From today, October 1, banks will have to show their cards to India's biggest depositors. Under revised Reserve Bank of India directions, banks must publish their bulk fixed deposit interest rates on their websites by 10 a.m. every business day — with a short grace period until 10:10 a.m. — and pay exactly the rates they disclosed.
The new framework brings long-awaited transparency to a corner of banking that has long run on private negotiation.
What changes
A bulk deposit is defined as a single-rupee term deposit of Rs 3 crore and above. Until now, such depositors negotiated rates directly with their banks depending on the size and nature of the deposit, with little visibility into what other customers were getting.
The revised directions, which stem from the RBI's July 30, 2026 amendment to its interest-rate directions, change that. Banks will need to:
- publish applicable bulk deposit rates online by 10 a.m. on every working day (10:10 a.m. at the latest);
- pay exactly the rate disclosed in advance; and
- offer the same rate on similar deposits accepted on the same day, across all branches and customers.
The rules seek to prevent banks from offering different rates for similar bulk deposits simply because they were booked at different branches. That said, the framework still lets banks differentiate rates in circumstances linked to their liquidity requirements — for example, where the Liquidity Coverage Ratio (LCR) run-off treatment differs.
Who is covered
The changes apply to commercial banks and other specified categories of banks. The direction sits alongside the RBI's broader October 1 reset: the same date brings new FEMA rules shortening the window for exporters to repatriate proceeds to nine months and introducing a formal export declaration form for services, as well as a new UPI Merchant Discount Rate framework for specified merchant transactions above Rs 2,000.
For savers placing large deposits, the takeaway is simple: the rate on the website in the morning is the rate they are owed.
Sources:
- FD Interest Rate Rules Change From October 1: What Bulk Depositors Need To Know
- RBI changes bulk FD rules from October 1: What depositors and banks need to know
The new framework brings long-awaited transparency to a corner of banking that has long run on private negotiation.
What changes
A bulk deposit is defined as a single-rupee term deposit of Rs 3 crore and above. Until now, such depositors negotiated rates directly with their banks depending on the size and nature of the deposit, with little visibility into what other customers were getting.
The revised directions, which stem from the RBI's July 30, 2026 amendment to its interest-rate directions, change that. Banks will need to:
- publish applicable bulk deposit rates online by 10 a.m. on every working day (10:10 a.m. at the latest);
- pay exactly the rate disclosed in advance; and
- offer the same rate on similar deposits accepted on the same day, across all branches and customers.
The rules seek to prevent banks from offering different rates for similar bulk deposits simply because they were booked at different branches. That said, the framework still lets banks differentiate rates in circumstances linked to their liquidity requirements — for example, where the Liquidity Coverage Ratio (LCR) run-off treatment differs.
Who is covered
The changes apply to commercial banks and other specified categories of banks. The direction sits alongside the RBI's broader October 1 reset: the same date brings new FEMA rules shortening the window for exporters to repatriate proceeds to nine months and introducing a formal export declaration form for services, as well as a new UPI Merchant Discount Rate framework for specified merchant transactions above Rs 2,000.
For savers placing large deposits, the takeaway is simple: the rate on the website in the morning is the rate they are owed.
Sources:
- FD Interest Rate Rules Change From October 1: What Bulk Depositors Need To Know
- RBI changes bulk FD rules from October 1: What depositors and banks need to know
