RBI Changed FD Rules: Major changes have been made in the rules regarding FD. In such a situation, to avoid any kind of loss, you must know the decision of RBI. Let’s read the complete information in the news below-
RBI (Reserved Bank of India) has made some major changes in the rules regarding FD. After this change, if you do not claim your FD after maturity and the capital remains with the bank, then you may have to bear the loss of interest on FD.
Know how it can be avoided, this is the update!
Every person having a fixed deposit should be aware of these major changes made by RBI. Some time ago, RBI had changed the rules related to FD, which have now become effective. After the RBI’s decision to increase the repo rate, many government and non-government banks have also taken the initiative to increase the interest rates on FDs.
Rules changed on maturity of FD
- RBI has made a lot of amendments in the Fixed Deposit (FD) rules which states that:
- After completion of maturity, if you do not claim the amount for any reason, then you will get less interest on it.
- This interest will be equal to the interest received on the savings account.
However, at present banks usually offer more than 5% interest on FDs with longer tenures of 5 to 10 years. Interest rates on savings accounts are currently around 3 per cent to 4 per cent.
According to RBI, if the FD matures and the amount is not paid or claimed, it will be given interest rate as per the savings account or the interest rate prescribed on matured FDs, whichever is less.
These recent rules will be rolled out on deposits in every commercial bank, small finance bank, co-operative bank and local regional bank.
