Your bank deposits could soon show up in your demat statement: RBI

Demat account holders may soon be able to view information related to their bank deposit accounts and demat holdings in one place, with the Reserve Bank of India (RBI) announcing a new measure aimed at improving customer convenience.

The facility is expected to be operational by December 31, 2026, according to the RBI.

“We are also facilitating SEBI-regulated depositories to include information related to deposit accounts in their consolidated account statement (CAS),” RBI Governor Sanjay Malhotra said while announcing the central bank’s bi-monthly monetary policy on October 7.

This means customers who hold demat accounts will be able to see information relating to their demat account holdings and bank deposit accounts at one place in the CAS, potentially making it easier to keep track of their financial information.

The RBI has not specifically referred to fixed deposits (FDs) in its announcement. Instead, the central bank has used the broader term “bank deposit accounts”.

The move is part of a wider set of measures announced by the RBI to enhance customer convenience through the Account Aggregator framework.

The central bank has also decided to implement interoperability among NBFC-Account Aggregators (NBFC-AAs). At present, customers may have to use a particular account aggregator to access and share their financial information. Under the proposed interoperability framework, customers will be able to access and share their information across different financial service providers through any NBFC-AA of their choice.

The RBI said this would allow customers to access and share their financial information across different Financial Information Providers through the NBFC-AA ecosystem.

Importantly, the benefit of consolidated financial information will not be restricted to people who hold demat accounts. Customers without demat accounts will continue to be able to obtain a consolidated view of their financial information and share it through NBFC-AAs.

The measures are expected to make it simpler for customers to access, consolidate and share their financial information across different financial service providers