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It is difficult to withdraw a recurring deposit before its maturity. Banks will typically make a person wait one year before withdrawal.
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∙ 9y ago
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When a CD is cashed before its maturity date the deposit must pay a?
Penalty.
What are fixed deposit accounts?
A Fixed deposit account is one in which you deposit a specific amount of money with a bank for a specified duration of time. you cannot withdraw that money before its maturity date. if you do you would have to pay a penalty for doing the same. usually fixed deposits offers us a higher rate of interest than normal bank accounts
Can a bank choose to close a CD prior to maturity due to risk associated with the deposit?
No. Actually speaking, there are no risks associated with a deposit from the bank side. They already have the money. The only person who should worry about the risk associated with the deposit is the customer who has placed the deposit and he/she can choose to close a CD anytime they want even before the maturity date. Only the customer who opened the CD (not even the bank) can close a CD prior to the maturity date.
What happens if I need the money from my certificate of deposit before my term is over?
If you need to withdraw the money from a certificate of deposit before the term is over, you usually have to pay a penalty. The penalty varies from bank to bank and depends on the term of your certificate.
Can you deposit a check in the bank with somebody else name on it?
Yes, It's done all the time. You cannot withdraw cash from the deposit. UNLESS you use a ATM that gives you a small credit on the deposit (usually $100) before the check actually clears. But you may deposit a endorsed (signed on the back) check at most banks with no problem.
Can you withdraw money anytime from your reccuring account?
No. Recurring Deposits have a maturity date and you can withdraw the money only after the deposit matures. If you want to withdraw the money before maturity date, the bank will charge you a penalty for doing so.
Will you get benefits if you withdraw before the flexi deposit scheme maturity period?
Yes, under flexi deposit option you can withdraw before the maturity period and yet get a portion of profits.
What Is The Earliest I Can Withdraw For A Flexible Deposit Option?
Under flexible deposit option you can withdraw your investment before maturity. You can withdraw between 0-3 months or 3-6 months and still enjoy partial benefits.
What is the procedure of closing a recurring deposit account?
visit the bank branch where you have the recurring deposit accountsubmit a request in writing to close your accountthe bank will process the request and pay you the money held in that account.A point to note is that, if you are closing your RD before maturity, the bank can charge you a penalty for doing so.
How the interest is calculated on pre mature fixed deposit?
if 5.5year fixed deposit amt 5000 on 17.01.2012 than the customer withdraw thier amt before maturity date @5% per aanum so, hou many amt he can receive
When a CD is cashed before its maturity date the deposit must pay a?
Penalty.
How do you close recuring deposit account?
visit the bank branch where you have the recurring deposit accountsubmit a request in writing to close your accountthe bank will process the request and pay you the money held in that account.A point to note is that, if you are closing your RD before maturity, the bank can charge you a penalty for doing so.
What are fixed deposit accounts?
A Fixed deposit account is one in which you deposit a specific amount of money with a bank for a specified duration of time. you cannot withdraw that money before its maturity date. if you do you would have to pay a penalty for doing the same. usually fixed deposits offers us a higher rate of interest than normal bank accounts
Can a bank choose to close a CD prior to maturity due to risk associated with the deposit?
No. Actually speaking, there are no risks associated with a deposit from the bank side. They already have the money. The only person who should worry about the risk associated with the deposit is the customer who has placed the deposit and he/she can choose to close a CD anytime they want even before the maturity date. Only the customer who opened the CD (not even the bank) can close a CD prior to the maturity date.
What happens if I need the money from my certificate of deposit before my term is over?
If you need to withdraw the money from a certificate of deposit before the term is over, you usually have to pay a penalty. The penalty varies from bank to bank and depends on the term of your certificate.
How do you describe a time deposit?
A time deposit has to be left in the bank for a certain period of time. If it stays for the entire time in the bank, the depositor will receive a little more when the time deposit is withdrawn. A time deposit taken out before the date of maturity will be subject to penalties and the total amount might be less than the original deposit.
Can you deposit a check in the bank with somebody else name on it?
Yes, It's done all the time. You cannot withdraw cash from the deposit. UNLESS you use a ATM that gives you a small credit on the deposit (usually $100) before the check actually clears. But you may deposit a endorsed (signed on the back) check at most banks with no problem.
