RBI raised the bulk fixed deposit limit to Rs 3 crore from Rs 2 crore
- RBI raised the bulk fixed deposit limit to Rs 3 crore from Rs 2 crore.
- The Reserve Bank of India (RBI) has revised the definition of a bank ‘bulk deposit’.
- At present, a bank FD of Rs 2 crore and above is considered a bulk FD.
- The new threshold for ‘bulk deposit’ or bulk FD is Rs 3 crore. It means deposits below this amount will not be considered bulk deposits.
- Single rupee term deposits of up to Rs 2 crore with Scheduled Commercial Banks (excluding Regional Rural Banks) and Small Finance Banks will be part of retail fixed deposits.
- It has been also proposed to define the bulk deposit limit for Local Area Banks as Single Rupee term deposits of Rs 1 crore and above.
- RBI has also proposed to rationalise guidelines for export and import of goods and services under Foreign Exchange Management Act (FEMA), 1999 to promote the ease of doing business.