FD rule change: Now, premature withdrawal allowed on fixed deposits up to Rs 1 crore; applies to NRE & NRO deposits too
Published by The Times of India
Abhishek Kumar's role: Quoted
Abhishek Kumar, founder of SahajMoney, noted that the RBI change benefits individual depositors, who can now hold fixed deposits of up to ₹1 crore, including NRE and NRO deposits, without losing the premature withdrawal option.
More of Abhishek's views on saving and deposits
This October 2023 report covers the RBI's decision to raise the minimum size of non-callable term deposits from ₹15 lakh to ₹1 crore, so that all individual term deposits of ₹1 crore or less must offer premature withdrawal, including NRE and NRO deposits. It compares rates on non-callable and regular deposits at the time and notes a related change to the bulk deposit limit for regional rural banks. It includes comments from Abhishek Kumar.
Publisher source
FD rule change: Now, premature withdrawal allowed on fixed deposits up to Rs 1 crore; applies to NRE & NRO deposits too
