Question
The Reserve Bank of India (RBI) has increased the
threshold for bulk fixed deposits for Scheduled Commercial Banks and Small Finance Banks to ₹3 crore. What was the previous threshold for bulk deposits before this revision?Solution
The previous threshold for bulk fixed deposits was ₹2 crore, which has now been increased to ₹3 crore by the RBI. • Bulk Deposits: These deposits earn slightly higher interest rates as banks use them for managing liquidity. • Revised Definition: Bulk deposits are now defined as "Single Rupee term deposits of ₹3 crore and above" for Scheduled Commercial Banks (excluding RRBs) and Small Finance Banks. • Local Area Banks: The bulk deposit limit for Local Area Banks and Regional Rural Banks is set at ₹1 crore. • RBI's Policy Update: This revision was announced during the bi-monthly monetary policy review in June 2024 to streamline the classification of deposits.
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