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RBI reviews instructions on interest on unpaid and unclaimed term deposits with banks

On a review of instructions on interest on overdue deposits, the Reserve Bank of India (RBI) has decided that if a Term Deposit (TD) matures and proceeds are unpaid, the amount left unclaimed with the bank shall attract a rate of interest as applicable to a savings account or the contracted rate of interest on the matured TD, whichever is lower.

View the Notification

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