The Reserve Bank of India (RBI) has made a major change in the rules related to fixed deposits i.e. FD and bulk deposits. The main objective behind implementing these new rules is to bring complete transparency in interest rates for bank customers, so that the common people do not have to face any kind of problem.
On which banks will these new changes be applicable?
These new rules of RBI are going to be completely applicable to all the commercial banks, small finance banks, regional rural banks (RRB), local area banks, payments banks and urban co-operative banks of the country.
Now banks will not be able to act arbitrarily, same interest will be available in every branch.
Now if a customer makes an FD for the same amount and for the same time period in different branches of the same bank on the same day, then exactly the same interest rate will be applicable at both the places. No branch of the bank will now be able to offer a different interest rate to any customer by negotiating separately or on any other basis. With the introduction of this rule, it will now be very easy for customers to compare interest rates and get correct information before making FD.
Apart from this, under the new rules, it has been made mandatory for all banks to make accurate information about their FD interest rates available in advance on their official website. This means that now customers will not need to visit bank branches or depend on them just to know the interest rate. These interest rates given on the website will become the main and official means for customers to confirm the rates.
What will be the impact on old FD and will the interest increase?
If you have already made your FD before October 1, 2026, then the interest rate already fixed on that old FD will remain applicable till the end of its maturity. Due to these new rules, there will be no change in the interest rates of your existing FD automatically.
Also, this major change by RBI does not at all mean that the FD rates of banks will directly increase or decrease by a lot. As always, banks will decide their interest rates on the basis of current market conditions and cost of funds.
Big change in bulk deposit rules also
The Reserve Bank has categorized deposits of Rs 3 crore or more in all scheduled commercial banks and small finance banks as 'bulk deposits'. For such large deposits, banks will now have to update their interest rates on their websites daily.
This rule has been made for banks to release their new bulk deposit rates on the website by 10 am every day. For this, banks have also been given a small grace period of 10 minutes, that is, these rates can be uploaded on the website till 10:10 am maximum.