Money Deposited through Bulk Deposits.

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..... Money Deposited through Bulk Deposits.
News and Press Release
Dated:- 6-9-2012

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 .....

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..... 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 Foreig .....

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..... n 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 .....

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..... 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 Augus .....

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..... t 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
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..... ws - Press release - PIB .....

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