July 02, 2021<\/p>\n
All Scheduled Commercial Banks (including RRBs)
\nAll Small Finance Banks
\nAll Local Area Banks
\nAll Primary (Urban) Co-operative Banks\/ District Central Co-operative Banks\/
\nState Co-operative Banks<\/p>\n
Dear Sir \/ Madam,<\/p>\n
Please refer to Section 9 (b) of Master Direction – Reserve Bank of India (Interest Rate on Deposits) Directions, 2016 dated March 3, 2016<\/strong>, and the Master Direction -Reserve Bank of India (Co-operative Banks- Interest Rate on Deposits) Directions, 2016 dated May 12, 2016<\/strong> in terms of which if a Term Deposit matures and proceeds are unpaid, the amount left unclaimed with the bank shall attract rate of interest as applicable to savings deposits.<\/p>\n On a review of these instructions, it has been decided that if a 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.<\/p>\n 3. The relevant section of Master Directions are amended accordingly as indicated in the Annex.<\/strong><\/p>\n Yours faithfully,<\/p>\n (Thomas Mathew)
\nChief General Manager<\/p>\n