Deposit

How Interest on fixed deposit after due date is calculated?

How interest is calculated on Fixed deposit account after due date? Is the banker obliged to pay interest after the due date if the depositor does not come forward to close the account?

Public Comments

1. No the banker is not responsible if the depositor of the fixed deposit account dose not come and either close or renew the fd for a term.
2. No interest is paid for the matured accounts at banks. Normally all banks give 2 weeks or 15 days from the date of maturity for renewal with retrospective date.
3. When it matures, they will send an intimation to you. You can renew and then at their discretion can renew from that date. If you are not renewing then the lapsed period will be taken on savings bank interest.
4. if not renewed, sb interest will be given which is around 3.5%.