Banking · Time Deposit Rules
Analyze the following statements regarding the Operational Instructions for a standard Time Deposit (FD) account in an Indian bank: I. The interest on Fixed Deposits must be compulsorily compounded and paid only at maturity, as per RBI guidelines. II. Form 15G/15H is only required if the principal deposit amount exceeds Rs 5,00,000. III. In the event of the death of a sole depositor, the bank can allow premature payment of the FD to the nominee or legal heir without levying any penalty. Which of the statements given above is/are correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Only statement I
- 2Only statement II
- 3Only statement III✓
- 4Both statements I and III
Correct answer
Only statement III
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