There have been many changes in the rules from January 1, 2025, which will have a direct impact on your pocket. In this episode, the rules of Fixed Deposit (FD) are going to change from January 1. Actually, the Reserve Bank of India (RBI) has changed the rules related to FD with NBFC and HFC.
The Reserve Bank of India (RBI) will implement revised rules related to fixed deposits (FDs) with non-banking financial companies (NBFCs) and housing finance companies (HFCs). These updates, announced in August, include guidelines on deposit acceptance, repayment, nominations and emergency expenses.
Major changes in fixed deposit rules
As per the new RBI guidelines, depositors can withdraw small deposits up to Rs 10,000 without interest within three months of deposit. For large deposits, partial withdrawals up to 50% of the principal amount or Rs 5 lakh (whichever is lower) are allowed within the same time frame, without interest.
In cases where a depositor faces a critical illness, they can withdraw the entire principal amount prematurely, regardless of the period of deposit. This provision dictates that individuals can access their funds during an emergency without any penalty.
Notification requirements for NBFCs
In addition, NBFCs are now required to inform depositors about maturity information at least two weeks before the maturity date. This requirement is aimed at providing timely updates and ensuring that depositors are well informed about their investments.
These changes reflect RBI’s efforts to enhance transparency and flexibility in fixed deposit schemes. By understanding these new rules, one can make informed decisions about their financial plans for the year.
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