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Master Direction - Reserve Bank of India (Interest Rate on Deposits) Directions, 2016

FEMA - DBR. Dir. No.84/13.03.00/2015-16 - Dated:- 3-3-2016 - RBI/DBR/2015-16/19 Master Direction DBR. Dir. No.84/13.03.00/2015-16 March 03, 2016 In exercise of the powers conferred by conferred by Sections 21 and 35 A 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, hereby, issues the Directions hereinafter specified. CHAPTER - I PRELIMINARY 1. Short Title and Commencement. (a) These Directions shal .....

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tions (a) In these Directions, unless the context otherwise requires, the terms herein shall bear the meanings assigned to them below: (i) Bulk Deposit means : Single Rupee term deposits of Rupees one crore and above for Scheduled Commercial Banks other than Regional Rural banks Single Rupee term deposits of Rupees fifteen lakhs and above for RRBs. (ii) Composite Cash Credit means a type of loan product having a cash credit limit with a fully savings module designed to take care of farmer s inte .....

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c Rupee Deposits mean rupee deposits maintained in India in the form of current account, savings deposits or term deposit. (vii) Family includes members as mentioned in the bank s Service/Staff Regulations. (viii) FCNR(B) account means a Foreign Currency Non-Resident (Bank) account referred to in Foreign Exchange Management (Deposit) Regulations, 2000, as amended from time to time. (ix) Individual means a natural person. (x) Member of the bank s staff means a person employed on a regular basis, .....

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agement (Deposit) Regulations, 2000, as amended from time to time. (xiiii) NRO account means a Non-resident ordinary deposit account referred to in Foreign Exchange Management (Deposit) Regulations, 2000, as amended from time to time. (xiv) Retired member of the bank s staff means an employee retiring whether on superannuation or otherwise as provided in the bank s Service/Staff Regulations. (xv) RFC account means a Resident Foreign Currency account referred to in Foreign Exchange Management (Fo .....

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during any specified period; (xvii) Scheduled commercial Bank means banks other than co-operatives banks included in second schedule of Reserve Bank of India Act, 1934. (xviii) Term deposit means a interest bearing deposit received by the bank for a fixed period and shall also include deposits such as Recurring /Cumulative /Annuity /Reinvestment deposits and Cash Certificates; (b) All other expressions unless defined herein shall have the same meaning as have been assigned to them under the Bank .....

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) Scheme {FCNR(B)} deposit account on the terms and conditions specified in these directions: (a) There shall be a comprehensive policy on interest rates on deposits duly approved by the Board of Directors or any committee of the Board to which powers have been delegated. (b) The rates shall be uniform across all branches and for all customers and there shall be no discrimination in the matter of interest paid on the deposits, between one deposit and another of similar amount, accepted on the sa .....

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its and to two decimal places for FCNR (B) deposits. (g) Deposits maturing on non-business working day (i) If a term deposit is maturing for payment on a non-business working day, Scheduled Commercial Banks shall pay interest at the originally contracted rate on the original principal deposit amount for the non-business working day, intervening between the date of the maturity of the specified term of the deposit and the date of payment of the proceeds of the deposit on the succeeding working da .....

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and will continue to be governed by the terms of contract agreed to between the customer and the bank branch that is being taken over. (ii) the same rate of interest shall be payable till maturity on such transferred deposits, as was payable at the time of takeover of the branch. CHAPTER - III DOMESTIC RUPEE DEPOSITS 5. Interest rate on domestic Current Account No interest shall be paid on deposits held in current accounts. Provided that balances lying in current account standing in the name of .....

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hall be calculated on a daily product basis as under: A uniform interest rate shall be set on balance up to Rupees one lakh, irrespective of the amount in the account within this limit. Differential rates of interest may be provided for any end-of-day savings bank balance exceeding Rupees one lakh. 7. Interest Rates on domestic Term Deposits (a) In addition to the conditions laid down in section 4 of these Directions, interest rates on term deposits shall vary only on account of one or more of t .....

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1988. (iii) Non- availability of Premature withdrawal option Banks shall have the freedom to offer term deposits without premature withdrawal option. Provided that all term deposits accepted from individuals (held singly or jointly) for amount of Rupees fifteen lakh and below shall have premature-withdrawal-facility. (b) Payment of Interest on pre-mature withdrawal: The interest rates applicable on term deposits withdrawn before the maturity date shall be as under: Interest shall be paid at the .....

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nterest rates on savings or a term deposits of bank s staff and their exclusive associations as well as on deposits of Chairman, Chairman & Managing Director, Executive Director or such other Executives appointed for a fixed tenure, subject to the following conditions: (i) The additional interest is payable till the person continues to be eligible for the same and in case of his ceasing to be so eligible, till the maturity of a term deposit account. (ii) In case of employees taken over pursu .....

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(iv) In the case of persons taken on deputation for a fixed tenure or on a contract of a fixed tenure, the benefit will cease to accrue on the expiry of the term of deputation or contract, as the case may be. (v) Bank Employees Federations, in which bank employees are not direct members, shall not be eligible for additional interest. (vi) The additional interest may be paid on the following deposits after obtaining a declaration from the depositor concerned, that the monies deposited or which ma .....

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offering higher and fixed rates of interest as compared to normal deposits of any size. Provided that this facility is not offered on the term deposit standing in the name of an HUF or the Karta of the Hindu Undivided Family (HUF), even if the Karta is a resident Indian senior citizen. (c) Scheduled Commercial Banks shall, at their discretion, give their resident Indian retired staffs, who are senior citizens, the benefit of additional interest rates as admissible to senior citizens over and abo .....

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ts Floating rate domestic term deposits shall be linked to a directly observable and transparent market determined external benchmark. 11. Periodicity of payment of Interest on domestic savings deposits (a) Interest on savings deposit shall be credited at quarterly or shorter intervals. (b) Interest on savings bank accounts, including those frozen by the enforcement authorities, shall be credited on regular basis irrespective of the operational status of the account. 12. Interest payable on the .....

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the period from the 10th to the last day of each calendar month shall be paid, subject to the conditions given in section 4 of these Directions. 14. Penalty on premature withdrawal of domestic term deposit (a) There shall be a comprehensive policy on penalties for premature withdrawal of term deposits approved by the Board of Directors or any committee of the Board to which powers have been delegated. (b) The components of penalty shall be clearly brought to the notice of the depositors at the t .....

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emature withdrawal of deposit consequent to the transfer of business to another bank. CHAPTER - IV RUPEE DEPOSITS OF NON-RESIDENTS 15. Interest rates on Rupee Deposits-Non-Residents Interest on deposits of money accepted or renewed under NRE/NRO deposit scheme shall be on the terms and conditions specified in the ensuing paragraphs: (a) The interest rates shall be subject to the conditions laid down in section 4 of these Directions. (b) Interest rates on savings deposits under Non-Resident (Exte .....

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ial interest rate shall be offered only on bulk deposits (d) Interest rates on NRE/ NRO deposits shall not be higher than those offered by the banks on comparable domestic rupee term deposits. (e) The benefit of additional interest rate on deposits on account of being bank s own staff or senior citizens shall not be available to NRE and NRO deposits. (f) Interest on savings deposits shall be credited at quarterly or shorter intervals. (g) If an NRE account holder, immediately on return to India, .....

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osits. 17. Penalty on premature withdrawal of NRE deposits There shall be a comprehensive policy on penalties for premature withdrawal of NRE term deposits approved by the Board of Directors or any committee of the Board to which powers have been delegated, subject to the following: The components of penalty shall be clearly brought to the notice of the depositors at the time of acceptance of the deposits. No penalty shall be levied for premature withdrawal of NRE term deposits for conversion in .....

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m deposit account of a deceased depositor are residents, the deposit on maturity shall be treated as a domestic rupee term deposit and interest shall be paid for the subsequent period at a rate applicable to a domestic term deposit of similar maturity. CHAPTER - V FOREIGN CURRENCY DEPOSITS 19. Foreign Currency (Non-resident) Accounts (Banks) Scheme Interest on deposits of money accepted or renewed under the Foreign Currency (Non-Resident) Accounts (Banks) Scheme shall be in accordance with the t .....

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bove but less than four years Four years and above but less than five years Five years only Provided that, no bank shall accept or renew FCNR (B) deposits over five years and no recurring deposits shall be accepted under the FCNR (B) Scheme. (ii) Size of deposits Scheduled Commercial Banks shall, at their discretion, decide the currency-wise minimum quantum on which differential rates of interest may be offered. (c) The interest rates on all deposits, including where differential rates of intere .....

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ll form the base for fixing ceiling rates for the interest rates offered effective in the following month. (g) The interest rates ceiling on FCNR (B) deposits shall be as under: Period of deposit Ceiling rate 1 year to less than 3 years LIBOR/ Swap plus 200 basis points 3 years and above upto and including 5 years LIBOR/ Swap plus 300 basis points (h) The LIBOR / Swap rates quoted/displayed by Foreign Exchange Dealers Association of India (FEDAI) shall be used as the reference for arriving at th .....

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enewal of FCNR (B) deposits Interest calculation on renewal of FCNR(B) deposits shall be as under: If the period from the date of maturity till the date of renewal (both days inclusive) does not exceed 14 days, the rate of interest payable on the amount of the deposit so renewed shall be the appropriate rate of interest for the period of renewal as prevailing on the date of maturity or on the date when the depositor seeks renewal, whichever is lower. In all other cases of renewal, interest rates .....

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osits standing in the name(s) of a deceased FCNR(B) individual depositor or two or more joint depositors where one of the depositors has died, as under:- If paid on the maturity of the deposit, interest shall be paid at the contracted rate; If the deposit is claimed before the maturity date, interest shall be paid not at the contracted rate but at the rate applicable to the period for which the deposit remained with the bank and without charging penalty for pre-payment; In case the depositor die .....

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gs deposits held under Resident Foreign Currency (RFC) Account Scheme shall be paid from the date of maturity till the date of payment. In case the claimants are residents, the maturity proceeds shall be converted into Indian Rupees on the date of maturity and interest shall be paid for the subsequent period at the rate applicable to a domestic term deposit of similar maturity. 23. Payment of interest on FCNR (B) deposits of NRIs on return to India Scheduled commercial banks may, at their discre .....

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Rupee Deposit Account or RFC Account (if eligible) at the option of the account holder. The rate of interest on the new deposit (Rupee account or RFC Account) shall be the relevant rate applicable for such deposit account. 24. Conversion of FCNR (B) Accounts of Returning Indians into RFC Accounts/Resident Rupee Accounts- Payment of interest Subject to the conditions given in section 4 of these Directions, a Scheduled Commercial Bank shall pay interest at the time of conversion of FCNR(B) Account .....

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letion of the minimum stipulated period as mentioned in section 19(b)(i) above, no interest shall be paid . 26. Penalty on Premature Withdrawal of deposits There shall be a comprehensive policy on penalties for premature withdrawal of FCNR(B) term deposits approved by the Board of Directors or any committee of the Board to which powers have been delegated, subject to the following: (a) The components of penalty shall be clearly brought to the notice of the depositors at the time of acceptance of .....

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period and aggregate amount of the deposit do not undergo any change. (d) Scheduled Commercial Banks shall, at their discretion, levy penalty to recover the swap cost in the case of premature withdrawal of FCNR(B) deposits. (e) No penalties shall be levied in the case of premature conversion of balances held in FCNR (B) deposits into RFC Accounts by Non-Resident Indians on their return to India. (f) No penalty for premature withdrawal shall be levied, where depositors of the branch as mentioned .....

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hich powers have been delegated. CHAPTER - VI PROHIBITIONS AND EXEMPTIONS 28. Prohibitions Scheduled commercial banks shall not: (a) Pay any remuneration or fees or commission or brokerage or incentives on deposits in any form or manner to any individual, firm, company, association, institution or any other person except: commission paid to agents employed to collect door-to-door deposits under a special scheme. commission paid to Direct Selling agents/Direct Marketing Agents as part of the outs .....

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ting deposits. (c) 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. (d) 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 the bank for the particular period. Simple rate of .....

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ty. (g) Grant advances against term deposits maintained with other banks. (h) Open a savings deposit account in the name of entities other than individuals, Karta of HUF and organisations/agencies listed in Schedule -I. (i) Create any fund to be utilized for charitable purposes in consultation with the depositors. 29. Exemptions The provisions in the above paragraphs shall not be applicable to: (a) A deposit received by the bank: from the institutions permitted to participate in the Call/Notice/ .....

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ments like cheques, drafts, bills, telegraphic/mail transfers, etc. SCHEDULE- I (1) Primary Co-operative Credit Society which is being financed by the bank. (2) Khadi and Village Industries Boards. (3) Agriculture Produce Market Committees. (4) Societies registered under the Societies Registration Act, 1860 or any other corresponding law in force in a State or a Union Territory except societies registered under the State Co-operative Societies Acts and specific state enactment creating Land Mort .....

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n respect of grants/ subsidies released for implementation of various programmes / Schemes sponsored by Central Government / State Governments subject to production of an authorization from the respective Central / State Government departments to open savings bank account. (8) Development of Women and Children in Rural Areas (DWCRA). (9) Self-help Groups (SHGs), registered or unregistered, which are engaged in promoting savings habits among their members. (10) Farmers Clubs - Vikas Volunteer Vah .....

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al Rupee (NRSR) and Non-Resident (External) (NRE) Accounts 2 DBOD. No.FSC.BC.61/24.91.001/2000 29.12.2000 Permission to Participate in Call/Notice Money Market and Bills Rediscounting Scheme - Private Sector Mutual Funds 3 DBOD.No.Dir.BC.62/13.03.00/2000-01 03.01.2001 Interest Rates on Deposits 4 DBOD.No.Dir.BC.64/13.03.00/2000-01 03.01.2001 Payment of Interest on the Term Deposit of a Deceased Depositor 5 DBOD. No.FSC.BC.80/24.103.001/2000 20.02.2001 Permission to Participate in Call/Notice Mon .....

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alers 9 DBOD. No.FSC.BC.01/24.91.001/2001-02 05.07.2001 Permission to Participate in Call/ Notice Money Market and Bills Rediscounting Scheme - Private Sector Mutual Funds 10 DBOD.No.FSC.BC.30/24.91.001/2001-02 28.09.2001 Permission to Participate in Call/Notice Money Market and Bills Rediscounting Scheme - Private Sector Mutual Funds 11 DBOD.No.FSC.BC.31/24.92.001/2001-02 28.09.2001 Permission to Participate in Call/Notice/Term Money Market and Bills Rediscountinq Scheme - Primary Dealers 12 DB .....

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92.001/2001-02 03.04.2002 Permission to Participate in Call/Notice/Term Money Market and Bills Rediscounting Scheme - Primary Dealers 16 DBOD.No.Dir.BC.93/13.01.09/2001-02 29.04.2002 Full Convertibility of Deposit Schemes - Non-Resident Indians - NRNR Accounts & NRSR Accounts 17 DBOD.No.Dir.BC.38/13.03.00/2002-03 05.11.2002 Mid-term Review of Monetary and Credit Policy for the year 2002-03 - Interest Rates on Deposits by Banks/RRBs/Local Area Banks 18 DBOD.No.FSC.BC.45/24.92.001/2002-03 03.1 .....

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OD.No.FSC.BC.86/24.92.001/2002-03 26.03.2003 Permission to Participate in Call/Notice Money Market and Bills Rediscounting Scheme - Private Sector Mutual Funds 23 DBOD.No.Dir.BC.101&102/13.01.09/2002-03 29.04.2003 Deposit under Non-Resident (External) Rupee Accounts (NRE Accounts) 24 DBOD.No.Dir.BC.1&2/13.01.09/2003-04 17.07.2003 Interest Rate on Deposits under Non-Resident (External) Rupee Accounts (NRE Accounts) 25 MPD.BC.237/07.01.279/2003-04 17.07.2003 Interest Rate on Deposits under .....

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02.2004 Interest Rates on Rupee Deposits held in Domestic, Ordinary Non-Resident (NRO) and Non-Resident (External) (NRE) Accounts 30 DBOD No Dir.BC.75&76/13.01.09/2003-04 17.04.2004 Interest Rates on Rupee Deposits held in Domestic, Ordinary Non-Resident (NRO) and Non-Resident (External) (NRE) Accounts 31 DBOD No.Dir.BC.78/13.03.00/2003-04 22.04.2004 Committee on Procedures and Performances Audit on Public Services - Report No. III - Banking Operations : Deposit Accounts & Other Faciliti .....

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sits 36 DBOD No. Dir. 80/13.03.00/2005-06 18.04.2006 Interest Rate on Non-Resident (External) Rupee (NRE) Deposits 37 DBOD.No.Dir.BC.54&55/13.03.00/2006-07 31.01.2007 Interest Rates on Non-Resident (External) Rupee (NRE) Deposits and FCNR(B) deposits 38 DBOD.No.Dir.BC.70/13. 01.01/2006-07 30.03.2007 Rounding off cheques to the nearest rupee 39 DBOD.No.Dir.BC.88&89/13.03.00/2006-07 24.04.2007 Interest Rates on Non-Resident (External) Rupee (NRE) Deposits and FCNR(B) deposits 40 DBOD No.Di .....

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s Bank Account on Daily Product Basis 45 DBOD.No.Dir.BC.91/13.03.00/2009-10 20.04.2010 Conversion of term deposits, daily deposits or recurring deposits for reinvestment in term deposits 46 DBOD.Dir.BC.89 & 90/13.03.00/2010-11 03.05.2011 Interest Rates on Deposits 47 A.P.(Dir Series) Circular No.70 09.06.2011 Remittance of assets by foreign nationals- Opening of NRO Accounts 48 DBOD.Dir.BC.42/13.03.00/2011-12 25.10.2011 Deregulation of Savings Bank Deposit Interest Rate-Guidelines 49 DBOD.Di .....

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st Rates on Non-Resident (External) Rupee (NRE) Deposits 54 DBOD.No.Dir.BC.74/13.03.00/2012-13 24.01.2013 Interest Rates on and Premature Withdrawal of Rupee Term Deposits 55 Mail Box Clarification 03.04.2013 Issue of Term Deposit Receipt 56 DBOD.Dir.BC.40/13.03.00/2013-14 14.08.2013 Deregulation of Interest Rates on Non-Resident (External) Rupee (NRE) Deposits 57 DBOD.No.Dir.BC.69/13.03.00/2013-14 29.11.2013 Periodicity of Payment of Interest on Rupee Savings/ Term Deposits 58 DBOD.No.Dir.BC.71 .....

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ce Society (AFGIS) *The circular dated November 4, 2000 replaces the basic directive dated December 27, 1985 and incorporates all amendments made/instructions issued upto that date. B. List of circulars on Interest Rates on FCNR(B) Deposits Sl Circular No. Date Subject 1 DBOD.No.Dir.BC.63&64/13.03.00/2000-01 03.01.2001 Foreign Currency (Non-Resident) Accounts (Banks) Scheme 2 DBOD.No.Dir.BC.105&107/13.03.00/2000-01 19.04.2001 Foreign Currency (Non-Resident) Accounts (Banks) Scheme 3 DBOD .....

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