SBI fixed deposit -help please

viridans

I opened a fixed deposit account with State Bank of India, UK banch, in 2008 and it was automatically renewed this year. I need to withdraw money urgently, but the bank says early withdrawls are not allowed. Is that legally allowed? I really need the money and now and cannot wait another 9 months. Is there anything I can do?

cskay

I would like to know what happened with your case. I would hope you got your money when needed. They should at the most not give you any interest for the second year but shouldn't hold your money.

Loughton_Monkey

If their terms & Conditions state this, then they are within their rights.

cskay

Loughton_Monkey wrote: »

If their terms & Conditions state this, then they are within their rights.

Thanks, that's then something to be very careful about, I was under impression, I can take out money from their fixed term bonds by agreeing to lose any interest.

Baldur

cskay wrote: »

...that's then something to be very careful about, I was under impression, I can take out money from their fixed term bonds by agreeing to lose any interest.

Impressions & assumptions are not recommended when it comes to financial contracts, especially those such as fixed-term/fixed rate accounts - some permit access with a penalty or loss of interest while, at the other extreme, others will only permit early access on the death of the account holder.