Bank FD: Premature Withdrawal Penalty
Premature withdrawal penalty matters when you wish to close a fixed deposits (FD) before maturity. The reason for closing can be a better investment opportunity, like wanting to invest in a tax-free bonds issue. A bank FD offers high liquidity, but the penalty for premature withdrawal is usually a 1% lower interest rate for the period that the FD was active. If you are aware of the rules...
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