RBI FD Rules Changes: Change in rules regarding fixed deposits, RBI implemented new rule

RBI FD Rules: From January 1, 2025, the updated regulatory framework for Housing Finance Companies (HFCs) and Non-Banking Finance Companies (NBFCs) by RBI has come into effect.

From January 1, 2025, many rules have changed which will have a direct impact on your pocket. In this episode, there has been a change in the Fixed Deposit (FD) rules from January 1. Actually, the Reserve Bank of India (RBI) has changed the rules related to FD with NBFCs and HFCs. If you are planning to do FD in the new year, then you should know the new FD rules of RBI.

From January 1, the updated regulatory framework for NBFCs and HFCs by RBI will be implemented. These revised guidelines were issued in August. The new rules include things like approval and repayment of public deposits, nomination, emergency expenses, notifying depositors about deposits.

Key changes-

• As per the guidelines laid down by RBI, depositors can withdraw the entire amount of small deposits (up to Rs 10,000) without any interest within 3 months of depositing.
• For large deposits, partial withdrawal is allowed up to 50 per cent of the principal amount or Rs 5 lakh (whichever is less) without interest within 3 months.
• In cases of serious illness, depositors are allowed to withdraw the entire principal amount prematurely regardless of the deposit period.
• Apart from this, non-banking finance companies are now required to inform depositors about maturity details at least 2 weeks before the maturity date so that timely updates can be received.

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