RBI to bring bank deposits into consolidated account statement with shares and mutual funds
Savings and fixed deposit details will be added to the CAS under rules framed with SEBI, via the account aggregator framework, expected to be fully in place by December 31, 2026.
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Investors have so far had to use one app for fixed deposits (FDs), another for shares and yet another for mutual funds. To reduce this hassle, the Reserve Bank of India (RBI) has taken a significant step aimed at making investing more convenient for customers and investors.
According to the latest announcement, details of bank deposits, that is, savings accounts and fixed deposit accounts, will now be included in the consolidated account statement (CAS).
So far, the CAS has covered only investments held in demat accounts, such as stocks, bonds and mutual funds. Under new rules framed in coordination between the RBI and SEBI, bank deposits will now be added to it.
The facility has been rolled out through the account aggregator framework. The new arrangement is expected to be fully operational by December 31, 2026. After that, an investor's entire financial portfolio can be viewed on a single dashboard or statement.
The most important benefit of the change is that people will not have to go through several banking apps or statements to keep track of FDs or deposits held in different banks.
The process of obtaining loans will also become faster and easier, because borrowers will be able to share all their financial information securely with lenders from one place.
Finding FDs and investments scattered across different banks after an account holder's death used to be a major challenge for families. With a single statement, tasks such as nomination and claim settlement will become easier.
