Sunday, July 25, 2021
400 July

Pension 1500 gif

Shaheed 50 lakh gif

PSSSB 659

Kisan Karza 5.64 lakh gif

Kisan 48 hours gif

Ashirwad 51000 gif

punjab school edu 24 6 21

Markfed New Gif

Innocent Admission

New norm to calculate interest on overdue term deposits

- Advertisement -
New Delhi, July 4, 2021 (Agency) The Reserve Bank of India (RBI) has amended the norms as per which unclaimed maturity proceeds of term deposits (TDs) with banks will attract the rate of interest as applicable to savings accounts or the contracted rate of interest on the matured TD, whichever is lower.

As per the current rules, if a term deposit matures and proceeds are unpaid, the amount left unclaimed with the bank shall attract rate of interest as applicable to savings deposits.

“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 RBI said in a circular.

There will be a similar norm in terms of term deposits in co-operative banks.

The central bank has sent out a circular to all scheduled commercial banks, small finance banks, local area banks, primary (urban) co-operative banks, district central co-operative banks, and state co-operative banks, in this regard.

Term deposit refers to an interest-bearing deposit received by the bank for a fixed period and shall also include deposits such as recurring, cumulative, annuity, reinvestment deposits, and cash certificates.

Subscribe to YesPunjab Telegram Channel & receive important news updates

- Advertisement -

Yes Punjab - TOP STORIES

Punjab News

Sikh News

Transfers, Postings, Promotions

- Advertisement -spot_img

Stay Connected

20,369FansLike
111,885FollowersFollow

ENTERTAINMENT

National

GLOBAL

OPINION

Attack on Chinese in Pakistan

Who is behind the attack on Chinese in Pakistan – by Amjad Ayub Mirza

The deadly attack, carried out on July 15, on a coach carrying Chinese engineers to an under-construction tunnel site at the 4300 MW Dasu...
Coexistence

Coexistence, a unifying factor for Indians – by Asad Mirza

For most political parties, sociologists and psephologists what a common Indian on the street thinks matters most. It is an insight into a common...
Taliban Afghanistan

Taliban’s Next Stop: Kabul, Kashmir and Kerala – by Amjad Ayub Mirza

The speedy advance of the Taliban from northern Afghanistan to Kabul in the eastern section of the country could not have been achieved without...

SPORTS

Health & Fitness

Diabetes Check

Covid-19 may bring a new wave of diabetes: Study

New York, July 24, 2021- While diabetes is known to be a risk factor for severe Covid outcomes, researchers are now observing a new long-term health concern in patients hospitalised with Covid-19 -- an increase in new-onset hyperglycemia, or high levels of blood sugar lasting months after the infection. Researchers from the Boston Children's Hospital assessed the health of 551...

Gadgets & Tech

error: Content is protected !!