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, effective from March 03, 2016, with subsequent updates.
The direction is divided into seven chapters:
Chapter I: Preliminary – Covers short title, commencement, applicability, and definitions.
Chapter II: General Guidelines – Outlines the interest rate framework.
Chapter III: Domestic Rupee Deposits – Specifies interest rates for:
– Domestic Current Accounts (Section 5)
– Domestic Saving Deposits (Section 6)
– Domestic Term Deposits (Section 7)
Chapter IV: Rupee Deposits of Non-Residents – Covers interest rates for rupee deposits held by non-residents.
Chapter V: Foreign Currency Deposits – Deals with interest rates for foreign currency deposits.
Chapter VI: Prohibitions and Exemptions – Lists prohibited activities and exemptions.
Chapter VII: Repeal and Other Provisions – Covers repeal of previous directions and other provisions.
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