Many big banks have revised their fixed deposit interest rates and terms in accordance with new rule set by the Reserve bank of India (RBI) in its latest monetary policy meet.
The RBI announced the proposal to revise the definition of bulk fixed deposits. As per the proposal announced, the bank’s fixed deposits of Rs 3 crore and above will be considered bulk deposits. As of now, a bank FD of Rs 2 crore and above is considered a bulk FD.
According to the RBI definitions, “ Single Rupee term deposits of Rupees three crore and above for Scheduled Commercial Banks (excluding Regional Rural Banks) and Small Finance Banks”This modification would classify deposits made by individuals between Rs 2 crore and Rs 3 crore as retail fixed deposits. Note that interest rates on retail deposits and bulk deposits differ.
Here is a list of banks which have revised the date and updated their retail deposits from Rs 2 crore to Rs 3 crore.
State Bank of India (SBI)
SBI has not revised the FD interest rate date, however the bank has updated retail deposit amount from Rs 2 crore to Rs 3 crore. The rates are effective from May 15, 2024.
HDFC Bank
HDFC Bank revised fixed deposit interest rates effective June 12 and updated the retail deposit amount from Rs 2 crore to Rs 3 crore.
Utkarsh SFB
Utkarsh SFB has revised FD interest rate and updated the retail deposit amount from Rs 2 crore to Rs 3 crore effective June 7, 2024.
Bank of Baroda
Bank of Baroda revised fixed deposit interest rates effective June 12 and updated the retail deposit amount from Rs 2 crore to Rs 3 crore. The rates are effective from June 12, 2024.
PNB
Punjab National Bank revised fixed deposit interest rates and updated the retail deposit amount from Rs 2 crore to Rs 3 crore. The rates are effective from June 10, 2024.
Axis Bank
Axis Bank revised fixed deposit interest rates and updated the retail deposit amount from Rs 2 crore to Rs 3 crore. The rates are effective from June 8, 2024.
Yes Bank
Yes Bank revised fixed deposit interest rates and updated the retail deposit amount from Rs 2 crore to Rs 3 crore. The rates are effective from June 8, 2024.
DCB Bank
DCB Bank revised fixed deposit interest rates and updated the retail deposit amount from Rs 2 crore to Rs 3 crore. The rates are effective from June 7, 2024.
RBL Bank
RBL Bank revised fixed deposit interest rates and updated the retail deposit amount from Rs 2 crore to Rs 3 crore. The rates are effective from June 8, 2024.
