FD in HUF savings account

[lelouch]

Hi
So last year i opened a HUF account in Axis Bank. But later i got to know that i can create FD in HUF account through Net Banking, but to break it i have to visit the branch.
So i closed that account in Axis and want to know if anyone knows any bank that provide FD breaking facility through Net Banking.

 

[avikrish]

Hi
So last year i opened a HUF account in Axis Bank. But later i got to know that i can create FD in HUF account through Net Banking, but to break it i have to visit the branch.
So i closed that account in Axis and want to know if anyone knows any bank that provide FD breaking facility through Net Banking.

FD breaking is not having any relation with HUF or individual account.

Almost all banks do this.

You need to opt for a sweep-in feature at the time of FD creation

So once you need, you can normally transfer amount via UPI or imps/spend via debit card/withdraw as normal as if fd is not there, the fd gets automatically breaks

 

[lelouch]

FD breaking is not having any relation with HUF or individual account.

Almost all banks do this.

You need to opt for a sweep-in feature at the time of FD creation

So once you need, you can normally transfer amount via UPI or imps/spend via debit card/withdraw as normal as if fd is not there, the fd gets automatically breaks

Sweep-in and fd breaking are two different things.
I have savings account in different banks too and in all of them I can break FD whenever i want. Without needing to do any UPI, IMPS, etc transactions.
And here I am talking about FD only.
You can view the attached screenshot of option of FD in savings HDFC account.

 

[avikrish]

Sweep-in and fd breaking are two different things.
I have savings account in different banks too and in all of them I can break FD whenever i want. Without needing to do any UPI, IMPS, etc transactions.
And here I am talking about FD only.
You can view the attached screenshot of option of FD in savings HDFC account.

95% when you click on break the deposit , you will get window like, There is some technical issues, please contact branch for more details.

understand the reality, banks are reluctant to break fd, so even though they give option, you need to understand whether it really works in all times.

Sweep in is the easiest way to break the deposit, and it works automatically and works all the time.

But if you are need of a bank where break the deposit option is present and works all the time, then I don't have an answer.

 

[nh124001]

95% when you click on break the deposit , you will get window like, There is some technical issues, please contact branch for more details.

understand the reality, banks are reluctant to break fd, so even though they give option, you need to understand whether it really works in all times.

Sweep in is the easiest way to break the deposit, and it works automatically and works all the time.

But if you are need of a bank where break the deposit option is present and works all the time, then I don't have an answer.

yeh bekar harkate axis vale hi karte hai, in hdfc and icici i have experiences of breaking FD via netbanking very easily within 1 second money comes back to account.

 

[KGSIPO]

95% when you click on break the deposit , you will get window like, There is some technical issues, please contact branch for more details.

understand the reality, banks are reluctant to break fd, so even though they give option, you need to understand whether it really works in all times.

Sweep in is the easiest way to break the deposit, and it works automatically and works all the time.

But if you are need of a bank where break the deposit option is present and works all the time, then I don't have an answer.

Do not agree with your answers. All here are creating FDs online and break it whenever required through online. I many times broken the FD and closed it online in Axis Bank

 

[lelouch]

95% when you click on break the deposit , you will get window like, There is some technical issues, please contact branch for more details.

understand the reality, banks are reluctant to break fd, so even though they give option, you need to understand whether it really works in all times.

Sweep in is the easiest way to break the deposit, and it works automatically and works all the time.

But if you are need of a bank where break the deposit option is present and works all the time, then I don't have an answer.

I have accounts in HDFC, SBI and IDFC and never faced any issue once in breaking FD online in savings account.
Just having issue for HUF account

 

[nh124001]

I have accounts in HDFC, SBI and IDFC and never faced any issue once in breaking FD online in savings account.
Just having issue for HUF account

who is the karta of HUF? i think legally karta has the right to liquidate the assets or each and every member of HUF need to sign!??

 

[lelouch]

who is the karta of HUF? i think legally karta has the right to liquidate the assets or each and every member of HUF need to sign!??

My father is karta
And only his sign was needed for breaking FD.

 

[shashankverma]

I have Equitas and RBL HUF
In both accounts I have FD created and broken through app within seconds.
I also have HDFC HUF but never tried FD with them, use it for trading.
Note: My wife is coparcener on all above accounts but that never caused any complications with FD.

Mark this as solution if it helps.

 

[Vishal N]

95% when you click on break the deposit , you will get window like, There is some technical issues, please contact branch for more details.

Not true. If you open HDFC FD through app, you can close easily through app and get full amount within 10 seconds.

Have tried and tested multiple times, through multiple accounts

 

[RAMESH BABU N]

My understanding is this. I do not have experience with HUF.

Any FD amount in the name of HUF can be closed or lien marked ONLY AFTER obtaining a suitable syandard declaration in writing from the MAIN KARTA of the HUF. It has certain legally enforceable clauses.

Probably, that's the reason why, FDs of HUFs can't be closed/prematurely or otherwise online - like ordinary FDs.

Needs to study this aspect. Not needed by me/us, so never bothered to read ALL/much about HUF.

 

[shashankverma]

My understanding is this. I do not have experience with HUF.

Any FD amount in the name of HUF can be closed or lien marked ONLY AFTER obtaining a suitable syandard declaration in writing from the MAIN KARTA of the HUF. It has certain legally enforceable clauses.

Probably, that's the reason why, FDs of HUFs can't be closed/prematurely or otherwise online - like ordinary FDs.

Needs to study this aspect. Not needed by me/us, so never bothered to read ALL/much about HUF.

No legal obligation, nothing needed in writing. As mentioned above, I use it.