The Reserve Bank of India (RBI) has changed the rules for Fixed Deposits/ Term Deposits. The new rules are applicable for deposits on all commercial banks, small finance banks, local area banks and cooperative banks. The Reserve Bank of India (RBI) has changed the rules for Fixed Deposits/ Term Deposits. RBI stated that customers can still earn interest after Term Deposit (TD) matures and proceeds are unpaid. RBI guidelines2/5Until now, unclaimed deposits attracted the rate of interest applicable to savings deposits in case a term deposit matured and the proceeds were left unpaid.

Source: dna July 04, 2021 10:18 UTC