What changed
RBI introduced a new format (Annex) for displaying interest rates and service charges on bank websites, supplementing the earlier comprehensive notice board requirement. Banks are now required to place this quick-glance format online, though they can adapt it without reducing disclosure scope.
What it means for you
Banks must update their websites to include a standardized, easy-to-find summary of rates and fees, improving transparency for customers. This adds a compliance layer for web teams but allows flexibility in design.
What you must do
- Implement the prescribed quick-glance format on your bank's website, ensuring it is accessible from the homepage.
- Keep the displayed information updated with the latest interest rates and service charges at all times.
- Review the Annex format and adapt it only if the basic structure and disclosure scope remain intact.
- Coordinate with IT and compliance teams to verify the display meets RBI's September 2008 circular requirements.
Who it affects
All scheduled commercial banks (excluding RRBs), Bank website and IT teams, Compliance and customer service departments
Does this circular replace the earlier comprehensive notice board requirement?
No, this circular supplements the earlier circular. Banks are advised to display the quick-glance format on their websites in addition to the earlier requirements.