Commercial banks can decide savings bank deposit rate

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The Reserve Bank of India has clarified that scheduled commercial banks are free to determine their savings bank deposit interest rate with the approval of their board of directors, subject to the following conditions:

  • Each bank will have a uniform interest rate on savings bank deposits of up to ₹100,000 (US$1,500);

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    The business law digest is compiled by Nishith Desai Associates (NDA). NDA is a research-based international law firm with offices in Mumbai, New Delhi, Bengaluru, Singapore, Silicon Valley and Munich. It specializes in strategic legal, regulatory and tax advice coupled with industry expertise in an integrated manner.

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