ASIC eases disclosure rules on deposit rates for banks

The relief is extended until 1 October 2030.

The Australian Securities and Investments Commission (ASIC) is exempting authorised deposit-taking institutions from having to include interest rates in product disclosure statements, it said in a statement on 15 September 2025.

It is also exempting the covered institutions from having to disclose termination values in periodic statements for deposit products.

ASIC Corporations (Deposit Product Disclosure) Instrument 2025/509 removes the requirement for ADIs to provide a new or supplementary product disclosure statement each time interest rates change, which could be costly and possibly discourage beneficial product changes for depositors, such as interest rate increases, ASIC said.

As a condition, a product disclosure statement must clearly explain where depositors can find recurrent product interest rates. They must also be simple and convenient to find, ASIC said.

ASIC aims to reduce administrative burden on the industry and encourage beneficial product changes for depositors, it said.

Instrument 2025/509 will extend the relief previously provided by ASIC Corporations (Deposit Product Disclosure) Instrument 2015/683 until 1 October 2030.