ASIC has remade a legislative instrument, which exempts authorised deposit-taking institutions (ADIs) from having to include interest rates in Product Disclosure Statements (PDS) and termination values in periodic statements for deposit products.
The relief aims to reduce administrative burden on industry and encourage beneficial product changes for depositors.
ASIC Corporations (Deposit Product Disclosure) Instrument 2025/509 will extend the relief previously provided by ASIC Corporations (Deposit Product Disclosure) Instrument 2015/683 until 1 October 2030.
ASIC assessed that the instrument is generally operating effectively and continues to form a useful part of the legislative framework.
ASIC will continue to monitor the instrument’s appropriateness and feedback from relevant stakeholders.
Background
Instrument 2025/509 removes the requirement for ADIs to provide a new or supplementary PDS each time interest rates change, which could be costly and possibly discourage beneficial product changes for depositors, such as interest rate increases.
As a condition of the relief, a PDS must clearly explain where depositors can find current product interest rates, and they must be simple and convenient to find.
The instrument also provides relief from ADIs having to include termination values in periodic statements. ADIs must include any restrictions or fees on early terminations in the deposit product PDS.
Instrument 2015/683 was remade on 3 September 2025.
In July 2025, ASIC invited feedback on our proposal to remake Instrument 2015/683, receiving one submission, which supported the proposal.
