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Subject to cap as stipulated by the Department of Banking Operations and Development, Reserve Bank of India: At present, with effect from the close of business on 23rd November 2011, interest shall be paid within the ceiling rate of LIBOR / SWAP rates plus 125 basis points for the respective currency/ corresponding maturities. On floating rate deposits, interest shall be paid within the ceiling of SWAP rates for the respective currency / maturity plus 125 basis points. For floating rate deposits, the interest reset period shall be six months. Subject to cap as stipulated by the Department of Banking Operations and Development, Reserve Bank of India: Fixed/ Recurring Deposits At present, with effect from the close of business on 16th December 2011, interest rates on NRE deposits have been deregulated and banks have freedom to offer rates of interest – however with the stipulation that the rates offered on NRE deposits will be in line with the domestic deposit interest rate and no deviation from the local/NRO rate of Interest is permited. Savings Bank Account Interest rate shall be at the rate applicable to domestic savings account. Currently, the rate is 4% per cent. Fixed/ Recurring Deposits Banks are free to determine interest rates for term deposits. Savings Bank Account Interest rate shall be at the rate applicable to domestic savings account. Currently, the rate is 4% per cent. [Particulars] 
Rate of Interest
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