The Reserve Bank, in a review of rules governing NBFCs, said non-banking financial companies will pay 100 per cent of the amount within the first three months of accepting customer deposits.
RBI New Rules: The Reserve Bank of India (RBI) said in an important order that non-banking financial companies (NBFCs) will pay 100 percent of this amount within the first three months of accepting the deposit. However, the condition for this is that the depositor will have to cite an emergency condition for withdrawal. The Reserve Bank, in a review of the rules governing NBFCs, said that no interest will be paid for such premature withdrawal. These changes will come into effect from January 1, 2025.
The Reserve Bank said that based on the definition of critical illness set by insurance regulator IRDAI, it will be decided whether a request falls under the category of such exemption or not.
If this happens, interest will not be paid
The Reserve Bank of India said, “In cases of serious illness, 100 percent of the principal amount of the deposit can be withdrawn on the request of the depositors within three months from the date of acceptance of such deposits. In this situation, interest will not be paid to the depositors.”
Emergency situations include medical needs or natural disasters. If there is no emergency and premature withdrawal is sought within three months, NBFCs can pay up to 50 percent of the deposit amount without paying any interest. However, this amount cannot exceed 50 percent.
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