Tax Saving FD - Bank Merger

71 views 3 replies

I opened a Tax Saving FD in Bank A last year,. I deposited Rs 1.5 lakh in good faith and with full knowledge that I cannot touch it for 5 years.

But now, my Bank A is going to merge with Bank B. As a result, my FD and savings account will be transferred to Bank B.

But I do not want to have anything to do with Bank B. 

Do I have any options here regards the Tax Saving FD?

Can I transfer it to Bank C? Or close the FD?

Replies (3)
If possible transfer to Bank C .

Else withdraw and pay tax

More than happy to do either! Is either allowed?

Need to check whether withdrawal is allowed by bank during lock in period of 5 years.Confirm with bank once .


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register