RBI changes rules on FDs, low interest rates if not withdrawn after maturity

 Changes: RBI changes rules on FDs, low interest rates if not withdrawn after maturity

In case of non-claim, the bank will now pay the interest earned on the savings account and not the FD

If the interest on the savings account is higher than the FD, the FD will get interest

The RBI (Reserve Bank of India) has made a major change in the FD (Fixed Deposit) rule. Under this you will now get less interest if you do not claim after maturity date. This interest will be equal to the interest received on the savings account.

The RBI issued a circular

The RBI has issued a circular stating that if the fixed deposit matures and the money is not paid or claimed, the interest rate will be fixed as per the savings account or the interest rate fixed on the matured FD whichever is less. Will come. The new rule will apply to deposits in commercial banks, small financial banks, co-operative banks and local banks.

Understand the new rule by example

Suppose your FD is maturing on July 10, but if you do not withdraw even after it matures, you will not get FD interest on the principal amount. On top of that the bank will give you the amount of interest you get on the savings account. If the interest on the savings account is higher than the FD, the FD will get interest. Now you have to go to the bank and fill up the form to extend the FD period.

What was the rule before?

Earlier when your FD matured and you did not withdraw or claim the money, the bank used to extend the term of your FD, but now it is not possible. Now if you do not withdraw money on maturity, you will not get FD interest on it.

Source:- DIVYA BHASKAR NEWS

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