FD Rules: RBI has changed the rules related to FD in the last few days. Under the new rule, if you do not claim maturity, then you will get the interest of the savings account. Due to this, it is your loss on long-term FDs.
FD Rules: If you also keep investing in Fixed Deposit (FD) from time to time, then this news is of your use. The rules related to FD have been changed by the Reserve Bank of India (RBI). The new rules have also been implemented by RBI. In the last few days, both government and non-government banks have increased the interest rate on FDs. That is why it is important that you know the changed rules before getting an FD, if you do not know this then you may suffer loss.
What is RBI’s new rule on FD?
The RBI has changed the rules of Fixed Deposit (FD) so that if you do not claim your money after maturity, you will receive less interest. This interest will not be FD but will be equal to the savings account interest. Banks currently pay moreNew Fd Rules
than 5% interest on 5- to 10-year term deposits. At the same time, the interest rates on the savings account range from 3 to 4 percent.
What is the rule?
According to the information given by the RBI in the last few days, if the FD matures and the amount is not paid or claimed, then the interest rate on It is calculated on the basis of savings accounts or matured FDs. The lower of the two interest rates will be available. These rules will be applicable to deposits in all commercial banks, small finance banks, cooperative banks, and local regional banks.
Understand in easy language
For example, you have made an FD with a maturity of 5 years, on the maturity of which you are not withdrawing money due to any reason. There will be two scenarios in this case. The first is that if the interest on FD is less than the interest on the savings account, then you will get the interest on FD only. In the second case, if the interest on FD is more than the interest on a savings account, then the interest on the savings account will be available after maturity.
What was the old testament?
Earlier, on the maturity of your FD, if you did not withdraw or claim it, then the bank used to extend your FD for the same period for which you had made a fixed deposit earlier. However, if the money is not withdrawn by maturity, the FD interest will no longer be available.
