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of <h1>RBI Updates Guidelines on Interest Rates for Rupee Deposits in Domestic and NRI Accounts, Excluding Regional Rural Banks.</h1> The Master Circular issued by the Reserve Bank of India (RBI) consolidates guidelines on interest rates for Rupee deposits in Domestic, Ordinary Non-Resident (NRO), and Non-Resident (External) (NRE) accounts. It updates previous instructions and provides banks with the discretion to set interest rates on these accounts, subject to certain conditions. The circular covers various aspects, including definitions, minimum tenors, interest calculation methods, additional interest provisions, and restrictions on advances against deposits. It also outlines the application of these guidelines to all scheduled commercial banks, excluding Regional Rural Banks, and includes annexes detailing specific interest rates and exemptions.
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