If you also invest money in fixed deposits, then there is good news for you. RBI has changed the rules regarding FD. New rules have also been implemented.
In the last few days, many government and non-government banks have congratulated on interest rates on FDs. So, be a little prudent before taking an FD. If you do not know these rules then you may suffer loss. Actually, RBI has made a big change in the fixed deposit (FD) rules that now that the maturity is complete, if you do not claim the amount, then you You will get less interest on it.
This interest will be equal to the interest earned on the savings account. Currently, banks usually offer an interest rate of more than 5% on FDs with maturities of 5 to 10 years. Whereas the interest rate on savings account is around 3% to 4%.
According to the information given by RBI, if the fixed deposit matures and the amount is not paid or claimed, then the interest rate on it as per the savings account or the interest rate fixed on the mature FD, whichever is lower. ,
The new rules will be applicable to deposits in all commercial banks, small finance banks, co-operative banks, local regional banks. Think of it like this, suppose you have a FD with a maturity of 5 years, which has matured today, but you can withdraw this money. If not, then there will be two situations. If the interest on FD is less than the interest on bank savings account, then you will continue to get interest on FD.
If the interest earned on the FD is more than the interest earned on the savings account, then you will get interest on the savings account after maturity. Earlier, when your FD matured and you did not withdraw or claim it, the bank would charge your FD for the same. Will increase for the period for which you had made FD earlier.
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