Fixed Deposit: If you are also going to get your FD done or have got it done, then this news is important for you. RBI has changed its rules. If you do not claim the amount even after the maturity of the fixed deposit, then you will get less interest on it.
What is Fixed Deposit
Fixed Deposit is a deposit that is kept in banks at fixed interest for a fixed period. According to RBI, if the amount has not been paid even after the completion of the term of your fixed FD and the amount is lying with the bank without claim, then you will get interest on it according to the interest ‘payable on savings deposit’. .
RBI issued circular
RBI has issued a circular, in which it has been said that on review of this rule, it has been decided that if the fixed deposit matures and the amount is not paid and the same cannot be claimed. If so, the interest rate thereon will be as per the savings account or the contracted rate of interest on the maturity of the fixed deposit, whichever is less. Let us tell you that according to RBI, the new rules will be applicable on deposits in all commercial banks, small finance banks, cooperative banks, local regional banks.
Loan facility against FD
It is worth noting that many other facilities are also available with the loan against FD. However, how much the loan amount will be, it completely depends on the banks. Some banks give loans up to 85 percent and some 90 to 95 percent. Many banks have now started offering Special FD Offers, on which customers get facilities like health and life insurance. That’s why people trust FD.
