DBOD.No.BP.BC.115/21.03.053/2001-02

June 15, 2002

All Scheduled Commercial Banks
(excluding Regional Rural Banks)

 

Dear Sir,

Certificates of Deposit (CDs)

Please refer to our circular DBOD.No.BP.BC.128/21.03.053/97 dated October 21, 1997 on Certificates of Deposit (CDs).

2. In order to increase the investor base, it has been decided to reduce the minimum size of certificates of deposit (CDs) to a single investor from the existing level of Rs.5 lakh to Rs.1 lakh and in multiples of Rs.1 lakh thereafter. The amount relates to face value (i.e. maturity value) of CDs issued.

3. All other terms and conditions relating to issue of CDs by banks remain unchanged.

Yours faithfully,

( B. Mahapatra )
General Manager