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of <h1>RBI Issues 2016 Directions on Deposit Interest Rates for Scheduled Commercial Banks Under Banking Regulation Act, 1949.</h1> The Reserve Bank of India issued the 2016 Directions on Interest Rates on Deposits under the Banking Regulation Act, 1949. These directions apply to all Scheduled Commercial Banks, including Regional Rural Banks, operating in India, excluding foreign branches of Indian banks. The guidelines cover interest rate frameworks for various deposit types, including domestic and non-resident accounts, and provide detailed definitions and conditions for calculating interest rates. They prohibit certain practices, such as offering incentives for deposit mobilization, and repeal prior circulars on interest rates, consolidating all relevant instructions under the new directive.
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