RBI has modified the regulations governing FDs. After this modification, you might have to pay the loss of interest on the FD if your FD is not claimed even after maturity and the money stays with the bank. Please update us.
The FD rules have changed, so if you also make fixed deposits, be aware of this. The FD rules have recently been modified by RBI. Furthermore, these new regulations are now in place. Numerous government and non-government banks also applauded the interest rates on FD following the RBI’s move to raise the repo rate. As a result, you should absolutely read this news before making FD. If not, you can be forced to lose.
modified FD maturity rules
Actually, the RBI changed the rules for fixed deposits (FDs) significantly, such that if you do not withdraw the money when it reaches maturity, you will receive less income. The interest earned on the savings account will be equivalent to this interest. Currently, banks typically provide FDs with longer terms of 5 to 10 years with interest rates higher than 5 percent. In contrast, savings account interest rates range from 3 to 4 percent.
This order was made by RBI.
According to information provided by the RBI, if a fixed deposit matures and the money is not paid or claimed, the interest rate on the deposit will be equal to the interest rate on a savings account or the interest rate imposed on the matured FD, whichever is lower. All commercial banks, small financing banks, cooperative banks, and local regional banks will be subject to these new regulations on deposits.
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Understand the regulations.
In order to fully grasp this, imagine that you had a 5-year FD that matured today, but you are choosing not to withdraw the money. In this case, there are two possibilities. You will continue to earn interest on your FD even if it is less than the interest on your bank’s savings account. You will get the interest from the savings account at maturity if the interest earned on the FD is higher than the interest earned on the savings account.
The Old Testament was what?
The bank used to prolong your FD for the same term for which you had originally made it in the past when your FD matured and you did not withdraw or claim it. However, it won’t happen now. But as of right now, FD interest will not be paid on money that is not withdrawn when it matures. Therefore, it would be best if you took your money out as soon as it reached maturity.
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