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AI Drafter ✕

Generate professional replies to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter.

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        Case ID :
        Income Tax

        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.

         

        *****

        DSM/RS/Hb

        Differential interest rates on large term deposits permitted when disclosed in advance; banks urged to adopt transparent pricing. Banks may offer differential interest rates on single-term deposits of Rs.15.00 lakh and above at their discretion, provided the interest rates payable are disclosed in advance to the depositor and are not subject to negotiation. RBI has required banks to adopt a Board-approved transparent policy on pricing of liabilities and to ensure minimal variation between rates on large single-term deposits and other term deposits; the Government has advised public sector banks to reduce high-cost deposits.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                Differential interest rates on large term deposits permitted when disclosed in advance; banks urged to adopt transparent pricing.

                                Banks may offer differential interest rates on single-term deposits of Rs.15.00 lakh and above at their discretion, provided the interest rates payable are disclosed in advance to the depositor and are not subject to negotiation. RBI has required banks to adopt a Board-approved transparent policy on pricing of liabilities and to ensure minimal variation between rates on large single-term deposits and other term deposits; the Government has advised public sector banks to reduce high-cost deposits.


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