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RBI increased the bulk fixed deposit limit from 2 crore to 3 crore
The Reserve Bank of India has recently taken a decision to increase the threshold of bulk fixed deposit from 2 crore to 3 crore.
After this decision, deposits upto 2 crore with scheduled commercial banks excluding regional rural banks will come under the category of retail fixed deposit.
This is applicable to scheduled commercial banks and small finance banks excluding regional rural banks.
About bulk fixed deposit:
A bulk fixed deposit (FD) is a type of fixed deposit that involves a substantial amount of money, usually above a certain threshold specified by a bank or financial institution.
Now the limit has been increased to 3 crore for small finance banks and Scheduled commercial banks.
About Regina rural banks:
Regional Rural Banks (RRBs) in India are financial institutions that aim to provide banking services to the rural and semi-urban areas of the country. They were established under the Regional Rural Banks Act of 1976 with a mandate to promote financial inclusion and support the rural economy.
RRBs are jointly owned by the Government of India, the respective state governments, and sponsor banks (usually large public sector banks). The typical shareholding pattern is 50% by the central government, 15% by the state government, and 35% by the sponsor bank.
About small finance banks:
Small Finance Banks (SFBs) are a category of banks created to further financial inclusion by providing banking services to underserved and unserved sections of the population, including small business units, small and marginal farmers, micro and small industries, and unorganized sector entities.
Conclusion:
Overall, bulk fixed deposits are designed to cater to those with substantial amounts of money to invest, offering better returns and more tailored options than regular fixed deposits.
Important Questions:
- What is the increased limit of bulk fixed deposits by RBI?
- What are the regional rural banks?
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