FD rules changed: If you also do fixed deposits, then know that the big rules of FD have changed. RBI had changed the rules related to FD some time ago and these new rules have also become effective. After the decision of RBI to increase the repo rate, many government and non-government banks have also started increasing the interest rates on FDs. Because of this, you must read this news before making FD. You might be compelled to lose if you don’t.
Changed rules on the maturity of FD
Actually, the RBI changed the terms of fixed deposits (FDs) significantly, such that if you do not take the money out when it matures, you would receive less income. The interest accrued on the savings account will be matched by this interest. Currently, banks usually offer more than 5% interest on FDs with longer tenures of 5 to 10 years. While savings account interest rates range from 3 to 4 percent.
RBI issued this order
If the fixed deposit matures and the amount is not paid or claimed, as per the information given by the RBI, then the interest rate thereon as per the savings account or the interest rate fixed on the mature FD, whichever is lower, will be given. , Deposits in all commercial banks, small financing banks, cooperative banks, and local regional banks will be subject to these new regulations.
Know what the rules say
Consider the following scenario: If you had a five-year FD that matured today but you didn’t take the money out, there would be two possible outcomes. You will continue to get interested in your FD if it is less than the interest earned on your bank’s savings account. After maturity, you will get interested in the savings account if the interest earned on the FD is greater than the interest earned on the savings account.
What was the Old Testament?
Earlier, the bank would prolong your FD for the same term for which you had originally made it when it matured and if you did not withdraw or claim it. But now that won’t happen. However, as of right now, interest on FDs will not be paid on funds that are not withdrawn when they mature. Therefore, it is best to remove the funds as soon as they reach maturity.
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