Stories
Bank FD Rules Change from Oct 1: What Bulk Depositors Need to Know.
- •Under new RBI rules, banks must publish bulk deposit interest rates on their website every working day by 10 AM, with a 10-minute grace period.
- •Banks must apply the interest rate stated on their website for bulk deposits.
- •Different branches of the same bank cannot offer varying interest rates on bulk deposits of the same amount.
- •Banks may offer different rates on some bulk deposits based on Liquidity Coverage Ratio (LCR) run-off rates or for non-resident rupee deposits.
- •These changes primarily affect bulk FDs (typically ₹3 crore or more); existing retail FD rates will not automatically change.
Key Questions Answered
Under the new RBI rules, banks must publish their bulk deposit interest rates on their website every working day by 10 AM, with a 10-minute grace period up to 10:10 AM. Banks must apply the interest rate stated on their website for these deposits.
No, different branches of the same bank cannot offer different interest rates on bulk deposits of the same amount accepted on the same day. There should be no arbitrary rate differences across branches, though exceptions exist for Liquidity Coverage Ratio run-off rates and non-resident rupee deposits.
No, the changes are primarily related to bulk FDs, which are generally single term deposits of 3 crore rupees or more in scheduled commercial banks. Existing interest rates for customers making regular retail FDs will not automatically change.
