FD Rules Change: Many people make fixed deposits in banks to save their money. If you have also made a fixed deposit in any bank, then you have to act a little wisely. Actually, the Reserve Bank of India i.e. RBI has made some changes in the rules of FD. You need to know about these rules, otherwise you may have to suffer.
RBI has made a big change in the rules of fixed deposits. As per RBI changes, now after the maturity of your fixed deposit, if you do not claim the amount, you will get less interest. Let us tell you that on this fixed deposit, you will get interest equal to the interest received on the savings account.
Usually, banks currently offer more than 5% interest on fixed deposits with a long tenure of 5 to 10 years. At the same time, the interest rates on the savings account are around 3 to 4 percent. RBI has issued a circular regarding this. The circular said that if the fixed deposit matures and the amount is not paid or claimed, the rate of interest as per the savings account or the rate of interest fixed on the maturing FD, whichever is lower, will be paid. Will go
RBI said that this new rule will be applicable on deposits in all commercial banks, small finance banks, cooperative banks, local regional banks. If you have got an FD with 10 years maturity, which has matured. However, if you have not withdrawn your money then there will be two situations. If the interest being received on FD is less than the interest being received on the savings account of the bank, then you will continue to get the same interest as FD. But if the interest on FD is more than the interest on the savings account of the bank, then you will get the interest on the savings account.
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