- LATEST
- WEBSTORY
- TRENDING
PERSONAL FINANCE
RBI New FD Rules: Here's why you should claim your money soon after the maturity of your fixed deposit
RBI new rules for Fixed Deposits says that if a customer has not claimed FD even after maturity, then they will have to bear the loss.
Updated : Jul 04, 2021, 12:36 PM IST | Edited by : Sonali Sharma
 "File photo")
TRENDING NOW
)
Redditors say Aishwarya Rai, Abhishek Bachchan's separation is 'confirmed' after she is absent from Amitabh Bachchan's..
)
Sudhanshu Pandey makes big statement on Anupamaa co-actor Rupali Ganguly's stepdaughter allegations: 'It's not good...'
)
Shweta Tiwari's wedding photos with Bigg Boss 13 contestant Vishal Aditya Singh go viral, here's the truth behind them
)
After AR Rahman, his bassist Mohini Dey also declares split from her husband, asks for 'no judgements'
)
Amid Aishwarya Rai, Abhishek Bachchan's divorce rumours, actor reveals dinner table secret: 'Humare ghar mein koi..'
)
This Pakistani Influencer's private video leaked online, days after Minahil Malik and Insha Rehman's clips
)
Meet richest footballer of 2024, not Cristiano Ronaldo, Lionel Messi, his net worth is...
)
Gautam Adani's BIG Rs 16877 crore plan to take on Mukesh Ambani, set to build Mumbai's largest...
)
'Good to be back': After breaking up with Malaika Arora, Arjun Kapoor reunites with his 'partner-in-crime after ages'
)
Amid divorce rumours with Aishwarya Rai, Abhishek Bachchan tells Amitabh Bachchan: 'I hope people don't...'
)
'Kash ye Aishwarya ke liye...': Amitabh Bachchan shares early review of 'pride' Abhishek Bachchan's film, netizens react
)
Virat Kohli's tweet mistaken for 'divorce announcement' from Anushka Sharma, fans compare to AR Rahman's separation post
)
Meet actress who worked as sweeper, did superhit film with Shah Rukh, took up acting after Madhuri Dixit..., earns Rs..
)
Samantha Ruth Prabhu shares inspirational poem ahead of Naga Chaitanya, Sobhita Dhulipala wedding: 'Force your heart...'
)
Model's bold dance in towel at India Gate raises eyebrows, netizens say arrest her, watch viral video
The Reserve Bank of India (RBI) has changed the rules for Fixed Deposits/ Term Deposits. As per the new rule, the customer will have to bear the loss in terms of interest in savings if he/she has not claimed FD even after maturity. RBI stated that customers can still earn interest after Term Deposit (TD) matures and proceeds are unpaid.
"It has been decided that if a Term Deposit (TD) matures and proceeds are unpaid, the amount left unclaimed with the bank shall attract a rate of interest as applicable to a savings account or the contracted rate of interest on the matured TD, whichever is lower," the RBI stated in a statement.
As per the circular, If an FD matures and is unclaimed or its payment is not made, then the interest rate on it according to the savings account or on the matured FD. The lesser of the contracted interest will be available there.
RBI in its circular said that the new rule will be applicable to all types of banks -- commercial banks, small finance banks, cooperative banks, local regional banks.
A fixed deposit is a deposit that is kept in banks for a fixed period of time at a fixed interest. It also includes deposits such as recurring, cumulative, reinvested deposits, and cash certificates. FDs can be done in the post office as well. FD investments can be taken advantage of in loans, however, the facility is not available on tax-saving FDs.
Also, RBI has issued Indian Rupee banknotes in 12 different denominations, including this 20 Indian Rupees banknote (not date series). The Rs 20 note is a part of the withdrawn Indian Rupee banknotes series.
Notably, the RBI had started issuing Rs 20 banknotes in 2001, however, they were withdrawn from circulation in 2005. On the backside of this Rs 20 banknote, there is NO date. It is important to note that a valid Rs 20 note should have the year of issue printed on the backside. These older Rs 20 notes, without date, have been replaced by similarly designed 20 Indian rupees banknotes with a date.
