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September 16, 2026
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Money Deposited through Bulk Deposits.

September 6, 2012

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Press Information Bureau
Government of India
Ministry of Finance

06-September-2012 17:37 IST

Money Deposited through Bulk Deposits

Reserve Bank of India (RBI) has informed that there is no standard definition of bulk deposits.  Bank group and size of time deposit – wise amount as at end March 2012 is furnished below:

 

Bank Name

Size wise distribution of Time Deposit of Banks at end Mar-12

 

Above Rs. 15 Lakh

Total Outstanding –

Rs. Crore

Total Deposits

*

Deposits of Size above Rs. 15 Lakh as % of Total Deposits

Nationalized Banks

1,556,672

3,366,202

46.2

SBI Group

366,068

1,343,591

27.2

Old Private Banks

121,067

315,918

38.3

New Private Banks

363,725

833,980

43.6

Foreign Banks

117,195

276,899

42.3

All Banks

2,524,728

6,136,590

41.1

*comprise CASA, time deposits, bank deposits and CDs

These deposits carry higher rate of interest than the amount deposited in Current Account and Saving Account (CASA).  Further, banks are permitted at their discretion to offer differential rates of interest on single term deposits of Rs. 15.00 lakh and above, subject to the condition that the interest rates payable on deposits including deposits are disclosed in advance to the depositor and not subject to negotiation between the depositor and the bank.

Government has issued an advisory to public sector banks on 06.07.2012 to reduce their high cost deposits which is available at website www.financialservices.gov.in.  Further, RBI has also issued a circular dated August 14, 2012, to have in place a Board approved transparent policy on pricing of liabilities and they should ensure that variation in interest rates on single term deposit of Rs.15.00 lakh and above and other term deposits are minimal.

This information was given by the Minister of State for Finance, Shri   Namo Narain     Meena in written reply to a question in Rajya  Sabha today.

 

*****

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