| Date: |
28-02-2003
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| Notification No: |
RBI Notification No 75/2003
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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. 75 - 13.03.00 dated 28th February 2003
In
exercise of the powers conferred by Section 35A of the Banking Regulation Act,
1949 and in modification of its directive DBOD.No.Dir.BC.151/ C.347/85 dated
December 27, 1985 as amended from time to time, the Reserve Bank of India, being
satisfied that it is necessary and expedient in the public interest so to do,
hereby directs that, the rate of interest on domestic and ordinary non-resident
savings deposits as well as savings deposits under Non-resident (External)
Accounts Scheme shall be 3.5 per cent per annum effective from March 1, 2003.
2.
Accordingly, Annexure-I and Annexure-II of the directive DBOD. No. Dir.
BC. 151/C. 347/85 dated December 27, 1985, may be amended. All other provisions
shall remain unchanged.
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