Master Circulars


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Master Circular Interest Rates on Rupee Deposits – Primary (Urban) Co-operative Banks

RBI/2014-15/28
UBD.BPD (PCB) MC. No. 11/13.01.000/2014-15

July 1, 2014

The Chief Executive Officers of
all Primary (Urban) Co-operative Banks

Dear Sir,

Master Circular
Interest Rates on Rupee Deposits – Primary (Urban) Co-operative Banks

Please refer to our Master Circular UBD.BPD (PCB) MC.No.11/13.01.000/2013-14 dated July 1, 2013 on the captioned subject (available at RBI website www.rbi.org.in). The enclosed Master Circular consolidates and updates all the instructions/guidelines on the subject issued up to June 30, 2014 and mentioned in the Appendix.

Yours faithfully,

(A.K.Bera)
Principal Chief General Manager

Encl: As above


Master Circular
Interest Rates on Rupee Deposits

Contents

1

Introduction

2

Definitions

3

Rate of interest payable on Current Accounts

4A

Rate of Interest Payable on Savings Deposits

4B

Interest on Ordinary Non-Resident (NRO) Accounts and Non-Resident (External) Rupee (NRE) Deposits

5

Interest Payable on Term Deposits

6

Additional Interest Payable

7

Payment of Interest on Term Deposit Maturing on Sunday/ Holiday/ Non-Business Working Day

8

Premature withdrawal of Term Deposit

9

Conversion of a Term Deposit, a Deposit in the form of Daily Deposit, or Recurring Deposit for Reinvestment in Term Deposit

10

Unclaimed Deposits and Inoperative/ Dormant Accounts

11

Interest Payable on a Deposit Account of Deceased Depositor

12

Rounding off of transactions

13

Margin on Advances against Term Deposits

14

Addition or Deletion of the Name (s) or Split into Joint Account Holders

15

Transfer/Split up of the Deposit on the Death of an Account Holder

16

Payment of interest on accounts frozen

17

Exemptions

18

Prohibitions

Annex 1

Rate of Interest on Deposits (Domestic and NRO Deposits)

Annex 2

Rate of Interest on Deposits (NRE Deposits)

Appendix

List of Circulars consolidated in the Master Circular

Master Circular
Interest Rates on Rupee Deposits

1. INTRODUCTION

In exercise of the powers conferred by Sections 21 and 35A read with Section 56 of the Banking Regulation Act, 1949, the Reserve Bank of India, being satisfied that it is necessary and expedient in the public interest so to do, has issued directives that no primary (urban) co-operative bank shall pay interest on rupee deposits of money accepted by it or renewed by it, except in accordance with rates as specified in the Annex 1 & 2, subject to the conditions specified in the paragraphs below.

2. DEFINITIONS

  1. "Demand Liabilities" and "Time Liabilities" shall have the same meaning as defined in Section 18 read with Section 56 of the Banking Regulation Act, 1949;

  2. "Demand Deposit" shall mean a deposit received by the bank which is withdrawable on demand;

  3. "Saving Deposit" shall mean a form of demand deposit which is a deposit account whether designated as "Saving Account”, "Saving Bank Account", "Saving Deposit Account” or other account by whatever name called, which is subject to the restrictions as to the number of withdrawals as also the amount of withdrawals permitted by the bank during any specified period;

  4. "Term Deposit” shall mean a deposit received by the bank for a fixed period and which is withdrawable only after the expiry of the said fixed period and shall also include deposits such as Recurring/Cumulative/ Annuity/Reinvestment deposits, Cash Certificates, and so on;

  5. "Notice Deposit" shall mean term deposit for specific period but withdrawable on giving at least one complete banking day's notice;

  6. "Current Account" shall mean a form of demand deposit wherefrom withdrawals are allowed any number of times depending upon the balance in the account or upto a particular agreed amount and shall also be deemed to include other deposit accounts which are neither Savings Deposit nor Term Deposit;

  7. "Budgetary Allocation" shall mean the allocation of funds by the Government made through the budget, wherein all the Government’s expenditure is reflected. Any institution, irrespective of the fact whether it is a Government Department, Semi-Government or Quasi-Government Body, which receives grants, loans or subsidies from the Government is said to depend on budgetary allocation. Government grants to institutions are also in the nature of budgetary allocation. Government's subscription to the share capital of these institutions also forms part of the budgetary allocation. Local bodies like Municipal Corporations, Zilla Parishads, Taluka Panchayats and Gram Panchayats are given grants in the nature of 'compensation and assignments', which also form part of budgetary allocation, although taxes collected by these bodies are not covered under the definition and scope of budgetary allocation of Central and State Governments;

  8. “a member of the bank’s staff” means a person employed on a regular basis, whether full-time or part-time, and includes a person recruited on probation or employed on a contract of a specified duration or on deputation and an employee taken over in pursuance of any scheme of amalgamation, but does not include a person employed on casual basis;

  9. “a retired member of the bank's staff” means an employee retiring whether on superannuation or otherwise, but does not include an employee retired compulsorily or in consequence of disciplinary action;

  10. “family” in the context of the members of staff means and includes the spouse of the member/retired member of the bank's staff and the children, parents, brothers and sisters of the member/retired member of the bank's staff who are dependent on such member/retired member, but shall not include legally separated spouse;

  11. “political party” means an association or body of individual citizens of India, which is, or is deemed to be registered with the Election Commission of India as a political party under the Election Symbols (Reservation and Allotment) Order, 1968 as in force for the time being.

3. RATE OF INTEREST PAYABLE ON CURRENT ACCOUNTS

Primary (urban) co-operative banks may, at their discretion, pay interest at a rate not exceeding half per cent per annum on current accounts. As the discretionary provisions generally lead to increase in cost of such deposits, banks are encouraged not to pay interest on current accounts. Interest on current account balances, wherever paid, shall be calculated on a daily product basis and paid on quarterly or longer rests.

4 A RATE OF INTEREST PAYABLE ON SAVINGS DEPOSITS

4.1 Banks should pay interest on domestic savings deposits at the rates specified in the Annex 1 to this Circular.

4.2 With effect from November 25, 2011, the interest rate on saving bank deposit for resident Indian has been deregulated. Accordingly, banks are free to determine, their savings bank deposit interest rate, subject to the following two conditions: -

  1. each bank will have to offer a uniform interest rate on savings bank deposits up to ` 1 lakh, irrespective of the amount in the account within this limit.

  2. for savings bank deposits over ` 1 lakh, a bank may provide differential rates of interest, if it chooses, subject to the condition that banks will not discriminate in the matter of interest paid on such deposits, between one deposit and another of similar amount, accepted on the same date, at any of its offices.

4.2.1 The interest rates applicable on the domestic savings deposit will be determined on the basis of end-of-day balance in the account. Accordingly, while calculating interest on domestic savings bank deposits, banks are required to apply the uniform rate set by them on end-of-day balance up to ` 1 lakh and for any end-of day balance exceeding ` 1 lakh, banks may apply the differential rate(s) as fixed by them. Urban Co-operative Banks may ensure that prior approval of the Board /Asset Liability Management Committee (if powers are delegated by the Board) may be obtained by a bank while fixing interest rates on such deposits.

4.3 Interest on balances in savings bank accounts should be calculated on a daily product basis.

4.4 Such interest should be paid at quarterly or longer rests.

4.5 Banks may continue to credit the interest to the savings bank accounts frozen by enforcement authorities on a regular basis.

4 B Interest on Ordinary Non-Resident (NRO) Accounts and Non-Resident (External) Rupee (NRE) Deposits

Banks should pay interest on NRO accounts and NRE deposits at the rates specified in Annex 1 & 2 respectively. With effect from December 28, 2011, the interest rates on NRE Deposits and NRO Deposit Accounts have been deregulated. Accordingly, banks are free to determine their interest rates on both savings deposits and term deposits of maturity of one year and above under NRE Deposit accounts and savings deposits under NRO Accounts. However, interest rates offered by banks on NRE and NRO deposits cannot be higher than those offered by them on comparable domestic rupee deposits. Prior approval of the Board/Asset Liability Management Committee (if powers are delegated by the Board) may be obtained by banks while fixing interest rates on such deposits. At any point of time, individual banks should offer uniform rates at all their branches. Banks should closely monitor their external liability arising on account of such deregulation and ensure asset-liability compatibility from systemic risk point of view.

Note: Non-Resident Ordinary (Rupee) [NRO]/Non-Resident (External) [NRE] deposits may be accepted only by such banks as have been specifically authorised by Reserve Bank of India in this regard.

5. INTEREST PAYABLE ON TERM DEPOSITS

5 (A) INTEREST RATES ON TERM DEPOSITS OF NOT LESS THAN 15 DAYS (7 DAYS IN THE CASE OF A TERM DEPOSIT OF RS.15 LAKH & ABOVE AND 1 YEAR IN CASE OF NR DEPOSIT)

Banks should pay interest at the rates specified in Annex 1 & 2 of this Circular. Banks are free to offer floating rate of interest at their discretion, clearly linked to an anchor rate for domestic term deposits and with an upper cap as indicated in Annex 2 of this Master Circular for NRE deposits. Prior approval of the Board of Directors should be obtained for fixing interest rates of various maturities.

5.1 Banks are free to fix interest rates on domestic term deposits.

5.2 The banks may at their discretion, reduce the minimum tenor of domestic/NRO term deposits even below Rs 15 lakh from 15 days to 7 days.

5.3 The banks are required to offer uniform rates on deposits below Rs.15 lakh for the same maturity.

5.4 In case of deposits of Rs 15 lakh and above banks may discriminate in the matter of rate of interest between one deposit and another, accepted on the same date and for the same maturity, on the basis of the size of deposit.

5.5 Banks are advised to put in place a Board approved transparent policy on pricing of liabilities. The Board /Asset Liability Management Committee (ALCO) should ensure that the variation in interest rates on single term deposits of ` 15 lakh and above and other term deposits (i.e. deposits less than ` 15 lakh) is minimal for corresponding maturities.

5.6 Banks are required to disclose in advance the schedule of interest rates payable on deposits including deposits on which differential rate of interest will be paid by the banks. Interest rates paid by a bank should be as per the schedule and the same shall not be subject to negotiation between the bank and the depositor for domestic deposits.

5.7 Banks are required to review their interest rate structure on domestic term deposits of different maturities and take appropriate action to make them comparable with the rates offered by the commercial banks.

(B) METHOD OF CALCULATION OF INTEREST ON TERM DEPOSITS

Indian Banks’ Association (IBA) code for banking practice is issued by IBA for uniform adoption by the Member Banks. Code is intended to promote good banking practices by setting out minimum standards which member banks will follow in their dealings with customers. IBA, for the purpose of calculation of interest on domestic term deposit, have prescribed that on deposits repayable in less than three months or where the terminal quarter is incomplete, interest should be paid proportionately for the actual number of days reckoning the year at 365 days. It has been reported to us that some of the banks are adopting the model of reckoning the year at 366 days/ 365 days in Leap Year and in other years respectively. While banks are free to adopt their methodology, they should provide information to their depositors about the manner of calculation of interest appropriately while accepting the deposits and display the same at their branches.

6. ADDITIONAL INTEREST PAYABLE

6.1 To Non-Staff Depositors

(i) A primary (urban) co-operative bank may, at its discretion, allow additional interest at a rate not exceeding 1% per annum on all local rupee (domestic) savings deposits, as well as on savings accounts opened by resident depositor(s) which become ordinary non-resident accounts (NRO) on the depositor(s) going abroad.

(ii) While the banks have been permitted to offer, at their discretion, additional interest not exceeding 1% and 0.5% per annum on the saving bank deposits and current account deposits respectively, the discretionary provisions generally lead to increase in the cost of deposits. The banks should, therefore, endeavour:

  1. not to pay any additional interest on the saving bank accounts over and above what is payable by commercial banks; and
  2. not to pay interest on current accounts.

6.2 To Bank's Staff and their Exclusive Associations

A bank may, at its discretion allow additional interest at a rate not exceeding one per cent per annum over and above the rate of interest stipulated in the Annex 1 & 2 and the additional interest payable/paid as per paragraph 6.1:

(A) In respect of a savings or a term deposit account opened in the name of

  1. a member or retired member of the bank's staff, either singly or jointly with any other member or members of his/her family; or

  2. the spouse of a deceased member or a deceased retired member of the bank's staff; and

  3. an association or a fund, members of which are the members of the bank's staff,

Provided that -

the bank shall obtain a declaration from the depositor concerned, that the monies deposited or which may, from time to time, be deposited into such account, shall be monies belonging to the depositor as stated in Clauses (i) to (iii) above.

Provided further that -

(a) in the case of employees taken on deputation from another bank, the bank from which they are deputed may allow additional interest in respect of the savings or term deposit account opened with it, during the same period of deputation;

(b) in the case of persons taken on deputation for a fixed duration, or on a contract of a fixed duration, the benefit shall cease to accrue on the expiry of the term of deputation or contract, as the case may be;

(B) Payment of additional interest shall be subject to the following conditions, namely:

(i) The additional interest shall be payable only so long as the person continues to be eligible for the same and in case of his ceasing to be so eligible, till the maturity of the deposit, in the case of a term deposit account.

(ii) In the case of employees taken over pursuant to the scheme of amalgamation, the additional interest shall be allowed only if the interest at the contractual rate together with the additional interest does not exceed the rate which could have been allowed if such employees were originally employed by the bank.

(C) Bank employees' federations in which bank employees are not direct members shall not be eligible for additional interest.

6.3 To Managing Director/Chief Executive of the Bank

A bank may, at its discretion, pay additional interest not exceeding one per cent per annum over and above the rate of interest stipulated in the Annex1 & 2 and the additional interest paid/payable as per paragraph 6.1 on deposits accepted/renewed from Managing Director of the bank; provided he acts as the Chief Executive of the bank drawing regular salary from the bank and he is not eligible to get similar benefit under paragraph 6.2 above. Additional interest on the deposits of Managing Director of the bank as above shall be payable only during the period of his tenure as Managing Director.

6.4 To Senior Citizens

(i) Banks, with the permission of their Board, may offer higher rate of interest on the term deposits of any size, to senior citizens.

(ii) The scheme of term deposits of senior citizens shall incorporate simplified procedure for automatic transfer of deposits to nominees in the event of the death of the depositor.

7 PAYMENT OF INTEREST ON TERM DEPOSIT MATURING ON SUNDAY/ HOLIDAY/ NON-BUSINESS WORKING DAY

In respect of a term deposit maturing for payment on a Sunday or a holiday or a non-business working day, a bank shall pay interest till the next working day at the originally contracted rate, -

(i) on the maturity value in the case of reinvestment deposits and recurring deposits, and

(ii) on the original principal amount in the case of ordinary term deposit on the basis of 365 days in a year.

8 PREMATURE WITHDRAWAL OF TERM DEPOSIT

8.1 A primary (urban) co-operative bank, on request from the depositor, should allow withdrawal of a term deposit before completion of the period of the deposit agreed upon at the time of making the deposit. Banks are free to determine their own penal interest rates for premature withdrawal of term deposits.

8.2 Banks should ensure that the depositors are made aware of the applicable penal rate along with the deposit rate.

8.3 Banks, at its discretion, may disallow premature withdrawal of large deposits held by entities other than individuals and Hindu Undivided Families. Bank should, however, notify such depositors of its policy of disallowing premature withdrawal in advance, i.e., at the time of accepting such deposits.

8.4 Conversion of NRE deposit into Foreign Currency Non-Resident (Banks) [FCNR (B)] deposit and vice versa before maturity by a bank allowed to maintain FCNR(B) deposits, shall be subject to the penal provision relating to premature withdrawal.

8.5 DEPOSIT SCHEMES WITH LOCK-IN PERIOD

It has been brought to notice of the Reserve Bank of India that some banks are offering special term deposit products to customers, in addition to regular term deposits, ranging from 300 days to five years, with the following features:

  1. Lock-in periods ranging from 6 to 12 months;

  2. Premature withdrawal is not permitted during the lock-in period. In case premature withdrawal is allowed during the lock-in period, no interest is paid;

  3. Rates of interest offered on these deposits are not in tune with the rates of interest on normal deposits and

  4. Part pre-payment is allowed by some banks subject to certain conditions.

Before launching new domestic deposit mobilization schemes with the approval of their respective Boards, primary (urban) co-operative banks should ensure that the provisions of Reserve Bank of India’s directives on interest rates on deposits, premature withdrawal of term deposits, sanction of loans/advances against term deposits, etc., issued from time to time, are strictly adhered to. Any violation in this regard will be viewed seriously and may attract penalty under the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies). It is clarified that the special schemes, with lock-in periods and other features referred to above, which have been floated by some banks, are not in conformity with Reserve Bank of India’s instructions. Banks that have floated such deposit schemes are, therefore, advised to discontinue the schemes with immediate effect and report compliance to Regional Office concerned of Reserve Bank of India.

9. CONVERSION OF A TERM DEPOSIT, A DEPOSIT IN THE FORM OF DAILY DEPOSIT, OR RECURRING DEPOSIT FOR REINVESTMENT IN TERM DEPOSIT

In order to facilitate better Asset Liability Management, banks are permitted to formulate their own policies towards conversion of deposits.

10 UNCLAIMED DEPOSITS AND INOPERATIVE/ DORMANT ACCOUNTS

Banks should play a more pro-active role in finding the whereabouts of the account holders whose accounts have remained inoperative.

  1. A savings as well as current account should be treated as inoperative / dormant if there are no transactions in the account for over a period of two years. For the purpose of classifying an account as 'inoperative' both the type of transactions i.e. debit as well as credit transactions induced at the instance of customers as well as third party should be considered.

  2. Interest on savings bank accounts should be credited on regular basis whether the account is operative or not. If a Fixed Deposit Receipt matures and proceeds are unpaid, the amount left unclaimed with the bank will attract savings bank rate of interest.

11 INTEREST PAYABLE ON A DEPOSIT ACCOUNT OF DECEASED DEPOSITOR

The criterion for payment of interest on term deposit standing in the name/s of a deceased individual depositor or two or more joint depositors, where one of the depositors has died to be paid to the legal heir/s/representative/s/nominee/s has been left to the discretion of the individual banks, subject to their Board of Directors, laying down a transparent policy in this regard and the customers being notified at the time of acceptance of deposits. The policy should be non-discretionary and non-discriminatory.

12 ROUNDING OFF OF TRANSACTIONS

Interest payable on deposits and interest chargeable on advances shall be rounded off to the nearest rupee; i.e., fraction of 50 paise and above shall be rounded off to the next higher rupee and fraction of less than 50 paise shall be ignored.

13 MARGIN ON ADVANCES AGAINST TERM DEPOSITS

The decision regarding maintenance of margin on any financial accommodation allowed by the banks against the security of term deposit, has been left to the individual banks, subject to their Board laying down a transparent policy in this regard.

14 ADDITION OR DELETION OF THE NAME(S) OR SPLIT INTO JOINT ACCOUNT HOLDERS

A primary (urban) co-operative bank may, at its discretion, and at the request of the joint account holders of a deposit, if any,

  1. allow the addition or deletion of name(s) of joint account holders, if the circumstances so warrant; or

  2. allow an individual depositor to add the name of another person as a account holder; or

  3. allow splitting up of the joint deposit in the name of each of the joint account holders only;

Provided that in no case, shall the amount, or duration of the original deposit, undergo change in any manner in case the deposit is a term deposit.

15 TRANSFER/SPLIT UP OF THE DEPOSIT ON THE DEATH OF AN ACCOUNT HOLDER

On the death of a depositor, a primary (urban) co-operative bank may allow the deposit to be held in the name/s of one or more legal heirs, or legal representatives, or nominees of the depositor, either jointly in their names, or along with other persons, or separately in their names by splitting up the deposits.

16 PAYMENT OF INTEREST ON ACCOUNTS FROZEN

The following procedure may be followed in case of Term Deposits Accounts frozen by the enforcement authorities-

  1. A request letter may be obtained from the customer for renewal of the deposit on maturity. While obtaining the request letter from the depositor for renewal, the banks may advise him to indicate the term for which the deposit is to be renewed. In case the depositor does not exercise his option of choosing the term for renewal, banks may renew the same for a term equal to the original term.

  2. No new receipt is required to be issued. However, suitable note may be made regarding renewal in the deposit ledger.

  3. Renewal of deposit may be advised by registered letter / speed post / courier service to the concerned Government department under advice to the depositor. In the advice to the depositor, the rate of interest at which the deposit is renewed should also be mentioned.

  4. If overdue period does not exceed 14 days on the date of receipt of the request letter, renewal may be done from the date of maturity. If it exceeds 14 days, banks may pay interest for the overdue period as per the policy adopted by them, and keep it in a separate interest free sub-account which should be released when the original fixed deposit is released.

17 EXEMPTIONS

Nothing contained in the directives on interest rates on deposits shall apply to deposits received by a primary (urban) co-operative bank from

  1. the institutions permitted to participate in the Call/Notice Money Market both as a lenders and borrowers

  2. from any depositor under Foreign Currency (Non-resident) Account Scheme

18 PROHIBITIONS

18.1 No bank shall –

(i) discriminate in the matter of interest paid on deposits, between one deposit and another, accepted on the same date and for the same maturity, whether such deposits are accepted at the same office or at different offices of the bank, except in respect of term deposit schemes specifically meant for senior citizens offering higher and fixed rates of interest as compared to normal deposits of any size and single term deposit of Rs.15 lakh and above on which varying rates of interest may be permitted on the basis of size of deposits.

(ii) pay brokerage on deposits in any form to any individual, firm, company, association, institution or any other person except –

  1. commission paid to agents employed to collect door-to-door deposits under a special scheme, and

  2. incentives granted to staff members as approved by the Reserve Bank of India from time to time.

(iii) employ/engage any individual, firm, company, association, institution or any other person for collection of deposit or for selling any other deposit linked products on payment of remuneration or fees or commission in any form or manner, except to the extent permitted in sub-clause (a) of clause (ii) above.

(iv) launch prize/ lottery/ free trips (in India and/or abroad), etc. oriented deposit mobilisation schemes.

(v) resort to unethical practices of raising of resources through agents/third parties to meet the credit needs of the existing/prospective borrowers or to grant loans to the intermediaries based on the consideration of deposit mobilisation.

(vi) issue any advertisement/literature soliciting deposits from public highlighting only the compounded yield on term deposits without indicating the actual rate of simple interest offered by bank for the particular period. Simple rate of interest per annum for the period of deposit shall be indicated invariably.

(vii) accept deposits from/at the instance of private financiers or unincorporated bodies under any arrangement which provides for either issue of deposit receipt/s favouring client/s of private financiers or giving of an authority by power of attorney, nomination or other-wise, for such clients receiving such deposits on maturity.

(viii) grant advances against fixed deposit receipts or other term deposits of other banks.

18.2 Accounts in the Names of Certain Bodies/Organisations

(i) No primary (urban) co-operative bank shall open a savings deposit account in the name of Government departments/bodies depending upon budgetary allocations for performance of their functions/ Municipal Corporations or Municipal Committees/ Panchayat Samitis/ State Housing Boards/Water and Sewerage/ Drainage Boards/State Text Book Publishing Corporations/ Societies/Metropolitan Development Authority/State/ District Level Housing Co-operative Societies, etc. or any political party or any trading/business or professional concern, whether such concern is a proprietary or a partnership firm or a company or an association.

(ii) The above prohibition at (i) will not apply in the case of the following organisations/agencies:

  1. Small Farmers' Development Agency (SFDA)

  2. Marginal Farmers' and Agricultural Labourers' Agencies (MFAL)

  3. Drought Prone Areas Programme (DPAP)

  4. District Development Authority (DDA)

  5. District Rural Development Agency/Society (DRDA/DRDS)

  6. Integrated Tribal Development Agency (ITDA)

  7. Agriculture Produce Market Committees.

  8. Khadi and Village Industries Boards.

  9. Fish Farmers Development Agencies (FFDAs)

  10. Societies registered under the Societies Registration Act, 1860, or any other corresponding law in force in a State or a Union Territory.

  11. Companies governed by the Companies Act, 1956 which have been licensed by the Central Government under Section 25 of the said Act, or under the corresponding provision in the Indian Companies Act, 1913 and permitted, not to add to their names the word, 'Limited' or the words 'Private Limited’;

  12. Institutions other than those mentioned in Clause 18.2 (i) above and whose entire income is exempt from payment of income-tax under the Income-tax Act, 1961;

  13. "Zilla Parishads/Gram Panchayats only in respect of Jawahar Rojgar Yojana funds".

  14. HUF, provided that HUF is not engaged in trading or business activities and if the account is specified in the name of the Karta.


Annex 1

Master Circular
Interest Rates on Rupee Deposits

Rate of Interest on Deposits
(Domestic and NRO Deposits)*

[Vide paragraphs 1, 4.1, 4B, 6.1, 6.2 & 6.3]

Category of Account

Per cent per annum

(i) Current

Not exceeding
0.5 @

(ii) Savings Bank (Domestic)

@ £

Savings Bank (NRO)

#

(iii) Term Deposits:

(a) Rs.15 lakh and above
(minimum period 7 days)


Free
(rate may vary depending on the size of deposit)

(b) Below Rs.15 lakh
(minimum period 7 days)

Free
(uniform for all customers)

@ Urban Co-operative Banks (UCBs) are permitted to offer, at their discretion, additional interest not exceeding one percent and half percent per annum on savings bank deposits and current accounts respectively. As the above discretionary provisions generally lead to increase in the cost of their deposits, UCBs are encouraged to implement the following measures

(i) not to pay additional interest on savings bank accounts over and above what is payable by commercial banks;

(ii) not to pay interest on current accounts.

£ 4% per annum from May 3, 2011 upto November 24, 2011 and deregulated from November 25, 2011.

# 4% per annum from May 3, 2011 upto December 27, 2011 and deregulated from December 28, 2011.

*Ordinary Non-Resident ( NRO) deposits may be accepted only by such of the banks as have been authorised by Reserve Bank of India in this regard.


Annex 2

Master Circular
Interest Rates on Rupee Deposits
Rate of Interest on Deposits
(NRE Deposits)*

[Vide paragraphs 1, 4B]

Category of Account

Per cent per annum

(i) Current

Nil

(ii) Savings

@

(iii) Term Deposits

@@

* Non-Resident (External) Rupee deposits may be accepted only by such of the banks as have been authorised by Reserve Bank of India in this regard.

@

  1. 4% from May 3, 2011 upto December 27, 2011.

  2. With effect from December 28, 2011, banks are free to determine their interest rates on savings deposits.

  3. The interest rates offered by banks on NRE deposits cannot be higher than those offered by them on comparable domestic rupee deposits.

  4. In order to pass on the benefit of exemption provided on incremental NRE deposits with maturity of 3 years and above from CRR /SLR requirements, banks were permitted to offer interest rates on such deposits without any ceiling from September 1, 2013 to February 28, 2014. With effect from March 1, 2014, the interest rate ceiling reverted to the position prior to August 30, 2013 i.e. the interest rates offered by banks on NRE deposits cannot be higher than those offered by them on comparable domestic rupee deposits.

  5. Advance aqainst NRE Savings Deposits: It is clarified that since the account holder of NRE savings deposits can withdraw savings deposits at any time, banks should not mark any type of lien, direct or indirect, against these deposits.

@@

  1. With effect from December 28, 2011, the interest rate on NRE term deposits accounts of maturity of one year and above is deregulated.

  2. The maturity period of fresh NRE deposits, with effect from 29 April, 2003 will normally be one year to three years. This will also apply to NRE deposits renewed after their present maturity period.

  3. In case a particular bank, from its Asset Liability Management point of view, wishes to accept such deposits with maturity of more than 3 years, it may do so provided the interest rate on such long term deposits is not higher than that applicable to 3 year NRE deposits.

  4. The interest rates on fresh repatriable NRE deposits for one to three years is as under :

Sr
No

With effect from the close of business as on

Interest rate not to exceed

(a)

November 15, 2008

LIBOR / SWAP rates plus 175 basis points as on the last working day of the previous month, for US dollar of corresponding maturities.

(b)

November 23, 2011

LIBOR / SWAP rates plus 275 basis points as on the last working day of the previous month, for US dollar of corresponding maturities.

(c)

December 28, 2011

Deregulated.

  1. The LIBOR/SWAP rates as on the last working day of the preceding month would form the base for fixing ceiling rates for the interest rates that would be offered effective from the following month. LIBOR/SWAP rates quoted by FEDAI would be used as the reference rate in arriving at the interest rates on NRI deposits.

  2. For purposes of operational convenience, the interest rates could be rounded off to nearest decimal point. For example, a computed interest rate of 3.67 per cent would become 3.7 per cent, and 3.64 per cent would become 3.6 per cent.

  3. The above mentioned interest rates would also apply to renewal of NRE deposits on maturity.

  4. The interest rates as determined above for 3 years deposits would also be applicable in case the maturity period exceeds 3 years.


Appendix

Master Circular
Interest Rates on Rupee Deposits

List of circulars consolidated in the Master Circular

Sr No

Circular No.

Date

Subject

1

UBD.BPD.PCB.Cir.No.47/13.01.000/2013-14

07.02.2014

Deregulation of Interest Rates on Non-Resident (External) Rupee (NRE) Deposits

2

UBD.BPD.PCB.Cir.No.40/13.01.000/2013-14

02.12.2013

Deregulation of Interest Rates on Non-Resident (External) Rupee (NRE) Deposits

3

UBD.BPD.PCB.Cir.No.8/13.01.000/2013-14

03.09.2013

Deregulation of Interest Rates on Non-Resident (External) Rupee (NRE) Deposits

4

UBD.BPD.Cir.No.7/13.01.000/2012-13

06.09.2012

Interest Rate on Deposits

5

UBD.BPD.AD.CIR.No.7/13.01.000/2011-12

17.05.2012

Interest Rates on FCNR (B) Deposits

6

UBD.BPD.PCB.Cir.No.18/13.01.000/2011-12

07-02-2012

Deregulation of Savings Bank Deposit Interest Rate-Clarification

7

UBD.BPD.PCB.Cir.No.16/13.01.000/2011-12

28-12-2011

Deregulation of Interest Rates on Non-Resident (External) Rupee (NRE) Deposits and Ordinary Non-Resident (NRO) Accounts

8

UBD.BPD.PCB.Cir.No.13/13.01.000/2011-12

25-11-2011

Deregulation of Savings Bank Deposit Interest Rate

9

UBD.BPD.PCB.Cir.No.12/13.01.000/2011-12

24-11-2011

Interest Rates on Non-Resident (External) Rupee [NRE] Deposits – UCBs

10

UBD.BPD.AD.CIR.No.4/13.01.000/2011-12

24.11.2011

Interest Rates on FCNR (B) Deposits –UCBs

11

UBD.BPD.PCB.Cir.No.45/13.01.000/2010-11

03-05-2011

Interest Rates on Deposits

12

UBD.BPD.PCB.Cir.No.65/13.01.000/2009-10

05-05-2010

Conversion of Term Deposits, Daily Deposits or Recurring Deposits for reinvestment in term deposits by Primary (Urban) Co-operative Banks

13

UBD (PCB) BPD. Cir. No. 48 /13.01.000/2009-10

04-03-2010

Payment of interest on savings bank account on daily product basis

14

UBD.(PCB).BPD.Cir.No.7/13.01.000/2009-10

01-09-2009

Payment of interest on savings bank account on daily product basis

15

UBD (PCB) BPD. Cir. No.4/13.01.000/2009-10

20-08-2009

Payment of interest on accounts frozen by UCBs

16

UBD.PCB.CO.BPD.Cir.No.25/13.01.000/2008-09

17-11-2008

Interest Rates on Non-Resident (External) Rupee [NRE] Deposits – UCBs

17

UBD.PCB.CO.BPD.Cir.No.22/13.01.000/2008-09

16-10-2008

Interest Rates on Non-Resident (External) Rupee [NRE] Deposits – UCBs

18

UBD.PCB.CO.BPD.Cir.No.21/13.01.000/2008-09

01-10-2008

Payment of interest on accounts frozen-UCBs

19

UBD PCB CO. BPD. Cir.No.16/13.01.000/2008-09

19-09-2008

Interest Rates on Non-Resident (External) Rupee [NRE] Deposits – UCBs

20

UBD BPD (PCB) Cir.No.9 /13.01.000/2008-09

01-09-08

Unclaimed Deposits and Inoperative/ Dormant Accounts in Urban Co-operative Banks

21

UBD.(PCB).CO.BPD.Cir.No. 16/13.01.000/2008-09

19-09-08

Interest Rates on Non-Resident (External) Rupee (NRE) Deposits- UCBs

22

UBD.BPD.AD Cir. No.17 /13.01.000/2008-09

19-09-08

Interest Rate on FCNR (B) Deposits- UCBs (ADs)

23

UBD (PCB) CO.BPD.Cir.No.21 /13.01.000/2008-09

01-10-08

Payment of interest on accounts frozen – UCBs

24

UBD (PCB) CO. BPD. Cir. No.22/13.01.000/08-09

16-10-08

Interest Rates on Non-Resident (External) Rupee (NRE) Deposits- UCBs

25

UBD.BPD.AD.Cir.No.23/13.01.000/2008-09

16-10-08

Interest Rate on FCNR (B) Deposits- UCBs (ADs)

26

UBD (PCB) CO.BPD.Cir. No. 25/13.01.000/2008-09

17-11-08

Interest Rates on Non-Resident (External) Rupee (NRE) Deposits- UCBs

27

UBD.BPD. AD.Cir. No. 26/13.01.000/08-09

17-11-08

Interest Rate on FCNR (B) Deposits- UCBs (ADs)

28

UBD (PCB) CO BPD Cir No: 21/13.01.000/2007-08

15-11- 07

Deposit schemes with lock-in period

29

UBD PCB CO BPD Cir No: 37/13.01.000/2006-07

26-04-2007

Interest rates on Non-Resident (External)Rupee (NRE)Deposits – UCBs

30

UBD PCB CO BPD Cir No: 28/13.01.000/2006-07

05-02-2007

Interest rates on Non-Resident (External)Rupee (NRE)Deposits – UCBs

31

UBD.PCB.Cir.48/13.01.00/2005-06

20.04.2006

Interest rates on Non-Resedint (external) Rupee (NRE) deposits- UCbs

32

UBD.PCB.Cir.42/13.01.00/2005-06

05.04.2006

Interest rates on Non-Resedient deposits – UCBs

33

UBD.PCB.Cir.17/13.01.00/2005-06

22.11.2005

Interest rates on Non-Resedint (external) Rupee (NRE) deposits- UCbs

34

UBD.PCB.Cir.27/13.01.00/2004-05

1.11.2004

Interest rate on Non-Resident (External) Rupee (NRE) Deposits

35

UBD.No.28/13.01.00/2004-2005

1.11.2004

Reduction of Tenor of Domestic/ Ordinary Non-Resident (NRO) Term Deposits

36

BPD.PCB.Cir.49/13.01.00/2002-03

29-04-2003

Deposits under Non-Resident (External) Rupee (NRE) Accounts Scheme

37

UBD.BPD(PCB)Cir.No.4/13.01.00/2002-03

17-07-2003

Interest Rate on Deposits under Non-Resident (External)Rupee Accounts (NRE Accounts)

38

UBD.CO.BPD.No.14/13.01.00/2003-04

17-09-2003

Interest rate on deposit under Non-Resident (External) Rupee Account (NRE A/c)

39

UBD.BPD(PCB)Cir.No.20/13.01.00/2003-04

18-10-2003

Interest rate on deposit under Non-Resident (External)Rupee A/c (NRE A/c)

40

UBD.BPD(PCB)Cir.No.43/13.01.00/2003-04

08-04-2004

Interest rates on rupee deposits held in domestic, ordinary Non-resident (NRO) & Non-Resident External (NRE) A/cs

41

UBD.BPD(PCB)Cir.No.46/13.01.00/2003-04

17-04-2004

Interest rates on deposits under Non-Resident (External) Rupee A/c (NRE A/cs)

42

BPD.PCB.Cir.49/13.01.00/2002-03

29-04-2003

Deposits under Non-Resident (External) Rupee (NRE) Accounts Scheme

43

UBD.BPD(PCB)Cir.No.4/13.01.00/2002-04

17-07-2003

Interest Rate on Deposits under Non-Resident (External) Rupee Accounts (NRE Accounts)

44

UBD.CO.BPD. No.14/13.01.00/2003-04

17-09-2003

Interest rate on deposit under Non-Resident (External) Rupee Account (NRE A/c)

45

UBD.BPD(PCB)Cir.No.20/13.01.00/2003-04

18-10-2003

Interest rate on deposit under Non-Resident (External) Rupee A/c (NRE A/c)

46

UBD.BPD(PCB)Cir.No.43/13.01.00/2003-04

08-04-2004

Interest rates on rupee deposits held in domestic, ordinary Non resident (NRO) & Non Resident External (NRE) A/cs

47

UBD.BPD(PCB)Cir No.46/13.01.00/2003-04

17-04-2004

Interest rates on deposits under Non-Resident (External) Rupee A/c (NRE A/cs)

48

UBD.PBD.Dir. (PCB)No.42/13.01.00/2000-01

25-03-03

Interest Rates on Deposits

49

UBD.No.PCB.Dir.10/13.01.00/2000-01

19-04-2001

Interest Rates on Deposits

50

UBD.No.DS.Dir.3/13.01.00/2000-01

03-01-2001

Interest Rates on Deposits

51

UBD.No.DS(PCB)CIR.20/13.01.00/ 2000-01

22-12-2000

Rate of Interest on Advances against Term Deposits

52

UBD.No.DS.PCB.DIR.10/13.01.00/1999-2000

27-04-2000

Interest Rates on Deposits

53

UBD.No.DS.PCB.Cir.32/13.01.00/1999-2000

27-04-2000

Interest Rates on Deposits held under Non-Resident (External) Accounts

54

UBD.No.DS.PCB.CIR.29/13.01-00/ 1999-2000

01-04-2000

Interest Rates on Deposits

55

UBD.DS.PCB-DIR.7/13.01-00/1999-2000

01-07-2000

Interest Rate on Deposits

56

UBD.DS.2/13.01.00/1999-2000

21-09-1999

Interest Rates on Deposit

57

UBD.No.DS.PCB.CIR.9/13.01.00/ 1999-2000

21-09-1999

Interest Rates on Deposits

58

UBD.No.DS.PCB.CIR.59/13.01.00/97-98

26-05-1998

Interest Rate on Deposits

59

UBD.No.DS.Dir.PCB.14/13.01.00/97-98

29-04-1998

Interest Rates on Deposits

60

UBD.No.DS.PCB.CIR.53/13.01.00/97-98

29-04-1998

Interest Rate on Deposits

61

UBD.No.DS.PCB.Cir.12/13.01.00/97-98

21-10-1997

Interest Rates on Deposits

62

UBD.No.DS.PCB.DIR.5/13.01.00/97-98

21-10-1997

Interest Rates on Deposits

63

UBD.No.DS.PCB.DIR.2/13.01.00/97-98

12-09-1997

Interest Rates on Deposits under Non-Resident (External) Rupee (NRE) Accounts Scheme

64

UBD.No.DS.CIR.PCB.6/13.01.00/97/ 98

12-09-1997

Interest Rates on Deposits under Non-Resident (External) Rupee (NRE) Accounts Scheme

65

UBD.No.DS.PCB.Cir.2/13.01.00/97-98

17-07-1997

Interest Rates on Deposits

66

UBD.No.DS.PCB.DIR.26/13.01.00/96-97

25-06-1997

Interest Rates on Deposits

67

UBD.No.DSP.CB.DIR.27/13.01.00/96-97

25-06-1997

Interest Rates on Deposits under Non-Resident (External) Rupee (NRE) Accounts Scheme

68

UBD.No.DS.PCB.Cir.57/13.01.00/96-97

25-06-1997

Interest Rates on Deposits

69

UBD.No.DS.CIR.PCB.58/13.01.00/96-97

25-06-1997

Interest Rates on Deposits Under Non-Resident (External) Rupee (NRE) Accounts Scheme

70

UBD.No.DSP.CB.DIR.27/13.01.00/96-97

25-06-1997

Interest Rates on Deposits

71

UBD.No.DS.PCB.CIR45/13.01.00/96-97

19-04-1997

Interest Rates on Deposits-Premature withdrawal of term deposit.

72

UBD.No.DS.PCB.DIR.20/13.01.00/96-97

15-04-1997

Interest Rates on Deposits

73

UBD.No.DS(PCB)Dir.21/13.01.00/96-97

15-04-1997

Interest Rates on Deposits

74

UBD.No.DS.CIR.PCB.44/13.01.00/96-97

15-04-1997

Interest Rates on Deposits

75

UBD.No.DS.PCB.Cir.21/13.01.00-96/97

19-10-1996

Interest Rates on Deposits

76

UBD.No.DS.PCB.CIR.18/13.01.00/96-97

30-08-1996

Interest Rates on Deposits

77

UBD.No.DS.DIR.9/13.01.00/96-97

30-08-1996

Interest Rates on Deposits

78

UBD.No.DS.PCB.CIR.16/13.01.00/96-97

09-08-1996

Rate of interest on advances against term deposits

79

UBD.No.DS.PCB.Cir.2/13.01.00/96-97

01-07-1996

Interest Rates on Deposits

80

UBD.No.DS.PCB.Dir.2/13.01.00/96-97

01-07-1996

Interest Rates on Deposits

81

UBD.No.(PCB.)Dir.25/13.01.00/95-96

03-04-1996

Interest Rates on Deposits

82

UBD.No.DS.CIR.PCB.59/13.01.00/95-96.

03-04-1996

Interest Rates on Deposits

83

UBD.No.DS.PCB.DIR.24/13.01.00/95-96

30-03-1996

Interest Rates on Deposits

84

UBD.No.DS.PCB.CIR.57/13.01.00/95-96

30-03-1996

Interest Rates on Deposits

85

UBD No.DS.(PCB.)12/13.01.00/95-96

30-10-1995

Interest Rates on Deposits

86

UBD No.DS.Cir.PCB.24/13.01.00/95-96.

30-10-1995

Interest Rates on Deposits

87

UBD.No.DS.(PCB)DIR.10/13.01.00/ 95-96

29-09-1995

Rate of Interest on advances against term deposits

88

UBD No.DS.Cir.PCB.15/13.01.00/95-96

29-09-1995

Interest Rates on Deposits

89

UBD.No.DS.Cir.PCB.17/13.01.00/95-96.

09-09-1995

Rate of Interest on Advances against term deposits

90

UBD No.DS.(PCB.) 8/13.01.00/95-96

29-09-1995

Interest Rates on Deposits

91

UBD.No.DS.PCB.DIR.17/13.01.00/94-95.

06-05-1995

Interest Rates on Deposits

92

UBD.No.DS.(PCB)DIR.13(13.01.00)/ 94/95

17-04-1995

Interest Rates on Deposits

93

UBD.No.DS.CIR.PCB.50(13.01.00)/ 94-95

17-04-1995

Interest rates on Deposits

94

UBD.No.DS.(PCB.)DIR.10(13.01.00)/94-95

09-02-1995

Interest Rates on Deposits

95

UBD.No.DS.CIR.PCB.42(13.01.00)/ 94-95

09-02-1995

Interest Rates on Deposits

96

UBD.No.DS.CIR.PCB.40/13.01.00/94-95.

04-02-1995

Interest rates on deposits

97

UBD.DS.CIR.PCB.26/13.01.00/94-95

26-10-1994

Interest Rates on Deposits - Margin on advances against term deposits

98

UBD.DS.PCB.DIR.7/13.01.00/94-95

26-10-1994

Interest Rates on Deposits

99

UBD.No.DS.CIR.(PCB)21/(13.01.00)/94-95

17-10-1994

Interest Rates on Deposits

100

UBD.No.DS.CIR.PCB.22/(13.01.00)/ 94-95

17-10-1994

Interest Rates on Deposits under Non-Resident (External) Rupee Accounts (NRE Accounts)

101

UBD.No.(PCB)DIR.4/(13.01.00)/94-95

17-10-1994

Interest Rates on Deposits

102

UBD.No.DS(PCB)DIR.5/(13.01.00)/ 94-95

17-10-1994

Interest Rates on Deposits

103

UBD.DS.CIR.AD1/13.02.00/94-95

07-07-1994

Interest rates on deposits

104

UBD.DS.PCB.DIR1/13.01.00/94-95

05-07-1994

Interest Rates on Deposits

105

UBD.No.PCB.(CIR).83/13-01.00/93-94

16-06-1994

Calculation of interest on savings bank accounts - Determining the monthly product

106

UBD.No.(PCB)Cir.70/(13.01.00)/93-94

14-05-1994

Interest Rates on Deposits

107

UBD.No.(PCB)DIR.3/(13.01.00)/93-94

14-05-1994

Deposits under Non-Resident (External) Rupee Accounts (NRE Accounts) Scheme

108

UBD.No.(PCB)Cir.58/13.01.00/93-94

16-02-1994

Interest Rates on Deposits - Premature
withdrawal

109

UBD.No.(PCB)Cir.54/13.01.00/93-94

08-02-1994

Premature withdrawal of term deposit before the minimum period - Rate of Interest on advance granted against deposit

110

UBD.No.(PCB)DC.24/(13.01.00)/93-94

11-10-1993

Interest Rates on Deposits

111

UBD.No.(PCB)DC.25/(13.01.00)/93-94

11-10-1993

Interest Rates on Deposits

112

UBD.No.(PCB)15/DC(13.01.00)-93/94

01-09-1993

Interest Rates on Deposits

113

UBD.No.(PCB)DC.16/(13.01.00)/93-94

01-09-1993

Interest Rates on Deposits

114

UBD.No.(PCB)9/(13.01.00)/93-94

04-08-1993

Premature withdrawal of term deposit for a period of 46 days - Rate of Interest on advance granted against deposit

115

UBD.No.(PCB)91/DC(13.01.00)92-93

23-06-1993

Interest Rates on Deposits

116

UBD.No.(PCB)92/DC.V.1(B)/92-93

23-06-1993

Interest Rates on Deposits

117

UBD.(PCB)78/DC.V.1(B)/92-93

26-05-1993

Interest rates on deposits Premature withdrawal

118

UBD.(PCB)68/DC.V.1(B)/92-93

15-05-1993

Interest rates on deposits

119

UBD.(PCB)69/DC.V.1(B)/92-93

15-05-1993

Interest rates on deposits - acceptance of deposits for longer period

120

UBD.No.(PCB)56A/DC.V.1(B)/92-93

07-04-1993

Interest Rates on Deposits

121

UBD.No.(PCB)57/DC.V.1(B)/92-93

07-04-1993

Interest Rates on Deposits held under Non-Resident (External) Rupee Accounts

122

UBD.No.(SUC)104/DC.V.1(B)/92-93

13-03-1993

Interest rates on deposits

123

UBD.No.(PCB)50/DC.V.1(B)/92-93

27-02-1993

Interest Rates on Deposits

124

UBD.No.(PCB)51/DC.V.1(B)/92-93

27-02-1993

Interest Rates on Deposits

125

UBD.(DC)36/V.1/92-93 28

28-01-1993

Directive on Interest rates on Deposits - Permissible Value of Gift

126

UBD No.(PCB)24/DC.V.1/92-93

08-10-1992

Interest Rates on Deposits

127

UBD.No.(PCB)23/DC.V.1/92-93

08-10-1992

Deposits [other than Foreign Currency (Non-Resident) Accounts and Non-Resident (External) Rupee Accounts]

128

UBD.(PCB)15/DC.V.1-92/93

18-09-1992

Premature withdrawal of term deposit for a period of 46 days - Rate of interest on advance granted against deposit

129

UBD.(UAF)1/DC(V.1)-92/93

24-07-1992

Interest rate on Savings deposits - increase from 5% p.a. to 6% p.a. w.e.f .24.4.1992

130

UBD.No.(PCB)70/DC.V.1-91/92

23-04-1992

Interest Rates on Deposits

131

UBD.PCB.71/DC.V.1-91/92

23-04-1992

Interest Rates on Deposits

132

UBD.No.(PCB)64/DC.V.1.91/92

21-04-1992

Interest Rates on Deposits

133

UBD.No.(PCB)65/DC.V.1-91/92

21-04-1992

Interest Rates on Deposits

134

UBD.(SUC)48/DC/V.1(B)-91/92

30-11-1991

Interest Rates on Deposits

135

UBD(PCB)24/DC.V-1-91/92

08-10-1991

Interest Rates on Deposits

136

UBD(PCB)25/DC.V-1-91/92

08-10-1991

Interest Rates on Deposits

137

UBD(PCB)19/DC.V-1-91/92

20-09-1991

Interest Rates on Deposits

138

UBD(PCB)20/DC.V-1-91/92

20-09-1991

Interest Rates on Deposits - Opening of Savings Bank Accounts

139

UBD.No(RO)6/DC(V.1)-91/92

17-09-1991

Interest Rates on Deposits - Payment of Interest on Term Deposits

140

UBD(PCB)1.DC.V.1-91/92

22-07-1991

Interest Rates on Deposits

141

UBD(PCB)2/DC.V-1-91/92

22-07-1991

Interest Rates on Deposits

142

UBD.PCB.76/DC-V-1-90/91

26-04-1991

Interest Rates on Deposits - Premature Withdrawal of Term Deposits - Method and Rate for Calculating Interest

143

UBD.No(PCB)64/DC-V-1-90/91

12-04-1991

Interest Rates on Deposits

144

UBD.No(PCB)65/DC-V-1-90/91

12-04-1991

Interest Rates on Deposits

145

UBD.No(PCB)67/DC(V.1)90/91

12-04-1991

Interest Rates on Deposits

146

UBD.No.(PCB)68/DC-V-1-90/91

12-04-1991

Interest Rates on Deposits held under the Non-Resident (External) Rupee Accounts

147

UBD.No.(PCB)44/DC(V.1)-90/91

11-02-1991

Interest Rates on Deposits

148

UBD.(PCB)34/DC.V-1-90/91

16-01-1991

Interest Rates on Deposits

149

UBD.DC.29/V.1-90/91

08-12-1990

Charging of Penal Interest for the Defaulted Installments of Recurring Deposits

150

UBD.No.(PCB)26/DC(V.1)-90/91

30-11-1990

Interest Rates on Deposits

151

UBD.No(PCB)20/DC(V.1)-90/91

15-10-1990

Interest Rates on Deposits

152

UBD.(PCB)14/DC.V.1-90/91

09-10-1990

Interest Rates on Deposits

153

UBD(PCB).15/DC-V-1-90/91

09-10-1990

Interest Rates on Deposits

154

UBD.(PCB)8/DC.V.1-90/91

07-09-1990

Directives on Interest Rates on Deposits

155

UBD.(PCB) No.9/DC-V-1-90/91

07-09-1990

Interest Payable on the Deposit Account of Deceased Depositor/s

156

UBD.No.PCB.32/DC.V.1(B)-89/90

30-04-1990

Interest Rates on Deposits

157

UBD.(UCB).23/DC(V.1)-89/90

12-04-1990

Interest Rates on Deposits

158

UBD.(UCB)24/DC-(V.1)-89/90

12-04-1990

Interest Rates on Deposits held under the Non-Resident (External) Rupee Accounts

159

UBD.No.PCB.16/DC.V-1(B)-89/90

05-03-1990

Interest Rates on Deposits

160

UBD.DC.49/V.1-89/90

13-12-1989

Method of Calculation of Interest on Premature Withdrawal/ Discontinuance of Recurring Deposits and Charging of Penal Interest for the Defaulted Installments of Recurring Deposits

161

UBD.No.DC.31/V.1-89/90

09-10-1989

Interest Rates on Deposits

162

UBD.No.DC.32/V.1-89/90

09-10-1989

Interest Rates on Deposits

163

UBD.No.DC.9/V.1.89/90

31-07-1989

Interest Rates on Deposits - Payment of Interest on Term Deposits

164

UBD.No.DC.101/V.1-88/89

27-03-1989

Interest Rates on Deposits

165

UBD.No.DC.102/V.1/88-89

27-03-1989

Interest Rates on Deposits

166

UBD.No.DC.12/V.1(B)-88/89

30-07-1988

Directives on Interest Rates on Deposits

167

UBD.No.DC.104/V-1/87-88

02-04-1988

Interest Rates on Deposits

168

UBD.DC.105/V.1-87/88

02-04-1988

Interest Rates on Deposits

169

UBD.No.(DC)63/V.1-86/87

19-11-1987

Payment of Interest on Savings Bank Accounts

170

UBD.No.DC.60/V1.87/88

13-11-1987

Interest Rates on Deposits - Rate of Interest Applicable to Overdue Deposits

171

UBD.(DC)46/V.1-87/88

10-10-1987

Interest Rates on Deposits

172

UBD.DC.No.7/V.1-87/88

06-07-1987

Interest Rates on Deposits

173

UBD.DC.8/V.1-87/88

06-07-1987

Interest Rates on Deposits

174

UBD.DC.102/V.1-86/87

25-06-1987

Interest Rates of Deposits

175

UBD.DC.103/V.1.86/87

25-06-1987

Interest Rates on Deposits

176

UBD.No.(DC)68.V.1.86/87

01-04-1987

Interest Rates on Deposits

177

UBD.No.DC.60/V.1-86/87

31-03-1987

Interest Rates on Deposits

178

UBD.No.(DC)61/V.1-86/87

31-03-1987

Interest Rates on Deposits

179

UBD(DC)57/V.1-85/86

19-11-1985

Margin and Rate of Interest on Loans Against Fixed Deposits

180

UBD.No.(DC)56/V.1/85-86

19-11-1985

Payment of Interest on Savings Bank Accounts of Government Departments, Semi-Governments, Quasi-Governments and Local Bodies and certain Organisations engaged in Public Utility Services like State Housing Board

181

UBD.No.(DC)36/V.1-85/86

09-10-1985

Interest Rates on Deposits

182

UBD.DC.21/ V.I-85/86

02-09-1985

Directives on Interest Rates on Deposits

183

UBD.(DC)3408/V.1-84/85

25-05-1985

Non-resident accounts in rupees

184

UBD.(DC)3413/V.1-84/85

25-05-1985

Interest rates on deposits

185

UBD.(DC)3415/V.1-84/85

25-05-1985

Interest rates on deposits acceptance of deposits for periods exceeding 10 years

186

UBD.(DC)3414/V.1-84/85

24-05-1985

Interest rates on deposits

187

UBD(DC)3160/V.1-84/85

06-04-1985

Interest rates on deposits

188

UBD.(DC)3161/V.1-84/85

06-04-1985

Interest rates on deposits

189

UBD.I&L1707/J.1-84/85

23-02-1985

Crediting of interest on deposits accepted under re-investment plan to the deposit accounts

190

UBD.(DC)890/V.1-84/85

09-01-1985

Interest rates on deposits payment of interest at savings bank rate on amounts lying in the current account of deceased depositors

191

DBOD.UBD(DC)128/V.1-83/84

22-07-1983

Interest rates on deposits

192

DBOD.UBD(DC)1055/V.1-82/83

04-02-1983

Interest rates on deposits

193

DBOD.UBD(DC)464/V.1-82/3

26-10-1982

Interest Rates on Deposits

194

DBOD.UBD(DC)465/V.1-82/3

26-10-1982

Interest Rates on Deposits

195

ACD.ID.(DC).38/V.1-82/83

09-07-1982

Violations of the directive provisions relating to interest rates on deposits

196

ACD.ID.(DC)2692/V.1-81/82

03-06-1982

Interest rates on deposits payments of interest on savings bank accounts of certain organisations engaged in public utility services like municipal corporations, state housing boards, etc.

197

ACD.ID.(DC)1882/V.1-81/82

01-03-1982

Interest rates on deposits

198

ACD.ID.(DC)1883/V.1-81/82

01-03-1982

Interest rates on deposits

199

ACD.ID.(DC)1249/V.1-81/82

21-12-1981

Interest rates on deposits

200

ACD.ID.(DC)1251/V.1-81/82

21-12-1981

Interest rates on deposits

201

ACD.ID.(DC)367/V.1-81/82

13-08-1981

Interest rates on deposits renewal of deposits before maturity

202

ACD.ID.(DC)369/V.1-81/82

13-08-1981

Interest rates on deposits

203

ACD.ID(DC)256/V.1-81/82

22-07-1981

Interest rates on deposits premature withdrawal of deposits

204

ACD.ID.(DC)2133/V.1-80/81

02-03-1981

Interest Rates on Deposits

205

ACD.ID.(DC)2132/V.1-80/81

02-03-1981

Interest rates on deposits

206

ACD.ID.(DC)2961/V.1-79/80

16-05-1980

Directives on interest rates on deposits

207

ACD.ID.(DC)791/V.1-79/80

14-09-1979

Interest rates on deposits

208

ACD.ID.(DC)790/V.1-79/80

13-09-1979

Interest rates on deposits

209

ACD.ID.(DC)3167/V.1-78/9

19-02-1979

Interest rates on deposits

210

ACD.ID.(DC)1259/V.1-78/9

20-11-1978

Interest rates on deposits covered by declaration under section 54 E of the income tax act,1961

211

ACD.ID.(DC)584/V.1-78/9

23-08-1978

Interest Rates on Deposits

212

ACD.ID.(DC)585/V.1-78/9

23-08-1978

Interest rates on deposits

213

ACD.ID.(DC)9264/V.1-77/8

02-06-1978

Interest rates on deposits payment of interest on monthly basis on fixed deposits

214

ACD.ID.(DC)8866/V.1-77/8

10-05-1978

Directives on interest rates on deposits

215

ACD.ID.(DC)6975/V.1-77/8

07-03-1978

Interest rates on deposits

216

ACD.ID.(DC)69761/V.1-77/8

07-03-1978

Interest rates on deposits

217

ACD.ID.(DC)6870/V.1-77/8

01-03-1978

Interest rates on deposits

218

ACD.ID.(DC)6871/V.1-77/8

01-03-1978

Interest rates on deposits

219

ACD.ID.2717/V.1-77/8

21-09-1977

Interest rates on deposits

220

ACD.ID.2718/V.1-77/8

21-09-1977

Interest rates on deposits

221

ACD.ID.1092/V.1-77/8

30-07-1977

Interest rates on deposits overdue deposits

222

ACD.ID.11438/V.1-76/7

20-06-1977

Interest rates on deposits

223

ACD.ID.10844/V.1-76/7

31-05-1977

Interest rates on deposits

224

ACD.ID.10845/V.1-76-7

31-05-1977

Interest rates on deposits

225

ACD.ID.3677/V.1-76/7

01-11-1976

Interest rates on deposits - linked janata personal accident policy

226

ACD.ID.12504/J.32-75/6

21-06-1976

Interest rates on deposits

227

ACD.ID.12505/J.32-75/6

21-06-1976

Interest rates on deposits

228

ACD.ID.8217/J.32-75/6

31-01-1976

Interest rates on deposits premature withdrawal of deposits

229

ACD.ID.5257/J.32-75/6

24-11-1975

Interest Rates on Deposits Schemes for Mobilising Deposits

230

ACD.ID.4300/J.32-74/5

12-02-1975

Interest Rates on Deposits

231

ACD.ID.4301/J.32-74/5

12-02-1975

Interest Rates on Deposits

232

ACD.ID.4141/J.32-74/5

31-01-1975

Interest Rates on Deposits

233

ACD.ID.4142/J.32-74-5

31-01-1975

Interest Rates on Deposits

234

ACD.ID.3986/J.32-74/5

20-01-1975

Interest rates on deposits

235

ACD.ID.2918/J.32-74/5

22-11-1974

Interest rates on deposits

236

ACD.ID.2919/J.32-74/5

22-11-1974

Interest rates on deposits

237

ACD.ID.935/J.32/74-5

16-08-1974

Interest rates on deposits

238

ACD.ID.936/J.32/7-45

16-08-1974

Interest rates on deposits


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