Fixed Deposit (FD) Maturity Rules has been changed by the Reserve Bank of India (RBI). Why do you have to face loss after your FD maturity? Know Why?
Fixed Deposit (FD) Rules: The Reserve bank India has updated the rules regarding fixed deposits (FD) Maturity. The new FD Rules are implemented and became effective in the banking system. Fixed Deposit (FD) interest rates are also increased in government and private banks after the Reserve bank decided to increase the repo rate in the third quarter of fiscal year 2022- 2023.
Before opening a fixed deposit (FD) in a government or private sector bank, you should know the fixed deposits (FD) latest rules which are implemented by the Reserve bank of India. These rules will help you to bear any type of loss.
Fixed Deposit (FD) Maturity Rule Change
According to RBI's new FD rule, if any person does not claim his fixed deposit (FD) account even after maturity then that particular person will get less interest rate on Fixed Deposit (FD).
After the maturity of FD, if a person does not revise his fixed deposit account manually then the interest rate on FD will be equal to the saving account interest rate for the following year. Saving account interest rate generally hovers around 3% to 4% in various public and private sector banks.
Reserve Bank (RBI) Order
According to the Reserve Bank of India (RBI), the new rules will be implemented in all commercial banks, payment banks, cooperative banks, regional rural banks and all private sector banks.
Fixed Deposit (FD) maturity rules have come into effective in the banking system from the date of RBI order.
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