On June 7, the Reserve Bank of India (RBI) updated the bulk deposit threshold for scheduled commercial banks and small finance banks (SFBs) to Rs 3 crore.
RBI Governor Shaktikanta Das announced the revision, which defines bulk deposits as single-rupee term deposits of Rs 3 crore and above for these banks, excluding regional rural banks. This change follows an earlier October 2023 notification that set the bulk deposit limit at Rs 2 crore.
In its second bi-monthly monetary policy meeting for the current financial year, the RBI’s Monetary Policy Committee (MPC) decided to keep the repo rate steady at 6.5 percent, with a majority vote of 4:2. The central bank continues to maintain its stance of withdrawing accommodation.
Governor Das emphasized that despite ongoing global crises, India is experiencing positive growth. However, he stressed the importance of remaining vigilant against emerging challenges.
Overall, this change by the RBI could benefit regular investors looking to park larger sums of money in fixed deposits. It’s always a good idea to compare interest rates offered by different banks before finalizing your investment.
