The RBI plans to bring bank deposit information into Consolidated Account Statements by December 31, allowing investors to track their savings and investments in one place.
Tracking fixed deposits, mutual funds and stock market investments could soon become easier. The RBI has announced plans to include bank deposit details in the Consolidated Account Statement (CAS), which currently provides information on mutual funds and securities holdings.
The initiative, expected to be implemented by December 31, will help investors get a more comprehensive picture of their financial assets without having to check multiple bank and investment statements.
The RBI is also introducing interoperability among Account Aggregators, allowing customers to access and share their financial information across institutions through an aggregator of their choice.
At present, investors generally receive separate statements for bank deposits, mutual funds and stock market holdings.
Under the proposed arrangement, bank deposit information will be incorporated into the CAS issued by depositories regulated by the Securities and Exchange Board of India (SEBI).
The major changes include:
Bank deposits: Information on eligible savings and fixed deposits will be available in the consolidated view.
Mutual funds: Investors can continue to monitor their mutual fund holdings.
Stocks and securities: Demat account holdings will remain part of the statement.
Single financial overview: Investors can review deposits and market-linked investments together.
Easier reconciliation: The statement can help identify financial holdings that may otherwise be overlooked.
The objective is to improve financial visibility and make investment tracking more convenient.
An Account Aggregator (AA) is an RBI-regulated entity that facilitates the secure sharing of financial information between institutions with the customer's consent.
For example, an individual may maintain fixed deposits with three banks, hold mutual funds through an investment platform and own shares in a demat account.
Instead of separately accessing information from each institution, the Account Aggregator framework allows customers to bring together eligible financial information.
The RBI's interoperability initiative will enable customers to use any participating NBFC-Account Aggregator of their choice to access and share information across connected financial institutions.
Importantly, customers without demat accounts can also continue to obtain a consolidated view of their financial information through Account Aggregators.
Many investors maintain fixed deposits across several banks to diversify savings, manage liquidity and take advantage of different interest rates.
However, keeping track of multiple deposits, maturity dates and renewal instructions can become difficult.
The proposed system could offer several advantages:
Easier FD tracking: Investors can identify deposits held across participating banks.
Better financial planning: A consolidated view can help assess the allocation between bank deposits, equities and mutual funds.
Maturity monitoring: Where maturity details are available, investors can identify deposits approaching maturity.
Interest income reconciliation: The information may help compare interest earnings with bank and tax records.
Reduced risk of overlooking deposits: Investors can more easily identify deposits maintained across different institutions.
Consider an investor with financial assets worth ₹30 lakh, distributed across fixed deposits, mutual funds and shares.
Fixed deposit – Bank A: ₹5 lakh
Fixed deposit – Bank B: ₹5 lakh
Fixed deposit – Bank C: ₹5 lakh
Mutual funds: ₹8 lakh
Stocks: ₹7 lakh
Total financial assets: ₹30 lakh
Currently, the investor may need to consult three different banks, mutual fund records and demat account statements to track these assets.
Under the proposed arrangement, eligible bank deposit information could appear alongside securities holdings in the CAS.
This would allow investors to assess their overall financial position and asset allocation more conveniently.ork?
No. The consolidated statement will primarily function as a financial reporting and reconciliation tool. It will not change the ownership, interest rate, maturity date or contractual conditions of a fixed deposit.
Investors should continue to maintain the original records issued by their banks and financial institutions.
Important documents include:
Fixed deposit receipts and renewal confirmations
Bank account statements
Interest certificates
Tax Deducted at Source (TDS) records
Form 26AS and Annual Information Statement (AIS)
These documents will remain important for tax compliance, financial reconciliation and dispute resolution.
Once bank deposit information becomes available in the CAS, investors should verify the details against their respective bank records.
The following information should be checked wherever it is provided:
Name of the bank and deposit details
Principal amount invested
Date of investment
Maturity date
Applicable interest rate
Maturity amount
Renewal or closure status
Interest income and TDS details
Any discrepancies should be reported to the bank concerned or financial institution.
The information displayed in the consolidated statement will depend on the implementation framework and the data supplied by participating institutions.
The proposed system could simplify financial record-keeping, particularly for individuals earning interest from multiple bank deposits.
Interest earned on fixed deposits is generally taxable according to the investor's applicable income-tax provisions. A consolidated view may help taxpayers identify deposits held across banks and reconcile their interest income with existing financial records.
However, investors should not rely exclusively on the CAS for calculating taxable interest or TDS.
Bank interest certificates, AIS and Form 26AS should continue to be used to verify income and tax deductions before filing returns.
The RBI expects the initiatives to be implemented by December 31, 2026. Further operational guidelines will determine how the information is accessed and displayed.
For retail investors, the biggest advantage is convenience rather than any change in investment returns. A consolidated view of bank deposits, mutual funds and stocks could help individuals and households better understand their financial position, review asset allocation and plan future investments.
It could be particularly useful for investors maintaining fixed deposits across multiple banks or managing financial assets for family members.
The effectiveness of the system will depend on accurate reporting, secure information sharing and customer consent.
If implemented as planned, the RBI's initiative could become an important step towards simpler financial management, giving investors a more comprehensive picture of their financial assets through a single statement.