depositors to pay a penalty.
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Answer:
For retail term or fixed deposits amount up to Rs. 5 Lakh, the bank will charge a penalty of 0.50% for all tenures for premature withdrawal. For retail fixed deposits amount above Rs. 5 Lakh
Explanation:
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