Yes, absolutely! Your Fixed Deposit is placed with RBI-approved SBM Bank. You will receive an FD certificate from the bank, and your deposit will enjoy the same protection as any bank FD. 

You can check the current status and details of your Fixed Deposit any time by tapping the Wealth tab on the LazyPay app, or by directly reaching out to our banking partner SBM Bank

Yes, you can close your FD any time. When you close, you will get the full deposit back, and also get the interest earned till that date. You can see the exact interest rate you will get, during closure.
 
If you don’t close your FD after 12 months, it will be automatically renewed.

You can close the FD by directly reaching out to SBM Bank. The bank would have also shared details on how to do this in their monthly statements with you.

The following would be required by the bank to close your FD:
1. Account number & IFSC code of the account you wish the receive the amount in
2. Proof of account: Bank statement or passbook or a cancelled cheque

The process may take upto 7 working days since the bank has to verify the account details before processing the amount.

Please note that the final FD refund amount is calculated by the bank. Values on our app are indicative only.

In case of further issues, please reach out to us on 02269821111 (MON to SUN 10 AM to 7 PM). or write to us at wecare@lazypay.in

While closing your FD on LazyPay app, you will be asked for your bank account number and IFSC code. We’ll verify this before closing your FD. Our banking partner will directly transfer the maturity amount, to your bank account via NEFT.

 In case of any further query, you can also connect us on 02269821111 (MON to SUN 10 AM to 7 PM).

If you close your FD before it matures, we’ll deduct 1% from the interest rate you get depending on your tenure. 
 
For example - if you are closing your FD in 7 months instead of 12 months, the interest rate for a 7 month tenure might be 5% (for latest interest rates, see: https://www.sbmbank.co.in/pdf/Fixed-Deposits.pdf). We’ll deduct 1% from this, so your final interest rate will be 4%.
 
You’ll be able to see all this on the LazyPay app while you’re closing your FD.

 In case of any further query, you can also connect us on 02269821111 (MON to SUN 10 AM to 7 PM).

The bank transfer usually takes upto 5 - 7 working days to be completed. It is done by our banking partner via NEFT. In case it has been longer than 7 working days and you still haven’t received anything, please contact us and we will help you trace your money. 

 In case of any further query, you can also connect us on 02269821111 (MON to SUN 10 AM to 7 PM).

Yes, it will be reported as a secured loan. So this would be a great way for you to build your credit score over time as well as enjoy all the rewards and offers that come with LazyCard.


 In case of any further query, you can also connect us on 02269821111 (MON to SUN 10 AM to 7 PM).

No, the secured card product and your current LazyPay limit is independent of this FD. Closing your FD will not affect your current limit.

As we've discontinued our Fixed Deposit program, after maturity, your FD details will no longer be updated on the LazyPay app. 

Don't worry - till you close the FD, your money is safe with the bank. SBM Bank will reinvest the amount and handle all future updates.

For any other queries, write to us at wecare@lazypay.in

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