FD rules changed: RBI has changed the rules regarding FD. After this change, if your FD is not claimed even after maturity and the money remains with the bank, then you may have to bear the loss of interest on FD. Let’s know the update.
If you also do fixed deposits, then know that RBI has made a big change in the rules of FD. The new FD rules by RBI have also become effective. On the one hand, after the increase in the repo rate of RBI, many government and non-government banks have also increased the interest rates on FDs. Therefore, if you are also going to get FD done, or have got it done, then definitely read this news before that. Otherwise you may have to bear the loss.
Change in maturity rule of FD
RBI has changed the rules of Fixed Deposit (FD), now if the amount is not claimed after completion of maturity, then it will get less interest. – The interest you get will be equal to the interest you get on the savings account. At present, banks usually pay more than 5 per cent interest on FDs with a longer tenure of 5 to 10 years. At the same time, the interest rates on savings account are around 3% to 4%.
RBI ordered
According to RBI, . The new rule will apply to deposits in all commercial banks, small finance banks, co-operative banks, local regional banks. If the fixed deposit matures and the amount is not paid or claimed, the interest rate applicable to the savings account or the interest rate prescribed for matured FDs, whichever is less, will be given.
Know what the rules say?
For example, understand that if you have made an FD with a maturity of 5 years, which has matured today, but you are not withdrawing this money, then there will be two situations.
- If the interest received on FD is less than the interest received on the savings account of that bank, then you will continue to get the interest of FD only.
- If the interest received on FD is more than the interest received on the savings account, then you will get the interest received on the savings account after maturity.
what were the rules before
Now if we talk about the earlier rule, earlier when your FD matured and if you did not withdraw or claim its money, then the bank used to extend your FD for the same period for which you had extended your FD earlier. Was. It is not so now. Now if you do not withdraw money on maturity then you will not get FD interest on it, so it is better that you withdraw money immediately after maturity. This new rule has become effective.
(PC business league)
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