Are there any charges/fees on premature withdrawal of FDs?

On premature withdrawal, interest will be paid out at applicable rate* minus 1% or zero whichever is higher.

For example, interest rates when the FD was booked were 5% for 1 year FD and 3% for 6 months FD. If FD was booked for 1 year and withdrawn after 6 months, then the interest rate applicable would be 3% since FD was held for 6 months only. Penalty will be 1% so net interest payout will be at a rate of 2%. Interest payout, including penalty, will never be negative.

Also note, any bonus payout from Belong will also not be applicable in case of premature withdrawals.

You can check out Belong’s schedule of charges here - https://getbelong.com/belong-schedule-of-charges/ 

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