RBI : Fixed Deposits (FDR) will not be automatically renewed and such deposits will get saving bank interest rate.

RBI : Fixed Deposits (FDR) will not be automatically renewed and such deposits will get saving bank interest rate.

As per RBI Circular dated 02.07.2021

A term Deposit ( Fixed Deposit FDR) matures and proceeds are unpaid, the amount left unclaimed with the bank shall attract rate of interest as applicable to saving deposits or interest rate on term deposit , whichever is lower.

Now, its alarming note for Investors whose Fixed Deposits ( FDR) are going to mature in recent time and will get interest as per saving bank account if not renewed .

Source


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