RBI amends instructions on Interest on overdue domestic deposits specifying that 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.
[ RBI Notification RBI/2021-22/66 DoR.SPE.REC.29/13.03.00/2021-2022 dtd 2nd July 2021]
