RBI Update: People keeping money in savings account are happy, RBI made a big announcement

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If you have also invested in fixed deposits then there is good news for you. Reserve Bank of India (RBI) has increased the minimum amount of non-refundable fixed deposits.

RBI has increased the minimum amount from Rs 15 lakh to Rs 1 crore.

This means that now you can withdraw up to Rs 1 crore before maturity of all fixed deposits (FDs) (FD new rules). Let us tell you here that banks offer two types of FDs. One callable and the other, non-callable. Callable deposits allow early withdrawal, while non-callable deposits do not.

 

The Reserve Bank of India (RBI) said in a notification issued on October 26 that the minimum amount for offering non-callable FDs can be increased from Rs 15 lakh to Rs 1 crore or Rs 1 crore. And all domestic fixed deposits can be accepted.

 

Customers will be able to withdraw only less amount than this earlier. According to the Financial Express report, this directive will also apply to the new rules for Non-Resident (External) Rupee (NRE) deposits / Ordinary Non-Resident (NRO) deposits.

 

Banks will be free to provide FDs without the option of premature withdrawal. Provided that all term deposits accepted from customers (singly or jointly) in the amount of Rs 15 lakh and below will have early withdrawal facility.

 

Now the rule has been amended. Early withdrawal options will also be available on FD (term deposit) deposits up to Rs 1 crore for NRE/NRO account holders.