If you have got Fixed Deposit (FD) in banks, then there is an important news for you.
This new rule of RBI related to fixed deposits will be applicable on all commercial banks, small finance banks, cooperative banks, local regional banks present in the country.
According to this new rule, if the amount is not claimed even after the date of FD maturity, then less interest will be given on it. It is clear that now you have to claim as soon as the FD matures, otherwise there may be loss.
Reserve Bank’s new circular: RBI has issued a circular in this regard saying that if the FD matures and due to some reason the FD amount is not paid or it is not claimed… But ‘rate of interest as per savings account’ or ‘contracted rate of interest on maturity of FD’, whichever is lower, will be applicable. Obviously this will reduce the interest.
Talking about the rules applicable till now, in the event of maturity of fixed deposits by banks, if the customer did not reach the bank to renew it, then the bank used to renew it automatically for the previous period. But on July 2, RBI has issued a new circular changing this rule. Now if the bank customer does not renew till the end of the FD, then he will get the same interest on the FD as on the normal savings account.
If we talk about senior citizens, then the money received on retirement has been FD in banks. Senior citizens are given higher interest rates on FDs. But according to the new rules, if they are not able to claim the amount on time, then they will get interest at a much lower rate equal to the savings account.