Deregulation of interest rates: banks may fix deposit rates but must ensure transparency and non-discrimination. Consolidates RBI directives on interest rates, tenors, calculation, disclosure and operational rules for Domestic, NRO and NRE rupee deposits. Banks are free to fix savings and specified term deposit rates with Board/ALCO approval, subject to non-discrimination, disclosure and the constraint that rates on NRE/NRO deposits not exceed those on comparable domestic rupee deposits. The circular prescribes minimum tenors, permitted additional interest concessions, rules for premature withdrawal, conversion, renewal, advances against deposits, rounding, issuance of term deposit receipts, Basic Savings Bank Deposit Account features, and prohibitions on certain inducements and discriminatory practices.
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Provisions expressly mentioned in the judgment/order text.
Deregulation of interest rates: banks may fix deposit rates but must ensure transparency and non-discrimination.
Consolidates RBI directives on interest rates, tenors, calculation, disclosure and operational rules for Domestic, NRO and NRE rupee deposits. Banks are free to fix savings and specified term deposit rates with Board/ALCO approval, subject to non-discrimination, disclosure and the constraint that rates on NRE/NRO deposits not exceed those on comparable domestic rupee deposits. The circular prescribes minimum tenors, permitted additional interest concessions, rules for premature withdrawal, conversion, renewal, advances against deposits, rounding, issuance of term deposit receipts, Basic Savings Bank Deposit Account features, and prohibitions on certain inducements and discriminatory practices.
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