What is the procedure for the Renewal of my Fixed Deposit?

Renewing your fixed deposit helps your savings keep growing with regular interest. Knowing the steps makes the process easy. Here’s a step-by-step guide to help you renew your fixed deposit smoothly.

• Know Your Maturity Date: Look at your deposit certificate or bank statement to find when your fixed deposit matures. Contact your financial institution a few weeks early to discuss renewal options. You might choose automatic renewal (the deposit continues for the same period) or manual renewal (you pick new terms).
• Fill Out the Renewal Form: If you’re renewing manually, get a renewal form from your bank’s or NBFC's branch or website. You’ll need to note down your deposit number, how long you want the new term to be, and whether you want interest paid out regularly or at the end.
• Check Current Rates: Interest rates change, so compare what’s available now. A longer term might give you a better rate, but make sure it fits your goals. Ask your financial institution for the latest offers.
• Update Your Details: Make sure your ID proof and address details are current with the bank or NBFCs. This avoids any hiccups, especially for older deposits.
• Double-Check the Renewal: Once you submit, you’ll get a confirmation by email, text, or a new certificate. Review the tenure, interest rate, and maturity date to ensure everything’s correct.