The Reserve Bank of India (RBI) on June 07, 2024, issued a notification regarding the amendment of Master Direction - Reserve Bank of India (Interest Rate on Deposits) Directions, 2016.
The following has been stated: -
•In these Directions the term shall bear the meanings assigned to them below:
i.Bulk Deposit means Single Rupee term deposits of Rupees three crore and above for Scheduled Commercial Banks (excluding Regional Rural Banks) and Small Finance Banks.
ii. Single Rupee term deposits of Rupees one crore and above for Regional Rural Banks and Local Area Banks.
•These instructions shall be applicable to all Scheduled Commercial Banks (excluding RRBs), Small Finance Banks, and Local Area Banks and shall come into force with immediate effect.
URL: https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10296
The detailed amendments are given in the document below.
[Notification No. RBI/2024-25/40 DoR.SPE.REC. No.24/13.03.00/2024-2025]
