Can I change my FD's tenure?

Generally, the tenure or duration of a fixed deposit (FD) cannot be changed once the FD is booked. The reason being:

1. FD interest rates are linked to their tenure. Longer FD terms get higher interest rates.
2. Financial institutions expect customers to park money without withdrawal for the committed FD duration.

However, some financial institutions allow customers to change their maturity instructions a few days prior to the FD maturing. For example, you can communicate to your financial institution at least 5-7 days before your FD matures that you wish to change the reinvestment tenure. This allows you to renew for a shorter or longer duration instead of the existing maturity period.

While financial institutions don't usually allow tenure change, the following options may exist:

1. You can prematurely close the FD by paying a penalty and rebook for a longer/shorter tenure.
2. You can renew your FDs for the same period once they mature. However, some financial institutions allow you to change the duration at the time of renewal.
3. You can avail a loan of up to 75% of your FD amount, depending on the remaining tenure, at an interest rate of the prevailing FD rate + 2%.

Please note: Partial withdrawal or changes to the tenure are generally not permitted during the FD term. Always check with your bank or non-banking financial company (NBFC) for their specific policies and procedures.