The Reserve Bank of India (RBI) on October 26, 2023, updated the Master Direction - Reserve Bank of India (Co-operative Banks - Interest Rate on Deposits) Directions, 2016.
The following has been amended:
• In para 14 which states Interest rates on Rupee Deposits - Non-Residents, in clause a, sub-clause (iii) has been substituted with the following:
“iii) Non-availability of Premature withdrawal option: Co-operative Banks shall have the freedom to offer NRE / NRO term deposits without premature withdrawal option, provided that all NRE / NRO term deposits accepted from individuals (held singly or jointly) for amount of Rupees one crore and below shall have premature-withdrawal-facility.”
[Notification No. RBI/DCBR/2015-16/23 Master Direction DCBR.Dir.No.1/13.01.000/2015-16]
