Opening a bank deposit is one of the main tools for obtaining a guaranteed income. But sometimes you need to withdraw money early. We tell you about the subtleties that every depositor should know.
How to withdraw money from a deposit early
According to the law, credit institutions do not have the right to appropriate depositors' money. Regardless of the terms of the agreement, the client can request the deposits in full at any time. But the law does not oblige the bank to return them immediately. In case of unforeseen circumstances, it is worth looking at the return period in the agreement in advance.
Deposits differ from each other in the operations available to the client:
with replenishment;
with partial removal;
without the ability to perform actions with the account shandong mobile number database until the end of the contract.
Investments without a withdrawal option usually have the most favorable terms in terms of profitability. The bank can rely on this amount and not adjust to the client's behavior. Early withdrawal in this case violates the agreement. The credit institution has the right to reduce the profit up to its complete retention. But more often the income is reduced to a minimum of 0.01%. It does not matter where the client transfers the profit - to a deposit account or to a card. The recalculation will also affect the interest already paid - it can be written off from the principal amount of the investment.
What is partial withdrawal?
Some contracts fix a minimum amount on the account. On such grounds, the client can partially withdraw funds before the end of the term. They can be transferred to a card or received in cash. But at the same time, the minimum amount specified in the contract must remain on the account. If the client wants to withdraw more, this will lead to a violation of the terms. The consequences may be the same as in the case of investments without a withdrawal option.
Deposits with partial withdrawal are characterized by a reduced basic yield, as they provide fewer guarantees to the bank.