Deregulation of savings bank interest rates permits banks to set resident savings rates with uniform small-balance rates and no discrimination. Banks are free to determine savings bank interest rates for resident Indians subject to two conditions: offer a uniform interest rate on savings deposits up to the designated small-balance threshold, and, for deposits above that threshold, permit differential rates only if there is no discrimination between deposits of similar amount accepted on the same date at any of the bank's offices. The directive modifies an earlier instruction and is issued under Section 35A; interest on certain Non-Resident savings accounts remains separately regulated.
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Provisions expressly mentioned in the judgment/order text.
Deregulation of savings bank interest rates permits banks to set resident savings rates with uniform small-balance rates and no discrimination.
Banks are free to determine savings bank interest rates for resident Indians subject to two conditions: offer a uniform interest rate on savings deposits up to the designated small-balance threshold, and, for deposits above that threshold, permit differential rates only if there is no discrimination between deposits of similar amount accepted on the same date at any of the bank's offices. The directive modifies an earlier instruction and is issued under Section 35A; interest on certain Non-Resident savings accounts remains separately regulated.
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