Question
What is the proposed increase in the minimum amount for
offering non-callable term deposits (TDs) based on the recent announcement by RBI?Solution
The Reserve Bank of India (RBI) increased the threshold above which banks can offer retail deposits without premature withdrawal from ₹15 lakh to ₹1 crore. This means banks will now have to let retail depositors withdraw fixed deposits below ₹1 crore. Typically, banks offer higher rates on non-callable deposits – those that cannot be withdrawn before maturity. For instance, State Bank of India (SBI) offers 7.1% on a one-year, non-callable term deposit of over ₹15 lakh and below ₹2 crore, while the rate on a callable counterpart below ₹2 crore is 6.8%.
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