Big decision of RBI! Know this before making fixed deposit

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RBI News: If you have invested money in fixed deposit then there is good news for you. The Reserve Bank of India (RBI) has increased the minimum amount of non-refundable fixed deposit from Rs 15 lakh to Rs 1 crore.

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This means that you can now make early withdrawals of up to Rs 1 crore before maturity of all fixed deposits (FD) (FD new rules). Here let us tell you that banks offer two types of FDs. One callable and the other, non-callable. Callable deposits allow early withdrawals, while non-callable deposits do not.

The Reserve Bank of India (RBI) in a notification issued on October 26 said the minimum amount for offering non-callable FDs may be increased from Rs 15 lakh to Rs 1 crore or Rs 1 crore. And all domestic fixed deposits can be accepted. Customers will be able to withdraw only less amount than this at first. The directive will also apply to the new rules for non-resident (external) rupee (NRE) deposits/ordinary non-resident (NRO) deposits, reports Financial Express.

Banks will be free to provide FDs without the option of premature withdrawal. Provided that all fixed deposits accepted from customers (single or joint) in amounts of Rs 15 lakh and below shall have the facility of early withdrawal. Now the rule has been amended. Early withdrawal options will also be available for NRE/NRO account holders on FD (fixed deposit) deposits up to Rs 1 crore.

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