Interest Rates on Deposits - ఆర్బిఐ - Reserve Bank of India
Interest Rates on Deposits
RBI/2014-15/554 April 16, 2015 All Scheduled Commercial Banks Dear Sir/ Madam Interest Rates on Deposits Please refer to our circulars DBOD. No. Dir.BC.36/13.03.00/98 dated April 29, 1998, DBOD. No. Dir.BC.07/13.03.00/2001-02 dated August 11, 2001 and DBOD. No. Dir. BC.74/13.03.00/2012-13 dated January 24, 2013 in terms of which banks are allowed to offer differential rates of interest on term deposits on the basis of tenor for deposits less than ₹ 1 crore and on the basis of quantum and tenor on term deposits of ₹ 1 crore and above. 2. In this connection, attention is invited to paragraph 29 of sixth Bimonthly Monetary Policy Statement- 2014-15 announced on February 3, 2015 whereby it was decided to introduce the feature of early withdrawal facility in a term deposit as a distinguishing feature for offering differential rates of interest. Accordingly, banks will have the discretion to offer differential interest rates based on whether the term deposits are with or without-premature-withdrawal-facility, subject to the following guidelines:
Yours faithfully, (Lily Vadera) |