RBI issues norms on unclaimed maturity proceeds of term deposits.

The Reserve Bank of India on 2nd July 2021 has notified that the unclaimed maturity proceeds of term deposits (TDs) with banks will attract the rate of interest as applicable to savings account or the contracted rate of interest on the matured TD, whichever is lower.

The new norms are applicable for deposits in all commercial banks, small finance banks, local area banks, and cooperative banks.

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