NEW DELHI, Apr 16: As a customer– friendly measure, the Reserve Bank of India today asked banks to offer premature withdrawal facility on all term deposits of Rs 15 lakh and below. ”All term deposits of individuals (held singly or jointly) of Rs 15 lakh and below should, necessarily, have premature withdrawal facility,” the RBI has said in a directive to the banks. For all term deposits above this amount, banks can offer deposits without the option of premature withdrawal as well.”However, banks that offer such term deposits should ensure that at the customer interface point the customers are, in fact, given the option to choose between term deposits either with or without premature withdrawal facility”, it said. Also , banks should disclose in advance the schedule of interest rates payable on deposits. This means all deposits mobilized by banks should be strictly in conformity with the published schedule of interest rates. Besides, the banks should have a Board approved policy with regard to interest rates on deposits including deposits with differential rates of interest and ensure that the interest rates offered are reasonable, consistent, transparent and available for supervisory review/scrutiny as and when required. (UNI)
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