Banking · Overdue Deposits
As per the current RBI guidelines, if a term deposit matures and proceeds are unpaid, the amount left unclaimed with the bank shall attract which rate of interest?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1No interest is payable on such overdue deposits after 14 days from maturity.
- 2The rate of interest as applicable to savings account or the contracted rate of interest on the matured TD, whichever is lower.✓
- 3The savings bank rate of interest indefinitely until it is claimed.
- 4The original contractual rate of interest of the matured term deposit.
Correct answer
The rate of interest as applicable to savings account or the contracted rate of interest on the matured TD, whichever is lower.
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