Bank Bulk Deposit Limit: According to the SBI website, the limit of large deposits is currently Rs 2 crore. If this change is implemented, this limit will increase from Rs 2 crore to Rs 3 crore. The Reserve Bank has said that banks can give different interest on large deposits.
What is Bank Bulk Deposit Limit: If you also often deposit money in the bank, then this news is of use to you. RBI Governor Shaktikanta Das has proposed to change the definition of bulk deposits in Traditional Bank and Small Finance Bank (SFB) apart from Regional Rural Bank (RBI). Under this proposal, now customers will be able to deposit or FD up to Rs 3 crore. Till now this limit was Rs 2 crore. The purpose of this change is to easily divide the large amount deposited in banks into two parts.
Right now the limit of large deposits is Rs 2 crore
According to the website of State Bank of India (SBI), the limit of large deposits is currently Rs 2 crore. If this change is implemented, then this limit will increase from Rs 2 crore to Rs 3 crore. The Reserve Bank has said that banks can give different interest on large deposits. It will depend on how much money the bank needs and how they want to manage their transactions. These changes are being made to adapt the banking rules to the changing market.
There will be no significant impact on deposits or loans
Axis Bank Deputy MD Rajiv Anand said about this proposal that it is not very necessary to increase the limit of large deposits from Rs 2 crore to Rs 3 crore. It is just like changing the definition. Therefore, there will be no significant impact on deposits or loans. Talking about the current situation of the market, he said, right now it seems that the market is divided into two parts. On one hand, there is a lot of boom in the long term bond market. On the other hand, if you look at the interest rate on deposits up to one year, it is still very high.
Anand explained the importance of liquidity management for banks with the changing market and hoped for ease in the coming times. On the proposal to change the definition of large deposits, UCO Bank MD and CEO Ashwani Kumar said, ‘As far as large deposits are concerned, this is an improvement. Now only deposits of less than Rs 3 crore will be considered retail term deposits and amounts above this will be considered large deposits.
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