The Reserve Bank of India (RBI) has changed the rules related to the interest charged on FD after the maturity of Fixed Deposit / Term Deposit in banks.
New Delhi. People prefer to get fixed deposits done in the bank for safe money and more interest. Because one, the money gets locked in it for a time period, which means that after a certain time you can withdraw money, then secondly, interest is also higher in it. That is, the money remains safe as well as the interest received in it benefits separately. But many people do not withdraw money even after completion of maturity thinking that more interest will be available. So if you are also one of those who think like this, then now be careful, after the maturity of Fixed Deposit / TermDeposit is completed, withdraw the FD because now there is no use of leaving it in the bank. Actually, the Reserve Bank of India (RBI) has changed the rules related to the interest on FD after the maturity of Fixed Deposit / Term Deposit in banks.
This is the new rules of RBI
According to the new rules, after the maturity of the FD or TermDeposit, if it is not paid, then the interest will be given on it as much as the savings account, which is much less than the interest received on the FD. RBI said in the circular that on its review, it has been decided that if the fixed deposits mature and that amount is not paid, then the amount remains deposited in the bank account, then the interest on it will be equal to the savings account. Or the interest rate on FD, whichever is lower, will be given as much interest.
This rule will apply to them
This rule of RBI will be applicable to FD or term deposits deposited in all private sector, public sector banks, small finance banks, cooperative banks, local regional banks. Fixed deposit is a deposit that is kept in banks for a fixed period of time at a fixed rate of interest. This includes recurring deposits, term deposits, etc.
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