Monica Malik Instagram – GOOD NEWS FOR FIXED DEPOSIT INVESTORS 👇🏽
🔷 The Reserve Bank of India (RBI) has raised the minimum amount for offering non-callable term deposits to ₹1 crore from the current ₹15 lakh for banks. This means all the customers can withdraw money from fixed deposits of up to ₹1 crore before the tenure is completed.
🔷Non-callable FDs are term deposits that do not allow premature withdrawals until the tenure is completed. Once you invest in these FDs, your funds remain locked until the FD matures.
🔷The central bank’s notification, released on October 26, 2023, states that banks have been permitted to offer domestic term deposits without a premature withdrawal option, provided that all term deposits accepted from individuals for an amount of Rupees fifteen lakh and below shall have premature-withdrawal-facility.
🔷Further, the banks have also been permitted to offer differential interest rates on term deposits based on the non-callability of deposits (i.e. non-availability of pre-mature withdrawal option) in addition to tenure and size of deposits.
Source: Times of India
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[Fixed Deposits, FDs with high interest rate, FDs, Earn high return, Investing in 2023, Top Mutual Funds, Top FDs, RBI rules, FD pre-mature withdrawal, FD withdrawal in 2023] | Posted on 07/Dec/2023 10:29:34
