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What are the guidelines for renewal of overdue deposits?

April 26, 2017deposits guidelines overdue renewal

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What are the guidelines for renewal of overdue deposits?

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All aspects concerning renewal of overdue deposits may be decided by individual banks subject to their Board laying down a transparent policy in this regard and the customers being notified of the terms and conditions of renewal, including interest rate, at the time of acceptance of the deposit. The policy should be non-discretionary and non-discriminatory.