RBI new rules for NBFC: The Reserve Bank of India (RBI) said on Monday that non-banking financial companies (NBFCs) will pay 100 percent of this amount within the first three months of accepting the deposit.
However, there is a condition for this that the depositor will have to cite an emergency for withdrawal. The central bank said in a review of the rules governing NBFCs that no interest will be paid for such premature withdrawal.
The rule will come into effect from January 1, 2025
The Reserve Bank said that these changes will come into effect from January 1, 2025. The Reserve Bank said that based on the definition of critical illness prescribed by the insurance regulator IRDAI, it will be decided whether a request falls under the category of such exemption or not.
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In which cases will you be able to withdraw the entire amount
The central bank said, “In cases of serious illness, 100 per cent of the principal amount of the deposit can be withdrawn on the request of the depositors within three months from the date of acceptance of such deposits. In this situation, no interest will be paid to the depositors.”
In these situations there will be 50 percent withdrawal
Emergency situations include medical needs or natural disasters. If there is no emergency and premature withdrawal is sought within three months, NBFCs can pay up to 50 percent of the deposit amount without paying any interest. However, this amount cannot exceed 50 percent.
