Fixed deposits: After RBI’s change in bulk deposit rules, which bank’s FD is getting the highest interest? Check the full list

Bank fixed deposit rates:The Reserve Bank of India (RBI) recently changed the rules of its bulk fixed deposit. RBI has increased the limit of bulk FD to Rs 3 crore, which was earlier Rs 2 crore. Now bank fixed deposits of Rs 3 crore and above will be considered bulk FD and the amount above this will be classified as bulk FD. Earlier, FD of Rs 2 crore was considered bulk deposit.

In 2019, the bulk deposit limit for Scheduled Commercial Banks (SCBs) and Small Finance Banks (SFBs), except Regional Rural Banks, was increased to ‘Single Rupee Term Deposit of Rs 2 crore and above’. During the review, it is proposed to revise the definition of bulk deposit for SCBs (excluding RRBs) and SFBs as ‘Single Rupee Term Deposit of Rs 3 crore and above’. Apart from this, it is also proposed to define the bulk deposit limit for local area banks as ‘Single Rupee Term Deposit of Rs 1 crore and above’, as applicable in the case of RRBs. Necessary guidelines will be issued soon. RBI said these things on the review of bulk deposit limit for Scheduled Commercial Banks (excluding Regional Rural Banks), Small Finance Banks and Local Area Banks.

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The significance of RBI’s review of bulk deposit rules lies in the fact that interest rates on retail deposits and bulk deposits are not the same. Let’s take a look at the interest rates on FDs of top banks that have updated their retail deposit limit from Rs 2 crore to Rs 3 crore. All this data has been taken from Paisa Bazaar.

Yes Bank

Yes Bank has revised its FD rates from June 8. The bank offers 3.25% to 8% annual interest on FDs for general customers and 3.75 to 8.5% annual interest for senior citizens on FDs with tenures ranging from 7 days to 10 years.

Bank of India

Bank of India is offering interest rates of 3% to 7.3% per annum to general customers, 3%-7.8% per annum to senior citizens i.e. customers above 60 years of age and 3% to 7.95% per annum to super senior citizens i.e. customers above 80 years of age on FDs with tenures ranging from 7 days to 10 years.

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Axis Bank

Axis Bank has changed the FD interest rates from June 8. The bank has also increased the retail deposit from Rs 2 crore to Rs 3 crore. The bank is offering interest rates of 3% to 7.20% per annum to general customers and 3.5% to 7.85% per annum to senior citizens on FDs with tenures ranging from 7 days to 10 years.

HDFC Bank

HDFC Bank has revised FD interest rates and also increased the retail deposit limit from Rs 2 crore to Rs 3 crore. The bank is offering interest rates of 3% to 7.25% per annum on FDs to its general customers and 3.5% to 7.75% per annum to senior citizens. The tenure of FDs ranges from 7 days to 10 years.

(Note: The above content is for information purposes only. Readers are advised to consult their financial advisors or experts before deciding to invest in any bank FD.)