Even after the maturity of the fixed deposit, the amount is not claimed and it remains lying in the bank, so now the interest rules on it have been amended as before.
Changes in the rules related to FD
The Reserve Bank of India (RBI) has made a big change regarding Fixed Deposit / TermDeposit. Under this, even after the completion of the maturity date, if its amount is not claimed, then the interest on it will be less. According to RBI, if the amount is not paid even after the completion of the fixed FD period and the amount is lying with the bank without claim, then interest will be given on it according to the interest payable on savings deposits. Till now, FD gets renewed automatically if the claim is not taken after maturity.
RBI has also issued a circular regarding this change, which said, “On a review it has been decided that if the Fixed Deposit matures and the amount is not paid and it is not claimed.” then the rate of interest thereon shall be at the rate of savings account or contracted rate of interest on maturity of fixed deposit, whichever is less.
The new rules will be applicable to deposits in all commercial banks, small finance banks, co-operative banks, local regional banks. Fixed deposit is a deposit that is kept in banks at fixed interest for a fixed period.
Loan facility against FD
Loan facility is also available against FD. How much to give the loan completely depends on the banks. Some banks give loans up to 85 percent and some 90 to 95 percent. To take a loan, a receipt of fixed deposit, loan application form has to be submitted in the bank. After minor formalities, the loan amount is approved.
benefits of life insurance
Many banks have now started offering Special FD Offers, on which customers get facilities like health and life insurance. Currently HDFC Bank, DCB Bank and ICICI Bank etc. are offering Fixed Deposit with Insurance to their customers.
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