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Master Directions
The Reserve Bank of India has started issuing Master Directions on all regulatory matters beginning January 2016. The Master Directions consolidate instructions on rules and regulations framed by the Reserve Bank under various Acts including banking issues and foreign exchange transactions.
The process of issuing Master Directions involves issuing one Master Direction for each subject matter covering all instructions on that subject. Any change in the rules, regulation or policy is communicated during the year by way of circulars/press releases. The Master Directions will be updated suitably and simultaneously whenever there is a change in the rules/regulations or there is a change in the policy. All the changes will get reflected in the Master Directions available on the RBI website along with the dates on which changes are made.
Explanations of rules and regulations will be issued by way of Frequently Asked Questions (FAQs) after issue of the Master Directions in easy to understand language wherever necessary. The existing set of Master Circulars issued on various subjects will stand withdrawn with the issue of the Master Direction on the subject.
Master Directions
पीडीएफ (RBI/2025-26/228 DOR.SOG(SPE).REC.147/13.03.00/ 2025-26 November 28, 2025 Reserve Bank of India (Local Area Banks – Interest Rate on Deposits) Directions, 2025 Table of Contents Chapter I : Preliminary 3 A. Short Title and Commencement 3 B. Objective 3 C. Applicability 3 D. Definitions 3 Chapter II : General Guidelines (Interest Rate Framework) 6 Chapter III : Domestic Rupee Deposits 8 A. Interest Rate on Domestic Current Account 8 B. Interest Rate on Domestic Savings Deposit 8 C. Interest Rate on Domestic Term Deposits 8 D. Payment of Additional Interest on Domestic Deposits 9 E. Interest on Overdue Domestic Deposits 10 F. Floating Rate Domestic Term Deposits 11 G. Periodicity of Payment of Interest on Domestic Savings Deposit 11 H. Interest Payable on the Domestic Deposit Account of Deceased Depositor 11 I. Discretion to pay interest on the minimum credit balance in the composite cash credit account of a farmer 11 J. Penalty on Premature Withdrawal of Domestic Term Deposit 11 Chapter IV : Rupee Deposits of Non-Residents 13 A. Interest Rate on Rupee Deposits - Non-Residents 13 B. Prohibition on Marking Lien 14 C. Penalty on Premature Withdrawal of Non-Resident External (NRE) Deposits 14 D. Interest Payable on the Non-Resident External (NRE) Term Deposit Account of Deceased Depositor 14 Chapter V : Foreign Currency Deposits 15 A. Foreign Currency (Non-Resident) Accounts (Banks) Scheme 15 B. Manner of Calculation of Interest on Foreign Currency (Non-Resident) Accounts (Banks) {FCNR(B)} Deposits 16 C. Calculation of Interest on Renewal of Foreign Currency (Non-Resident) Accounts (Banks) {FCNR(B)} Deposits 16 D. Interest Payable on the Deposit of a Deceased Foreign Currency (Non-Resident) Accounts (Banks) {FCNR(B)} Depositor 17 E. Payment of Interest on Foreign Currency (Non-Resident) Accounts (Banks) {FCNR(B)} Deposits of Non-Resident Indians (NRIs) on Return to India 17 F. Conversion of Foreign Currency (Non-Resident) Accounts (Banks) {FCNR(B)} Accounts of Returning Indians into Resident Foreign Currency (RFC) Accounts / Resident Rupee Accounts - Payment of Interest 18 G. Premature Withdrawal of Foreign Currency Deposits 18 H. Penalty on Premature Withdrawal of Foreign Curency Deposits 18 I. Resident Foreign Currency Accounts Scheme 19 Chapter VI : Prohibitions and Exemptions 20 A. Prohibitions 20 B. Exemptions 21 SCHEDULE- I 22 Chapter VII : Repeal and Other Provisions 23 A. Repeal and saving 23 B. Application of other laws not barred 23 C. Interpretations 23 In exercise of the powers conferred by Sections 21 and 35A of the Banking Regulation Act, 1949 and all other provisions / laws enabling the Reserve Bank of India (‘RBI’) in this regard, RBI being satisfied that it is necessary and expedient in the public interest so to do, hereby, issues the Directions hereinafter specified.
RBI/2025-26/228 DOR.SOG(SPE).REC.147/13.03.00/ 2025-26 November 28, 2025 Reserve Bank of India (Local Area Banks – Interest Rate on Deposits) Directions, 2025 Table of Contents Chapter I : Preliminary 3 A. Short Title and Commencement 3 B. Objective 3 C. Applicability 3 D. Definitions 3 Chapter II : General Guidelines (Interest Rate Framework) 6 Chapter III : Domestic Rupee Deposits 8 A. Interest Rate on Domestic Current Account 8 B. Interest Rate on Domestic Savings Deposit 8 C. Interest Rate on Domestic Term Deposits 8 D. Payment of Additional Interest on Domestic Deposits 9 E. Interest on Overdue Domestic Deposits 10 F. Floating Rate Domestic Term Deposits 11 G. Periodicity of Payment of Interest on Domestic Savings Deposit 11 H. Interest Payable on the Domestic Deposit Account of Deceased Depositor 11 I. Discretion to pay interest on the minimum credit balance in the composite cash credit account of a farmer 11 J. Penalty on Premature Withdrawal of Domestic Term Deposit 11 Chapter IV : Rupee Deposits of Non-Residents 13 A. Interest Rate on Rupee Deposits - Non-Residents 13 B. Prohibition on Marking Lien 14 C. Penalty on Premature Withdrawal of Non-Resident External (NRE) Deposits 14 D. Interest Payable on the Non-Resident External (NRE) Term Deposit Account of Deceased Depositor 14 Chapter V : Foreign Currency Deposits 15 A. Foreign Currency (Non-Resident) Accounts (Banks) Scheme 15 B. Manner of Calculation of Interest on Foreign Currency (Non-Resident) Accounts (Banks) {FCNR(B)} Deposits 16 C. Calculation of Interest on Renewal of Foreign Currency (Non-Resident) Accounts (Banks) {FCNR(B)} Deposits 16 D. Interest Payable on the Deposit of a Deceased Foreign Currency (Non-Resident) Accounts (Banks) {FCNR(B)} Depositor 17 E. Payment of Interest on Foreign Currency (Non-Resident) Accounts (Banks) {FCNR(B)} Deposits of Non-Resident Indians (NRIs) on Return to India 17 F. Conversion of Foreign Currency (Non-Resident) Accounts (Banks) {FCNR(B)} Accounts of Returning Indians into Resident Foreign Currency (RFC) Accounts / Resident Rupee Accounts - Payment of Interest 18 G. Premature Withdrawal of Foreign Currency Deposits 18 H. Penalty on Premature Withdrawal of Foreign Curency Deposits 18 I. Resident Foreign Currency Accounts Scheme 19 Chapter VI : Prohibitions and Exemptions 20 A. Prohibitions 20 B. Exemptions 21 SCHEDULE- I 22 Chapter VII : Repeal and Other Provisions 23 A. Repeal and saving 23 B. Application of other laws not barred 23 C. Interpretations 23 In exercise of the powers conferred by Sections 21 and 35A of the Banking Regulation Act, 1949 and all other provisions / laws enabling the Reserve Bank of India (‘RBI’) in this regard, RBI being satisfied that it is necessary and expedient in the public interest so to do, hereby, issues the Directions hereinafter specified.
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