25 Jan,2013 16:21 IST
RBI Tightens Rules On Banks' Large-Value Deposits
Banks can charge different rates of interest only on bulk deposits of above Rs 1 cr, higher than previous limit of Rs 15 lakhs
Banks can charge different rates of interest only on bulk deposits of above Rs 1 crore, higher than previous limit of RS 15 lakhs, the central bank said in a circular on 24 January.
"For deposits below Rs 1 crore, the same rate will apply for deposits of the same maturity," the RBI said.
The RBI said banks can disallow premature withdrawal of deposits of over Rs 1 crore.
The revised guidelines will be applicable from 1 April.