Home › Circulars › RBI/2009-10/67

Master Circular: Interest Rates on Rupee Deposits (Domestic, NRO, NRE)

No longer current — withdrawn, no replacement on file yet

Source: Reserve Bank of India · RBI/2009-10/67 · issued 01 Jul 2009 · ~2 min read

Quick answerRBI consolidated all directives on interest rates for domestic, NRO, and NRE rupee deposits as of July 1, 2009. This circular updates the previous year's master circular with instructions issued up to June 30, 2009, applicable to all scheduled commercial banks except RRBs.

What changed

This is an annual consolidation of existing instructions on interest rates for rupee deposits, incorporating updates issued between July 1, 2008, and June 30, 2009. It replaces the previous master circular dated July 1, 2008, and includes all relevant circulars listed in Annex 4.

What it means for you

Banks must ensure their deposit interest rate policies comply with the consolidated directives, covering minimum tenor, savings and term deposit rates, premature withdrawal rules, and special categories like senior citizens and staff. The circular also reiterates prohibitions on certain deposit schemes and requires banks to notify RBI of any interest rate changes.

Historical instruction — do not use for current compliance. This is what was required at the time; it no longer reflects current RBI requirements. If no replacement rule is linked above, that only means none is recorded on our register yet — it does not prove no later applicable rule exists. Confirm on the official RBI source below.

What banks were required to do at the time

Review and update your bank's deposit interest rate policy to align with the consolidated master circular.
Ensure compliance with minimum tenor and interest rate guidelines for domestic, NRO, and NRE deposits.
Notify RBI of any changes in deposit interest rates and provide break-up of deposits by interest rate ranges.
Adhere to rules on premature withdrawal, renewal of overdue deposits, and interest on deceased depositor accounts.

Who it affects

All scheduled commercial banks (excluding RRBs), Treasury and deposit operations teams, Compliance and risk management departments, Retail and NRI banking divisions

❓ Common questions

Regulatory timeline

Decoded by BankPulse 2026-06-19 09:36 IST
repealed_by — Consolidation of Regulations — Withdrawal of circulars (28 Nov 2025)
Status change: withdrawn 03 Aug 2026, 04:00 IST

Built from our lineage records — each fact carries its provenance; missing history simply is not shown (never guessed).

Does this circular introduce any new interest rate regulations?

No, it is a consolidation of existing instructions issued up to June 30, 2009, updating the previous master circular. No new regulations are introduced.

Are Regional Rural Banks covered under this circular?

No, the circular explicitly excludes Regional Rural Banks from its application.

What should banks do if they want to change deposit interest rates?

Banks must notify RBI regarding any change in interest on deposits and also provide the break-up of deposits according to different interest rate ranges, as per para 2.18.

📜 This document’s life story (1 recorded event, each backed by RBI’s own words)

Repealed by RBI/2025-26/100 — Consolidation of Regulations — Withdrawal of circulars (28 Nov 2025)

RBI’s words: “Official withdrawal register entry #1868: DBOD.No.Dir.BC.11/13.03.00/2009-10 — "Master Circular on Interest Rates on Rupee Deposits held in Domestic, Ordinary Non-Resident (NRO) and Non-Resident (Exte”

📜 Read the original circular — full text as issued by RBI

RBI/2009-10/67 
 DBOD.No. Dir. BC. 11 /13.03.00/2009-10      
  July 1, 2009
 Ashadha 9, 1931(Saka) 
 All Scheduled Commercial Banks
 (excluding RRBs) 
 Dear Sir
 Master Circular on Interest Rates on Rupee Deposits held in Domestic, 
 Ordinary Non-Resident (NRO) and Non-Resident (External) (NRE) Accounts 
 Please refer to the Master Circular DBODNo.Dir.BC.15/13.03.00/ 2008-09 dated July 1, 2008 consolidating the instructions / guidelines issued to banks till June 30, 2008 relating to Interest Rates on Rupee Deposits held in Domestic, Ordinary Non-Resident (NRO) and Non-Resident (External) (NRE) Accounts. The Master Circular has been suitably updated by incorporating the instructions issued up to June 30, 2009 and has been placed on the RBI website ( http://www.rbi.org.in ).   A copy of the Master Circular is enclosed.

 Yours faithfully
 (P. Vijaya Bhaskar) 
 Chief General Manager-in-Charge
 Encls: as above 

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Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2009-10/67 · issued 01 Jul 2009. The plain-English explanation above is BankPulse’s own independent summary.

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BankPulse Compliance Evidence Pack — generated 03 Aug 2026 · status cross-checked against RBI’s official withdrawal register (refreshed weekly).
Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=5112&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.