The RBI issued a new Master Direction on interest rates for deposits , effective immediately. Banks must follow a board-approved policy fo...
The RBI issued a new Master Direction on interest rates for deposits, effective immediately.
Banks must follow a board-approved policy for setting interest rates on deposits (excluding current accounts).
Interest rates must be the same across all branches and for all customers, with no discrimination for similar deposits.
Rates cannot be negotiated between banks and depositors and must be reasonable, consistent, and transparent.
The RBI can review these rates for supervision.
Interest on domestic rupee savings deposits will be calculated daily.
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