Directive note on review of Instructions on Interest on overdue domestic deposits (dated – 02.07.2021) – RBI

• 07th, July 2021
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Directive note on review of Instructions on Interest on overdue domestic deposits (dated – 02.07.2021) – RBI

• On a review of these instructions, it has been 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.
• The relevant section of Master Directions are amended accordingly as indicated in this circular.