RBI Amends Master Direction-Reserve Bank Of India (Interest Rate On Deposits) Directions, 2016

Posted On - 26 June, 2024 • By - King Stubb & Kasiva

The term “Bulk Deposit” as prescribed in paragraph 3(a)(i) of the Master Direction-Reserve Bank of India (Interest Rate on Deposits) Directions, 2016 has been amended vide circular dated June 07, 2024 bearing No. RBI/2024-25/40 to mean:

  1. Single Rupee term deposits of Rupees three crore and above for Scheduled Commercial Banks (excluding RRBs) and Small Finance Banks.
  2. Single Rupee term deposits of Rupees one crore and above for Local Area Banks as applicable in case of Regional Rural Banks.

The said instructions have come into force with immediate effect.