Norms tweaked on applicable interest on unclaimed term deposits
The Hindu
They will now attract rates of interest applicable to savings accounts or the contracted interest on the matured deposit, whichever is lower
Unclaimed term deposits in scheduled commercial banks and co-operative banks will now attract rates of interest applicable to savings accounts or the contracted interest on the matured deposit, whichever is lower. The Reserve Bank has tweaked the rules on applicable interest on unclaimed term deposits. Earlier, the unclaimed term deposits attracted a rate of interest as applicable to savings accounts.
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