| Date: |
28-02-2003
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| Notification No: |
RBI Notification No 76/2003
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| Issuing Authority: |
RBI
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| Type: |
Notification
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| File No: |
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| Subject: |
Interest Rates on Deposits
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|
Interest Rates on Deposits
DBOD.
Dir. BC. 76 - 13.03.00 dated 28th February 2003
Please
refer to our directive DBOD. No. Dir. BC.151/C.347/85 dated December 27, 1985,
as amended from time to time.
2.
It has since been decided to reduce 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 4.0 per
cent to 3.5 per cent per annum effective March 1, 2003.
3.
All other instructions issued from time to time in this regard will
remain unchanged.
4.
An amending directive DBOD.No.Dir.BC.75/13.03.00/2002-03 dated February
28, 2003 is enclosed.
5.
Please acknowledge receipt.
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