RBI to make banks post bulk FD rates online daily and ease import payment rules from October 1
From October 1, banks must publish bulk fixed deposit rates on their websites each working day, and import payments will follow the terms agreed between trading parties.
Several rules change on the first of the month. As September ends and October begins, the Reserve Bank of India (RBI) will amend some of its rules, which are likely to have a direct bearing on people's finances.
The RBI has brought in the rules to increase transparency in the banking system and to give relief to importers and exporters. They take effect on October 1, 2026. The biggest impact will be on bulk fixed deposits (bulk FDs) and on FEMA rules relating to foreign trade.
First, bulk FDs. The RBI has revised the rules on interest rates on term deposits. The aim of the new arrangement is that bulk deposit rates and related information should be transparent and consistent. The revised rule comes into force on October 1.
In commercial banks, an FD of Rs 3 crore or more is treated as a bulk deposit. From October, these banks will have to publish the interest rates for bulk FDs on their official websites by 10:00 am on every working day. This will be mandatory.
Under the new rule, no bank can offer different customers different interest rates on bulk FDs made on the same day, for the same tenure and for the same amount. Whether the FD is made at a branch in a big city or in a rural area, the rate will be the same. This will reduce haggling. Earlier, large investors negotiated rates with banks individually. Now they will have to make the FD at the rate posted on the website.
The second change relates to the Foreign Exchange Management Act (FEMA). To promote foreign trade, the RBI is introducing new trade rules under this law. From October 1, authorised dealer banks will directly monitor import payments. For this, the terms of the trade agreement between the two parties will be considered, instead of a uniform deadline set by government regulators.
This can be understood as follows. Earlier, when goods were imported from abroad, payment had to be made through the bank within the period set by the RBI, even if the supplier had agreed to be paid later. If payment was not made within that period, the person concerned was treated as a defaulter.
That deadline condition has now been scrapped. For payments, banks will consider only the payment date the two parties have fixed in their agreement. The rule will make it easier for importers to do business on their own terms, without being bound by government deadlines.
