No charge for missed instalment on fixed deposit and pension schemes

The central bank yesterday asked banks not to impose any charges on savers if they fail to pay instalments on fixed deposit and pension schemes.

Banks have been asked not to impose any penalty on clients in case of their failure to pay the instalments for April and May.

The government had declared a general holiday from March 26 to May 30 and imposed restrictions on people's movements, which created a problem for clients in paying the instalments.

Banks will have to take this issue into consideration, according to a central bank notice.

Clients will have to pay their due instalments within June 20 or else they will not enjoy the relaxed facility.

If lenders impose any charge on clients due to their failure to pay the instalments, they will have to pay back the money to the clients.