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Reserve Bank order: Reduce interest rate if Fixed Deposits are not renewed!
Posted on: 07/Jul/2021 1:10:15 PM
The Reserve Bank of India has announced that in case the account holders in the bank who have kept Fixed Deposits fail to renew the same, only minimum interest will be paid!
There are a substantial number of bank account holders throughout the country who keep fixed deposits in the bank for a certain period and earn interest through the same. The period of the Fixed Deposits differs from 15 days to several years. Different interest rates are given for different fixed deposit plans.
The interest rate for fixed deposits varies from one bank to another. Presently, an average interest rate of 5% is given for the Fixed Deposits and for senior citizens, it is 5.5%.
At the same time, the interest rate given for the ordinary savings account remains at 2.9% in most banks!
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