The Reserve Bank of India has introduced revised rules for bulk fixed deposit rates effective October 1, 2026, requiring banks to publish applicable rates on their official websites by 10 AM on every working day. According to reports from Mint, Business Standard, The Economic Times, Zee News, and The Hindu BusinessLine, banks must follow the rates displayed on their websites when paying interest on eligible deposits, providing depositors with a straightforward reference point for larger term bulk deposits. The framework applies to commercial banks, small finance banks, regional rural banks, local area banks, payment banks and urban cooperative banks. Under the revised framework, banks will have to update their bulk deposit interest rates every working day, with the updated information available by 10:10 AM at the latest. As per The Hindu BusinessLine, some major banks including SBI, ICICI Bank, Axis Bank and Kotak Mahindra Bank were among those that disclosed rates, with rates ranging from 5.9 per cent to 6.05 per cent for a three-year deposit at Axis Bank. The RBI has specified that interest rates payable on deposits, including bulk deposits, shall be strictly as per the schedule of interest rates disclosed in advance on the bank's website.
A significant change is that banks will not be permitted to offer different interest rates for similar bulk deposits merely because they are booked at different branches. As reported by Mint, Business Standard, The Economic Times, Zee News, and The Hindu BusinessLine, this ensures that for deposits of similar amounts accepted on the same day, the applicable rate remains consistent across the bank's branches. The revised directions state that the interest rates offered on deposits, including bulk deposits, shall be uniform across all branches and for all customers. The RBI has also specified that there shall be no discrimination in the interest paid on deposits between one deposit and another deposit of a similar amount accepted on the same date at any of the bank's offices. According to The Hindu BusinessLine, Gopal Tripathi, Head of Treasury at Jana Small Finance Bank, noted that the changes are expected to reduce distortions in competition among banks, as lenders will now have to fix rates in line with their broader funding strategy. The provision is aimed at bringing greater consistency to bulk-deposit pricing across a bank, with the new rules eliminating the previous practice where different branches of the same bank could quietly offer different interest rates on the same fixed deposit.
For scheduled commercial banks, a bulk deposit generally refers to a single-rupee term deposit of ₹3 crore and above. According to Mint, Business Standard, The Economic Times, Zee News, and The Hindu BusinessLine, the applicable threshold differs for some categories of banks, with the new rules affecting not only domestic deposits but also certain bulk deposits held under the non-resident rupee deposit framework. These changes are particularly important for customers placing large deposits, as bulk deposits are treated differently from regular retail fixed deposits. The RBI's current regulatory framework lists ₹3 crore and above as the bulk-deposit threshold for scheduled commercial banks, excluding regional rural banks. Different thresholds apply to some other categories of banks. As per The Hindu BusinessLine, Anshul Chandak, Head of Treasury at RBL Bank, noted that some banks have used the flexibility provided by the RBI to price deposits differently based on LCR run-off rates, with most banks expected to implement it over the next month. The RBI has specifically allowed banks to offer differential interest rates on bulk deposits by taking into account the applicable run-off rates under the Liquidity Coverage Ratio framework.
The RBI's bulk-deposit rate disclosure standard is expected to place banks on a more level playing field in terms of price competition, according to treasury heads at several banks. As reported by The Hindu BusinessLine, Gopal Tripathi, Head of Treasury at Jana Small Finance Bank, explained that "Everybody has the same advantage or disadvantage" under the new framework. The direction has come into effect six days ahead of the RBI's Monetary Policy Committee meeting, where banking analysts and economists expect the repo rate to rise to 5.50 per cent from the current 5.25 per cent. Against this backdrop, Chandak noted that markets have already priced in around 100 basis points of rate increases over the cycle, while banks are fixing deposit rates. The new disclosure requirements make it relatively easy for depositors to check the bank's published rate on the date of booking, providing a clear comparison mechanism for bulk fixed deposit investors. For customers planning to place ₹3 crore or more in a bulk FD, the daily rate disclosure and branch-level uniformity could make the process of comparing and negotiating bulk deposit rates more transparent.
According to Mint, the revised RBI framework is aimed at making bulk-FD pricing more transparent and giving large depositors clearer information about the interest rate applicable to their deposits. Tanu Gupta, Engagement Manager at Scripbox, explained that under the new RBI rules on bulk fixed deposits, effective October 1, banks will be required to publish their applicable bulk-deposit interest rates on their websites by 10 AM on every working day. This should bring greater transparency and consistency to deposit pricing. The move towards consistent pricing for similar bulk deposits across branches should also reduce discrepancies and give customers a clearer basis for comparison. However, Stuti Bubna, Financial Coach at Finstrong Wealth Pvt Ltd, noted that while greater disclosure does not mean that all banks will offer identical rates, the new framework removes much of the guesswork and makes comparing banks far easier. The changes are unlikely to affect most individual retail investors because they apply to bulk deposits, which for scheduled commercial banks generally start at ₹3 crore, making these new rules primarily relevant to individuals, companies, trusts and other depositors placing large sums in bank term deposits.
