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New norms for Interest on Unclaimed Matured Deposit
July 6 , 2021
1076 days
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- The Reserve Bank of India has notified new norms for interest on the amount left unclaimed with bank after a term deposit matures.
- Presently, if a term deposit matures and proceeds are unpaid, amount left unclaimed with bank attracts rate of interest as it is applicable to savings deposits.
- New norms are applicable on deposits across all commercial banks, small finance banks, local area banks, and cooperative banks.
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