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Non-Callable Deposits – Master Direction on Interest Rate on Deposits

News Financial services English Law & Policy Updates
Date: 26th Oct, 2023 Source: Reserve Bank of India Country: India Original Source

Brief

Summary:

The Reserve Bank of India (RBI) has issued a circular (DOR.SPE/REC.No 51/13.03.000/2023-24) dated October 26, 2023, amending the Master Direction on Interest Rate on Deposits, 2016. The circular increases the minimum amount for offering non-callable term deposits (TDs) from u20b915 lakh to u20b91 crore, allowing premature-withdrawal-facility for all TDs accepted from individuals for amounts up to u20b91 crore. The instructions are applicable to all commercial banks and co-operative banks. The non-resident (external) rupee (NRE) and ordinary non-resident (NRO) deposits are also covered under this circular.

RBI/2023-24/74 DOR.SPE. REC. No 51/13.03.000/2023-24 October 26, 2023 Non-Callable Deposits – Master Direction on Interest Rate on Deposits Please refer to the instructions contained in Section 7 of the Master Direction (MD) on Interest Rate on Deposits dated March 03, 2016 and Master Direction – Reserve Bank of India (Co-operative Banks – Interest Rate on

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RBI/2023-24/74 DOR.SPE. REC. No 51/13.03.000/2023-24 October 26, 2023 Non-Callable Deposits – Master Direction on Interest Rate on Deposits Please refer to the instructions contained in Section 7 of the Master Direction (MD) on Interest Rate on Deposits dated March 03, 2016 and Master Direction – Reserve Bank of India (Co-operative Banks – Interest Rate on

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Reserve Bank of India

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