Interest rates on rupee deposits: banks must follow RBI-specified rates, ceilings for NRE/NRO, and operational conditions. Consolidates RBI directives governing interest on rupee deposits in Domestic, NRO and NRE accounts: classification, definitions, minimum tenors (domestic/NRO seven days; NRE normally one to three years), board approval for rates, NRE ceilings linked to LIBOR/SWAP, payment and calculation conventions, rules on premature withdrawal and conversions, limits on loans against NR(E)RA/FCNR(B) deposits, disclosure and rounding rules, specified exemptions and explicit prohibitions on discriminatory pricing, commission payments and prize-linked mobilisation schemes.
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Provisions expressly mentioned in the judgment/order text.
Interest rates on rupee deposits: banks must follow RBI-specified rates, ceilings for NRE/NRO, and operational conditions.
Consolidates RBI directives governing interest on rupee deposits in Domestic, NRO and NRE accounts: classification, definitions, minimum tenors (domestic/NRO seven days; NRE normally one to three years), board approval for rates, NRE ceilings linked to LIBOR/SWAP, payment and calculation conventions, rules on premature withdrawal and conversions, limits on loans against NR(E)RA/FCNR(B) deposits, disclosure and rounding rules, specified exemptions and explicit prohibitions on discriminatory pricing, commission payments and prize-linked mobilisation schemes.
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