Master Direction – Reserve Bank of India (Interest Rate on Deposits) Directions, 2016
This Master Direction outlines the guidelines for interest rates on deposits in India, applicable to all scheduled commercial banks.
The direction is divided into seven chapters:
Chapter I: Preliminary – Deals with the short title, commencement, applicability, and definitions.
Chapter II: General Guidelines – Outlines the interest rate framework.
Chapter III: Domestic Rupee Deposits – Covers interest rates on:
– Domestic Current Accounts
– Domestic Saving Deposits
– Domestic Term Deposits
Chapter IV: Rupee Deposits of Non-Residents – Addresses interest rates on rupee deposits held by non-residents.
Chapter V: Foreign Currency Deposits – Deals with interest rates on foreign currency deposits.
Chapter VI: Prohibitions and Exemptions – Specifies prohibitions and exemptions related to interest rates on deposits.
Chapter VII: Repeal and Other Provisions – Covers the repeal of previous directions and other provisions.
Chat with the Master Direction: