NBFC depositors can prematurely withdraw entire amount within 3 months: RBI ...Middle East

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NBFC depositors can prematurely withdraw entire amount within 3 months: RBI
source : Business Standard ( Middle East ) () 33
The Reserve Bank on Monday said non-banking financial companies (NBFCs) will pay 100 per cent of deposit amount within the first three months of accepting the fund, if the depositor seeks an withdrawal citing an emergency. In its review of regulations governing NBFCs, the central bank said no interest will be paid for such premature withdrawals and added that these changes will be in force from January 1, 2025. The definition of "critical illness" set by insurance regulator Irdai will guide on whether a request qualifies under the category, the central bank said. "...in cases of critical illness, hundred per cent of the amount of the principal sum of deposit may be prematurely paid to indivi

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