Penalty on FD Monthly Interest payout

[skvignesh]

Guys I am going to create FD (Indian bank) for 400days some special scheme, and Interest payout is MONTHLY...


If I cancel FD in between (for eg- 5th month, after credit of 5th month interest) what is the penalty charges for that???

 

[hender]

Guys I am going to create FD (Indian bank) for 400days some special scheme, and Interest payout is MONTHLY...


If I cancel FD in between (for eg- 5th month, after credit of 5th month interest) what is the penalty charges for that???

1- Penalty if any .5 to 1% in general.
2- 400 days rate - Int rate of the duration actually held (ex 5 months)
3- Interest Paid (+ or - )actual interest = Final amount

 

[skvignesh]

1- Penalty if any .5 to 1% in general.
2- 400 days rate - Int rate of the duration actually held (ex 5 months)
3- Interest Paid (+ or - )actual interest = Final amount

Usually Penalty is on intrest amount or on Principal amount? (Even if they put penalty i don't want to affect the principal amount)

 

[hender]

Usually Penalty is on intrest amount or on Principal amount? (Even if they put penalty i don't want to affect the principal amount)

Always on interest not on Principle for retail term deposit.

https://www.indianbank.in/departments/deposit-rates/