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 %.
DBOD.Dir.BC. 90 /13.03.00/2010-11
May 3, 2011
All Scheduled Commercial Banks
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.
Chief General Manager-in-Charge