INDIA
The Reserve Bank of India (RBI) recently announced raising the bulk fixed deposit limit to Rs 3 crore from the earlier Rs 2 crore. So, now your FDs worth up to Rs 3 crore will fall into the retail FDs category.
The Reserve Bank of India (RBI) recently announced raising the bulk fixed deposit limit to Rs 3 crore from the earlier Rs 2 crore. So, now your FDs worth up to Rs 3 crore will fall into the retail FDs category. Anything exceeding this limit will be labelled as a bulk FD. Earlier, FDs of Rs 2 crore were considered as bulk deposits.
“The bulk deposits limit was enhanced in the year 2019 for Scheduled Commercial Banks (SCBs) (excluding Regional Rural Banks) and Small Finance Banks (SFBs) as ‘Single Rupee term deposits of Rs 2 crore and above’. In a review, it is proposed to revise the definition of bulk deposits as ‘Single Rupee term deposits of Rs 3 crore and above’ for SCBs (excluding RRBs) and SFBs. Further, it is also proposed to define the bulk deposit limit for Local Area Banks as ‘Single Rupee term deposits of Rs 1 crore and above’ as applicable in case of RRBs. Necessary guidelines will be issued shortly,” the RBI said on review of limit of bulk deposits for scheduled commercial banks (excluding RRBs), small finance banks and local area banks.
Have a look at the latest interest rates for fixed deposits, available from top banks that have updated their retail deposits from Rs 2 crore to Rs 3 crore. Data is sourced from paisabazaar.
YES Bank
YES Bank, which revised its fixed deposit rates on June 8, offers FD interest rates of 3.25%-8% per annum for general customers and 3.75-8.5% per annum for senior citizens on tenures spanning 7 days to 10 years.
Bank of India
Bank of India offers annual interest rates ranging from 3% to 7.3% for its general customers. For those in the senior citizen category, the rates vary between 3% and 7.8%. The super senior citizens are offered rates from 3% to 7.95%. These rates vary for diverse durations right from 7 days to 10 years.
Axis Bank
Axis Bank has revised FD interest rates, effective from June 8. They also updated the retail deposit amount from Rs 2 crore to Rs 3 crore. For general customers, the bank offers FD interest rates of 3-7.20% annually and 3.5%-7.85% per annum to senior citizens on tenures ranging from 7 days to 10 years.
HDFC Bank
HDFC Bank has revised fixed deposit interest rates and also updated the limit for retail deposits from Rs 2 crore to Rs 3 crore. HDFC Bank offers rates of 3-7.25% per annum on fixed deposits for general customers and 3.5%-7.75% per annum to senior citizens. The FD tenures are ranging from 7 days to 10 years.
ICICI Bank
ICICI Bank has not revised its FD rates. They are offering FD interest rates of 3% to 7.2% per annum to general customers and 3.5%-7.75% per annum to senior citizens, on tenures ranging from 7 days to 10 years.
Punjab National Bank (PNB)
Punjab National Bank has also revised fixed deposit rates and updated the retail deposit amount. Its FD rate changes will come into effect from June 10, 2024. The bank offers interest rates of 3.5%-7.25% per annum on fixed deposits for general customers and 4%-7.75% per annum for senior citizens on tenures ranging from 7 days to 10 years.
Canara Bank
Canara Bank is offering FD interest rates of 4%-7.25% per annum to the general public and 4-7.75% per annum to senior citizens. These FD rates are applicable on tenures ranging from 7 days to 10 years.
State Bank of India (SBI)
For general customers, SBI offers fixed deposit interest rates, starting from 3.50% to 7.10% annually. If you're a senior citizen, the bank provides even higher rates, starting from 4% per year and as high as 7.6% per annum. The FD tenures are ranging from 7 days to 10 years.
Punjab & Sind Bank
Punjab & Sind Bank offers annual fixed deposit interest rates that vary from 2.8% to 7.25% for their general customers, and for senior citizens, the rates range between 2.8% and 7.75% on tenures ranging from 7 days to 10 years.
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