Claim your money soon after your Fixed Deposit matures

If you also put your money in fixed deposits (FD), then you should know these new rules by the Reserve Bank of India (RBI). 

If you do not know these rules then you may have to suffer a financial loss. 

In the past few days, many government and non-government banks have increased the interest rates on FDs.

What are the new rules?

Now after the completion of maturity, if you do not claim the amount, then you will get less interest on it. This interest will be equal to the interest received on the savings account.

Currently, banks usually give more than 5% interest on FDs with a longer tenure of 5 to 10 years. Whereas the interest rates on savings accounts are around 3 per cent to 4 per cent.

These new rules will be applicable to deposits in all commercial banks, small finance banks, cooperative banks, local regional banks. 

But now, if the money is not withdrawn on maturity, then FD interest will not be available on it.

So it would be better if you withdraw your money immediately after maturity.