Fixed Deposit Rules: If you have also got Fixed Deposits (FD) in the bank, then this news is of great use to you.
While getting an FD in the bank, you should also remember the maturity date of your FD and withdraw your amount from the bank as soon as it is completed. If you do not do this, you may get hurt. Learn about the case in detail.
Interest loss will be
The Reserve Bank of India (RBI) has changed the rules of FD. According to the new rules, if you have not paid your FD even after its maturity, and it is lying unclaimed with the bank, then you will get less interest on it.
Interest rate will be available according to the savings account
RBI has said in its circular that if an FD has matured, and it has not been paid or it is lying with the bank without claim, then the interest rate on the maturity FD according to the savings account, whichever of the two less, FD will be paid on it.
Rules apply to all banks
According to the guidelines of the Reserve Bank, this rule applies equally to all banks. Whether it is a commercial bank, small finance bank, urban co-operative bank, local area bank, state co-operative bank or district co-operative bank, all have to follow this rule.
What were the old rules
According to the old rules of RBI, if you have not taken the payment of your FD even after maturity, then the bank makes your deposited amount as a fixed deposit once again for the same period. However, now you need to be more careful about this.
What is Fixed Deposit
In Fixed Deposit, you invest a limited amount for a fixed time. In this, more interest is available than a normal savings account. Along with this, if you have invested for a period of 5 years or more, then you also get the benefit of tax saving. It can be done from any bank or post office.
