Is it possible to withdraw online savings? Should I withdraw early?

When making online savings, depositor will receive the full principal and interest at maturity. However, there are some unexpected cases that cause you an early withdrawal. Is it possible to make early withdrawal for online savings? Please follow the below article to know more and make your best decision.



1. Is it possible to withdraw online savings?

Online savings is the same as over-the-counter savings. Therefore, online depositors can withdraw their savings at any time when their situation requires. Bank will finalize the savings amount when depositors withdraw their savings, in whole or in part. That is, customers do not have to withdraw the entire savings amount. Instead, they can withdraw part of it to meet their current financial needs. This withdrawal amount will be subject to demand interest rate. The remaining savings balance is still entitled to interest rate originally agreed.

The possible times for online savings withdrawal and corresponding amount are as follows:

Withdrawal time

Amount received

Overdue withdrawal

Withdrawal amount + Term interest rate of withdrawal amount + Demand interest rate on withdrawal amount corresponding to overdue time.

Due withdrawal

Withdrawal amount + Term interest rate of withdrawal amount.

Early withdrawal

Withdrawal amount + Demand interest rate for that amount.

Online depositors can withdraw their savings at any time when their situation requires

2. Online early withdrawal: Yes or No?

Online early withdrawal is possible but you HAD BETTER NOT do this transaction. Because this can cause several disadvantages, including:

  • Potential penalty fee

Some banks offer online savings packages which do not allow early withdrawal. In this case, if depositors still withdraw before the maturity date, a certain penalty fee will be charged.

This can cause dissatisfaction or discomfort for depositors, so banks now have applied more flexible policies. In particular, multiple savings terms are offered so that customers can select savings packages suitable to their financial need in the future and mitigate early savings withdrawal.

  • Demand interest rate will be applied

Circular 04/2021/TT-NHNN has clear provisions on the interest rate for early withdrawal. If early withdrawal is made, then the demand interest rate will be applied for the withdrawal amount. This interest rate is much lower than the interest rate applied to the corresponding term (usually ~0.1%/year).

This regulation was introduced by the SBV to ensure the banks’ interests and avoid market fluctuations.

  • Note:

A new circular promulgated in 2021 stipulates that if the savings account holder only makes partial withdrawal, then the remaining amount will still be entitled to term interest rate. The interest rate will not exceed the interest rate applicable to the deposit part of which has been early withdrawn. This interest rate is applied to the entire savings term.

This regulation aims to help depositors to still secure their required fund while still receiving the maximum interest amount. Therefore, please carefully consider the withdrawal amount when an early withdrawal is needed.

3. Quick online savings withdrawal procedure

To withdraw your savings online, please consider one of the following ways:

Online withdrawal

Withdrawal can be made quickly and conveniently via the bank’s internet banking app. Necessary steps:

  • Step 1: Log in to the Internet Banking account of the bank where you make online savings.
  • Step 2: Go to the savings withdrawal.
  • Step 3: Select the passbook you plan to withdraw.
  • Step 4: Authenticate with the OTP sent to you via SMS or email.
  • Step 5: Then re-authenticate with the bank and wait for the bank to process the transaction. When the transaction is successful, the withdrawal amount will be transferred to your current account.

ATM withdrawal

What you need to do is just go to the ATM and make an online savings withdrawal transaction and receive money. You should choose the bank’s ATM to save fees. Necessary steps:

  • Step 1: Go to an ATM and insert your card.
  • Step 2: Enter PIN code and confirm.
  • Step 3: Follow the required steps on the screen: Select savings withdrawal, then enter withdrawal amount.
  • Step 4: Wait for the ATM to confirm transaction and receive cash when transaction is successful.

Branch withdrawal

This is the simplest way for savings withdrawal. You just need to visit the nearest bank branch where your savings account is opened and meet the teller. Here, the teller will provide detailed instructions for you to withdraw your savings quickly.

Visit the bank branch where you open your online savings account for withdrawal is the simplest way

4. Some things to remember for online savings withdrawal

There are some things you should pay attention to when making online savings withdrawal to ensure safety and security and bring the greatest benefits.

  • Monitor SMS/email sent by the bank

When you are making withdrawal transaction, you will receive SMS/email regarding your savings withdrawal information from the bank. This helps you conveniently monitor your savings and alert any suspected fraud, which should be immediately notified to the bank for timely solution.

  • Be alert for ATM or over-the-counter withdrawal

Savings withdrawal at the bank’s counter or an ATM may cost you a certain fee, depending on each bank’s regulations. Therefore, online withdrawal via internet banking not only bring you convenience but also save costs.

  • If withdrawal is not made upon maturity, your savings will be renewed for one more term.

When the maturity date is reached and you do not withdraw your savings, bank will automatically renew your savings for another term. The savings amount for this new term is equal to the sum of your principal and interest accrued in the previous term. The interest rate and term of the new savings is the same as in the previous term.

  • Aware of the rules applied by your savings bank for early withdrawal

Banks apply different rules for early withdrawal. Therefore, please make sure you understand the rules of your savings bank to make it more convenient when deciding to make this type of transaction.

Please clearly understand the rules of early withdrawal applied by the bank where you deposit your savings

5. Online savings withdrawal at BIDV

As a bank of choice for online savings by many customers, BIDV applies the following policies for savings withdrawal:

  • Partial withdrawal for term savings is not allowed (for both early withdrawal and maturity withdrawal). This is to ensure financial market stability.
  • Customers can make full withdrawal of their online term savings at BIDV branches or on e-banking channels.

Note: Current e-banking channels do not allow withdrawal of term savings accounts opened at counters. Instead, you need to visit the bank’s counter for withdrawal.

  • The withdrawal of an online term savings at the counter is similar to over-the-counter term savings. However, you do not have to present a certificate of deposit (physical passbook) because your online savings are already on the system and the bank will leave a note “Online deposit” on the withdrawal form.
  • In case of early withdrawal, the interest rate will be the interest rate of demand deposit applied at the time of withdrawal for the entire term to the withdrawal date. Therefore, please consider carefully before deciding to withdraw your savings before maturity. You can use other alternative funds to meet your financial need, such as: short-term loans, borrowings from relatives, ... to wait until savings maturity to enjoy full interest.

Online savings withdrawal is possible at BIDV in multiple ways

Through above article, hopefully you have had a satisfactory answer to the question of whether you can make online savings withdrawal. Early withdrawal is completely possible, but you need to consider carefully before making such decision to ensure the highest interest received.

To find out more information about early withdrawal of online savings, please contact our Hotline 1900 9247.


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