Bank Fixed Deposit Rules: Have you also invested your money in Fixed Deposit, then there is good news for you. RBI has changed the rules related to FD. Now you can withdraw your deposited amount up to Rs 1 crore prematurely because the Reserve Bank of India (RBI) has increased the amount in FD. RBI has increased the minimum amount from Rs 15 lakh to Rs 1 crore.
The Reserve Bank of India (RBI) has changed the rules regarding premature withdrawal of money from bank FD. At present banks provide premature withdrawal service on FDs up to Rs 15 lakh. Now the Central Bank has increased this amount to Rs 1 crore with immediate effect. Till now banks had the option of premature withdrawal of money on TD or FD. In that too, withdrawal of Rs 15 lakh and less was allowed. This circular is applicable to all commercial and cooperative banks. Banks offer two types of FDs, callable and non-callable. Non-callable FD means that you cannot withdraw money before time i.e. before maturity. Can be extracted in callable.
Fixed Deposit is a saving scheme in which account holders can withdraw their money anytime. The account holder can prematurely withdraw some or the entire amount before maturity. Such FD is called callable FD in which you can withdraw money before time. However, banks charge a penalty for withdrawing the amount before maturity. However, callable FDs do not have any lock-in period.
Investors in non-callable FD cannot withdraw money before maturity. However, there are many rules in which you can withdraw money before time. You can withdraw money prematurely in case of bankruptcy, closure of business and death of the account holder. Non-callable FD gets higher interest than normal FD because the money is blocked in it.
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