Interest Rates on Savings Deposits Increased

Wednesday, May 4, 2011 | comments


Friends,  Reserve Bank of India has increased rate of interest on Saving Deposits.  Earlier it was 3.50% per annum and now with immediate effect interest rate has been increased to 4.00 % per annum (means increase per centage is 4.00%-3.50%= 0.50) on  saving deposits.     Notification in detail issued by  RBI is given as under :-


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
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


DBOD.Dir.BC. 89 /13.03.00/2010-11 
May 3, 2011
Interest Rates on Deposits
In exercise of the powers conferred by Section 35A of the Banking Regulation Act, 1949 and in partial modification of its directive DBOD.No.Dir.BC.75/13.03.00/2002-03 dated February 28, 2003 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 4.0 per cent per annum with immediate effect.

 (R. Gandhi)
Executive Director
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