RBI’s new norms for Interest on Unclaimed Matured Deposit

Reserve Bank of India (RBI) has notified new norms for interest on the amount left unclaimed with bank after a term deposit matures.

• Presently, if a term deposit matures and proceeds are unpaid, amount left unclaimed with bank attracts rate of interest as it is applicable to savings deposits.
• New norms are applicable on deposits across all commercial banks, small finance banks, local area banks, and cooperative banks.

Published date : 05 Jul 2021 05:05PM