RBI Allows Up to Rs 1 Cr Premature FD Withdrawal
2023 • 3min • News • Business
Published On: October 27, 2023 - RBI has increased the minimum amount for offering non-callable term deposits (a type of fixed deposit) from Rs 15 lakh to Rs 1 crore, as per the new rules. Essentially, it means that fixed deposits up to Rs 1 crore can be withdrawn before they reach maturity. Banks, in general, provide two types of fixed deposits: Callable fixed deposits and non-callable fixed deposits. While premature withdrawal is possible in callable deposits, the same is not allowed in non-callable deposits. Join News9's Krishna Kumar and Kartik Malhotra for more on this story.