Premature withdrawal to be allowed on all bank FDs of up to Rs 1 crore: RBI hikes limit of non-callable FDs
Published by Economic Times
Abhishek Kumar's role: Quoted
Abhishek Kumar, founder of SahajMoney, said the change would let individuals keep up to ₹1 crore in bank FDs with a premature withdrawal option, and that it also applies to NRE and NRO deposits.
More of Abhishek's views on saving and deposits
Economic Times reports the RBI's decision of 26 October 2023 to raise the minimum size of non-callable term deposits from ₹15 lakh to ₹1 crore, so individuals' deposits up to ₹1 crore must allow premature withdrawal. It explains what non-callable deposits are, why banks often pay slightly more on them, and that the change also covers NRE and NRO deposits. It includes comments from Abhishek Kumar.
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Premature withdrawal to be allowed on all bank FDs of up to Rs 1 crore: RBI hikes limit of non-callable FDs