As Indians are natural-savers, they Prefer to do Fixed Deposits in Banks even today. Indians treat FD’s as safe haven instead of lending money to the needy.
Though lending money earns higher interest, they carries risk, if the creditor fails to repay the due amount. So Indians deposits in FD’s as they are guaranteed by the government.
So many of us deposits in FD’s and forgets the due date. Till Now, even if the depositor didn’t visit the branch and gives instructions either to “Renew” or claims the “Accumulated Corpus”, Banks are renewing the deposits as per the deposit period exercised by the customer.
But it is not possible now!!. RBI has instructed all the banks to give “Savings a/c Interest” if the customer didn’t visit the branch and claims the corpus. The customer needs to withdraw the amount or give instructions to the bank to renew by visiting the bank branch. This has bring into immediate effect, as per the instructions of the RBI.
So, if you deposit any FD and forgot to claim the amount, From Now-Onwards Savings a/c interest rate would be applicable.
So please check your deposit receipt and visit the bank branch either to claim the corpus or to renew the deposit as per FD interest rate, otherwise 2.70-3% interest(Savings a/c)interest rate would be applicable from now onwards.
Please visit your bank branch and enquire on whether your FD’s are fetching FD Interest Rates or Savings a/c interest rates
But the foremost thing you have to remember is- Visit the Branch on the FD Maturity Date