A Fixed Deposit account allows you to save for a minimum period of 30 days till the liquidation/withdrawals of the investment which is done automatically on the set maturity date. However, needs may arise or an emergency that might require you to withdraw from your investment before the maturity date.
Below are the steps to liquidate the fixed deposit account on the V bank app:
- Login to your V Bank App
- Slide left on Total Account Balance to see all your accounts or click on view all accounts
- Select the Fixed Deposit Account you want to liquidate and click on the 3 dots on the top right of your screen
- Select Partial liquidation to withdraw part of your deposit or Full liquidation for a total withdrawal
- Select the account you want to liquidate into
- Authorize with your 4-digit PIN
NOTE: Liquidation before maturity date attracts a forfeiture of 40% of the interest already accrued.