Claim your money as soon as the Fixed Deposit matures or you will face a loss because RBI has changed Fixed Deposit Receipts rules which are applicable on all Banks in India.
The Reserve Bank of India has changed the rules for Fixed Deposits as it said that if a customer has not claimed FD even after maturity, then he/she will have to bear the loss in terms of interest in savings. The bank further stated that customers can still earn interest after Term Deposit matures and proceeds are unpaid.
“It has been decided that if a Term Deposit matures and proceeds are unpaid, the amount left unclaimed with the bank shall attract rate of interest as applicable to savings account or the contracted rate of interest on the matured Term Deposit, whichever is lower,” the RBI stated in statement.
The Reserve Bank of India has made changes in the rules related to FDs. After this change, if your FD is not claimed even after maturity and the money is lying with the bank, then you may have to bear the loss of interest on the savings.
In fact, RBI has said that if FD matures and its payment is not made or it remains lying with the bank without claim, then the interest rate on it according to the savings account or on the matured FD whichever is lower.
The Reserve Bank comes with a guideline where it says that this decision will be applicable to all types of banks. These include Commercial Banks, Small Finance Banks, Urban Co-operative Banks, Local Area Banks, State Co-operative Banks and District Central Co-operative Banks.
So if your FDs are also maturing, do encash them asap otherwise loose the interest on FDs.