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Master Circular on Interest Rates for Domestic, NRO & NRE Deposits

No longer current — withdrawn, no replacement on file yet
Source: Reserve Bank of India · RBI/2011-12/54 · issued 01 Jul 2011 · ~1 min read
Quick answerRBI consolidated all instructions on interest rates for domestic, NRO, and NRE rupee deposits as of July 1, 2011. This master circular updates previous guidelines and applies to all scheduled commercial banks except RRBs. Key areas include minimum tenor, savings/term deposit rates, premature withdrawal, and senior citizen schemes.

What changed

RBI issued a new master circular (DBOD.No.Dir.BC. 9 /13.03.00/2011-12) replacing the July 1, 2010 version. It incorporates all instructions issued up to June 30, 2011, consolidating them into a single reference document. The circular covers domestic, NRO, and NRE rupee deposit interest rate regulations.

What it means for you

Banks must align their deposit interest rate policies with the updated master circular, ensuring compliance with minimum tenor requirements, savings deposit rates, and NRE/NRO rate ceilings. The circular reinforces existing norms on premature withdrawal, senior citizen benefits, and staff deposit concessions. Non-compliance could attract regulatory scrutiny.

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

Who it affects

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

❓ Common questions

Regulatory timeline

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

What is the minimum tenor for term deposits under this circular?

The circular does not specify a single minimum tenor in the provided text; it references earlier instructions in para 2.2. Banks should refer to the detailed guidelines in para 2.2 of the master circular.

📜 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Repealed by RBI/2025-26/100 — Consolidation of Regulations — Withdrawal of circulars (28 Nov 2025)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 #1472: DBOD.No.Dir.BC.9/13.03.00/2011-12 — "Master Circular on Interest Rates on Rupee Deposits held in Domestic, Ordinary Non-Resident (NRO) and Non-Resident (Exter”
📜 Read the original circular — full text as issued by RBI
RBI/2011-12/54 DBOD.No.Dir.BC. 9 /13.03.00/2011-12 July 1, 2011 Ashadha  10,1933 (Saka) All Scheduled Commercial Banks (excluding RRBs) Dear Sir / Madam 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 DBOD No. Dir. BC. 10/13.03.00/ 2010-11 dated July 1, 2010 consolidating the instructions/guidelines issued to banks till June 30, 2010 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, 2011 and has been placed on the RBI website ( http://www.rbi.org.in ).   A copy of the Master Circular is enclosed. Yours faithfully (P.R.Ravi Mohan) Chief General Manager Encls: as above Master Circular on Interest Rates on Rupee Deposits held in Domestic, Ordinary Non-Resident (NRO) and Non-Resident (External) (NRE) Accounts CONTENTS Para.no
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2011-12/54 · issued 01 Jul 2011. 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=6512&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.
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