- The Reserve Bank of India has announced to revise the definition of Bulk Deposit from single rupee deposits of ₹1 crore to single rupee deposits of ₹2 crore and above.
- Bulk Deposit: Single – Rupee term deposits (Single Deposit in Rupee denomination for fixed term) of Rupees two crore and above for Scheduled Commercial Banks other than Regional Rural banks.
- RBI allows banks to offer differentiated interest rate above this Bulk Deposit limit. So now single term deposit above Rs 2 Crore will be considered as Bulk Deposit.
Points to remember:
- What is bulk deposit?
- Limit for bulk deposit?