How to Correctly Close a Mistaken Tax Saver Fixed Deposit in SBI through YONO App

When you mistakenly opened a Tax Saver Fixed Deposit (FD) account with State Bank of India (SBI) through the YONO app, it’s important to follow the right steps to close the account safely. This guide will walk you through the process, ensuring you resolve the issue efficiently and without issues.

Step-by-Step Guide to Closing a Tax Saver Fixed Deposit through YONO App

1. Log in to Your YONO SBI App Login to your YONO SBI app using your credentials. Navigate to the “Accounts” section to view your Fixed Deposit account.

2. Request Closure Look for an option to manage or close the Fixed Deposit. This option is usually found under the account details section. If the option isn’t available, proceed to the next step.

3. Contact Customer Support Call SBI customer care at 1800 425 3800 or 1800 11 2211 to speak with a representative. Explain the situation and request assistance in closing the Tax Saver FD. Alternatively, visit the nearest SBI branch for personal assistance.

4. Documentation Be prepared to provide necessary documentation such as your account details and identity proof to facilitate the closure process.

5. Understand Penalties and Terms Note that Tax Saver Fixed Deposits have a lock-in period of 5 years. Closing it before maturity may incur penalties or affect the tax benefits. Ensure to inquire about these aspects when you contact customer support or visit the branch.

6. Confirmation Once the closure process is complete, ensure you receive confirmation regarding the closure and any applicable interest or penalties.

Advice: It’s advisable to act promptly as tax-related accounts have specific rules and timelines. Prompt action ensures no further complications arise.

Alternative Methods to Close Your FD

Here’s an alternative method for closing your Tax Saver Fixed Deposit:

1. Visit the Bank Branch Go to the branch where you opened the Fixed Deposit. Present the FD paper, which you downloaded and printed from the YONO app. Write a request to the bank manager, stating that you have not claimed any exemption against the FD certificate. Include proof of your Income Tax Return (ITR) where you have not claimed the exemption.

2. Manager’s Approval The bank manager will review your request and documentation. Ensure the manager processes the request and closes the FD accordingly.

By following these steps, you can efficiently and effectively close your mistaken Tax Saver Fixed Deposit with SBI. Remember to act promptly to avoid any legal or financial implications.