PREMATURE OF TAX SAVING FIXED DEPOSIT

Sir/ Madam,

My father (A Super Senior Citizen), passed away in September, 2020.

He invested in Tax Saving Fixed Deposits in Bank. These Fixed Deposits maturity years are 2022, 2024, 2025.

What is the procedures for premature of Tax Saving Fixed Deposit or any other solutions for this problem.

Regards

INDRANIL MITRA

indranilmeet @ gmail.com

 

Replies (4)
Quick Summary
This discussion addresses the premature withdrawal of tax-saving fixed deposits following the account holder's death. The process generally involves the nominee or legal heir submitting a claim form, death certificate, proof of address, and photo ID to the bank. While specific procedures can vary between banks, there is typically no penalty for premature withdrawal in cases of death. It's advisable to consult the bank manager for detailed guidance.

You may contact Bank Manager
If the interest rate is higher than today then better to continue than premature
just let your bank know do futher process
and if you want to premature then just fill the claim form that will be provided by bank and it's differ bank to bank
death certificate
proof of address and photo
all the above will be done by nominated person as per your father
if no nomination then legal hire certificate
indemnity bond this is provided by bank
there's will be no penalty for premature in death case

Madam,

thank you for you reply.

these are tax saving fixed deposit. so my question is in that case my step of action will be different or will be same as you suggest? 

Same in all fd  in death case fews things will varies from bank to bank  for verification or clarification but they will help you

In claim process it's just you should have all the correct document with you

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