Fixed deposits: Which bank is offering highest FD interest rates post RBI bulk deposit rule change?
Bank fixed deposit rates: The Reserve Bank of India (RBI) recently announced raising the threshold for bulk fixed deposits to Rs 3 crore from the earlier Rs 2 crore. So, now your FDs worth up to Rs 3 crore will be considered as retail FD and above that mark will be categorised as bulk FD. Earlier, FDs of Rs 2 crore were considered as bulk deposits.
“The bulk deposits limit was enhanced in the year 2019 for Scheduled Commercial Banks (SCBs) (excluding Regional Rural Banks) and Small Finance Banks (SFBs) as ‘Single Rupee term deposits of Rs 2 crore and above’. In a review, it is proposed to revise the definition of bulk deposits as ‘Single Rupee term deposits of Rs 3 crore and above’ for SCBs (excluding RRBs) and SFBs. Further, it is also proposed to define the bulk deposit limit for Local Area Banks as ‘Single Rupee term deposits of Rs 1 crore and above’ as applicable in case of RRBs. Necessary guidelines will be issued shortly,” the RBI said on review of limit of bulk deposits for scheduled commercial banks (excluding RRBs), small finance banks and local area banks.
Also read: Fixed Deposits: 40 banks offering up to 9% interest rates on FDs in June
The RBI revisiting the bulk deposit rules has significance in a sense that interest rates on retail deposits and bulk deposits are not same.
Take a look at the interest rates on FDs of these top banks that have updated their retail deposits from Rs 2 crore to Rs 3 crore. Data is sourced from paisabazaar.
YES Bank, which revised its fixed deposit rates from June 8, offers FD interest rates of 3.25%-8% per annum for general customers and 3.75-8.5% per annum for senior citizens on tenures spanning 7 days to 10 years.
Bank of India is offering general customers interest rates of
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