In a win for transparency, the Reserve Bank of India has directed banks to publish their bulk fixed deposit rates every day by 10am, starting October 1. The rule covers deposits of ₹3 crore and above.

The directive also ends a quiet practice where customers opening FDs on the same day could be offered different rates. From now on, all bulk deposits booked on a given day must carry the same published rate, regardless of the branch or the customer.

Bulk FD rates are typically negotiated and have been notoriously opaque, leaving smaller institutions and high-net-worth depositors guessing about the going rate. The daily publication requirement will let depositors compare offers across banks in real time and bargain harder.

Banking experts say the move could compress the spread banks earn on large deposits and push more money towards smaller finance banks and NBFCs offering better rates. For ordinary savers the rule changes little, but for treasurers of companies and trusts managing crores in surplus cash, every basis point now counts in the open.