RBI made a big change in the rules regarding FD. The rule has also been implemented by many banks. If you also get fixed deposits, then once you know the new rules.
FD New Rules: If you have got fixed deposit in the bank or are thinking of getting it done, then this news can prove to be useful news for you. The Reserve Bank of India (RBI) has given an update regarding the rules of FD. According to RBI, these rules have been changed. These new rules have also been implemented by various banks. On the other hand, after the increase in the repo rate by the Central Bank, banks are continuously increasing the interest rates of their FDs.
New rules apply to all banks
According to the information given by RBI, if a customer does not claim the deposited amount even after the maturity of FD, then his interest rate will be reduced. These rates will be at par with the savings account. In which the loss will be to the customers only. These rules have been implemented for all banks in the country. Small finance banks, commercial banks, local banks and co-operative banks are also included in this list.
This is the complete calculation
Now the interest rate of FD will depend on your savings account. If a person takes any scheme of Fixed Deposit for a period of 5 years and the money does not come out even after maturity. In this case, the interest rate will be decided on the basis of your interest and the amount of interest received on the savings account. The lower of the two will be your interest rate. Earlier, after maturity, the scheme was extended for an equal period. But doing so now can cost you dearly.
