RBI said in the circular that it has been decided that if the fixed deposit matures (FD maturity) and the amount is not paid and it remains unclaimed in the bank, then the interest rate on it will be according to the savings account. or the contracted rate of interest, whichever is less, shall be payable on the maturity of the Fixed Deposit.
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New rule applicable to all banks
The new rule will be applicable to deposits in all 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, reinvestment deposits and cash certificates.
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FD is preferred for investment
Let us tell you that most people prefer FD (Fixed Deposit) to invest money in a better way. It is considered to be the best option for investment. FD is a good option for investors who want to avoid risk. . There are many good options for investors to deposit money and get returns. High interest rates make it very attractive to invest in FDs. In this, it is easy to get safe, assured returns, ease of investment and payback of the amount invested. This FD is not affected by market movements.