Interest Rate Regulation: banks must follow board approved, uniform, transparent deposit interest policies with benchmark linkage. These Directions require scheduled commercial banks to adopt board approved, publicly disclosed and uniform interest rate policies for domestic and specified non resident deposit accounts, mandate non negotiability and transparency of rates, prescribe interest calculation conventions (including daily product for savings and benchmark linkage for floating term deposits), set rules for tenor and size based rate differentiation, govern premature withdrawal interest and penalty disclosure, allow limited additional interest schemes for staff and senior citizens, regulate conversion and treatment of non resident deposits on return to India, and prohibit incentive based deposit mobilisation except narrow permitted exceptions.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Interest Rate Regulation: banks must follow board approved, uniform, transparent deposit interest policies with benchmark linkage.
These Directions require scheduled commercial banks to adopt board approved, publicly disclosed and uniform interest rate policies for domestic and specified non resident deposit accounts, mandate non negotiability and transparency of rates, prescribe interest calculation conventions (including daily product for savings and benchmark linkage for floating term deposits), set rules for tenor and size based rate differentiation, govern premature withdrawal interest and penalty disclosure, allow limited additional interest schemes for staff and senior citizens, regulate conversion and treatment of non resident deposits on return to India, and prohibit incentive based deposit mobilisation except narrow permitted exceptions.
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