Interest Rate on Savings Deposits increased

CLR NOTE:-

The Reserve Bank of India  has notified that the interest rate on saving deposits has increased by 0.5 % with immediate effect from 3.5 % to 4 %.

RBI/2010-11/507
DBOD.Dir.BC. 90 /13.03.00/2010-11

May 3, 2011

All Scheduled Commercial Banks
(excluding RRBs)

Dear Sir/Madam

Interest Rates on Deposits

Please refer to our directive DBOD.No.Dir.BC.75/13.03.00/2002-03 dated February 28, 2003.

2.  It has been decided to increase the interest rate on domestic and ordinary Non-Resident savings deposits as well as savings deposits under Non-Resident (External) Accounts Scheme by 0.5 percentage point from 3.5 per cent to 4.0 per cent per annum with immediate effect.

3.  All other instructions issued from time to time in this regard will remain unchanged.

4.  An amending directive DBOD.No.Dir.BC. 89 /13.03.00/2010-11 dated May 3, 2011 is enclosed.

Yours faithfully,

(B. Mahapatra)
Chief General Manager-in-Charge



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