New Delhi: The Reserve Bank of India (RBI) has changed the rules for Fixed Deposits (FD) as it said that if a customer has not claimed FD even after maturity, then he/she will have to bear the loss in terms of interest in savings. The bank further stated that customers can still earn interest after Term Deposit (TD) matures and proceeds are unpaid.
"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 RBI stated in statement.
