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    NBFCs accept deposits

    Posted By : Shiriti / Published on : 05-May-2018 01:09 AM / View : 544 / Comment : 1

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    Can all NBFCs accept deposits? Is there any ceiling on acceptance of Public Deposits? What is the rate of interest and period of deposit which NBFCs can accept?
    Read more on : deposits accept nbfcs

    • No, not all NBFCs can accept deposits. Only those NBFCs which are registered with the Reserve Bank of India (RBI) and hold a valid Certificate of Registration can accept public deposits.

      The RBI has prescribed certain norms and guidelines for acceptance of deposits by NBFCs, including a ceiling on the amount of deposits that can be accepted. As per the latest guidelines, the aggregate public deposits of an NBFC cannot exceed 1.5 times its net owned funds (NOF).

      The rate of interest and period of deposit that NBFCs can accept is also regulated by the RBI.

      As per the RBI regulations, the maximum amount of public deposits that an NBFC can accept is 1.5 times its net-owned funds (NOF) as per the latest audited balance sheet.

      As per the guidelines, NBFCs can accept deposits for a minimum period of 12 months and a maximum period of 60 months. The interest rate payable on such deposits cannot be more than the ceiling prescribed by the RBI, which is currently 1% above the average rate of interest payable on savings bank deposits by scheduled commercial banks.

      10-04-2023 / 11:25:24 AM
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