RBI reviews instructions on interest on unpaid, unclaimed term deposits

On a review of instructions on interest on overdue deposits, the RBI has decided that if a Term Deposit (TD) 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 TD, whichever is lower.On a review of instructions on interest on overdue deposits, the RBI has decided that if a Term Deposit (TD) 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 TD, whichever is lower.taxmann.com Latest Statutory HappeningsRead More

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