Bank FD Rule Change: Now up to Rs 1 crore can be broken anytime, no penalty will be paid

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Bank FD Rule Change
Bank FD Rule Change: Now up to Rs 1 crore can be broken anytime, no penalty will be paid

Bank FD: Getting FD in a bank is considered a very safe investment. People can get FD of any amount as per their convenience. Now RBI has issued new instructions regarding FD. Let us know about them…

FD Rule Change: In today’s era there are many investment options. Some of these options are quite risky while some options have no risk. FD is also included in the option of safe investment without risk. Under FD, a fixed interest rate is made available to the people. Now an important announcement has been made by RBI regarding FD. Through this, an important facility will also be provided to the people. Let us know about it…

Reserve Bank of India

Reserve Bank of India (RBI) said that banks will have to provide premature withdrawal facility on all FDs up to Rs 1 crore. At present this limit is up to Rs 15 lakh. The Reserve Bank said in a circular that after review, it has been decided that the minimum amount for non-withdrawable FD can be increased from Rs 15 lakh to Rs 1 crore. This means that individuals should have the facility of premature withdrawal on FDs of Rs 1 crore and below.

Fixed Deposit

Along with this, banks have also been given the option to offer different interest rates depending on the tenure and size of FD as per the existing standards and there is no option of premature withdrawal. These instructions have come into effect with immediate effect on all commercial banks and cooperative banks. In another circular, RBI said that the ‘bulk deposit’ limit for Regional Rural Banks (RRBs) has been increased from the existing Rs 15 lakh to Rs 1 crore and above.

Customer credit information

Along with this, RBI said that Credit Information Companies (CIC) will have to pay a compensation of Rs 100 per day for the delay in correcting the credit information of customers. Credit institutions (CI) and credit information companies (CIC) have been given six months time to implement the new system.

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