RBI tells banks to tweak FD norms
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The Reserve Bank of India (RBI) has asked regional rural and co-operative banks to modify Fixed Deposit account opening forms to allow premature withdrawal of FD on death of one of the joint account holders without any penalty.
Under the modified norms, it will be easier for the surviving joint account holders to go for premature withdrawal of FD in the event of death of the other.
As per the RBI notification, banks will have to incorporate a clause in the FD form to give option of premature withdrawal by survivor in case of death of the other joint account holder.
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