{"what_this_is":"The machine-readable twin of the BankPulse page for one RBI rulebook. Same points, same dates, same paragraph references as the page a person reads. RBI's own wording is not reproduced here: each point names the RBI paragraph, the character offset into the text BankPulse read and the sha256 of that text, so the claim can be checked against RBI's own document.","schema_version":1,"release_id":"d653cdb0a5","generated_at":"2026-09-15T00:33:59.117975+00:00","id":"md13096","title":"Reserve Bank of India (Payments Banks – Interest Rate on Deposits) Directions, 2025","document_kind":"Directions","page":"https://bankpulse.ai/rule/md13096","status":"In force","importance":{"code":"MR","label":"MUST READ","weight":"Must read","why":"Deposit-rate rules drive branch products and ALM","layer":"bankpulse_inference"},"applies_to":{"shown":"Payments banks","class_code":"PB","from":"the document's own title","layer":"bankpulse_inference"},"dates":{"prid":"md13096","mode":"four_dates_v1","published":{"label":"Published","value":"Nov 28, 2025","stated":true,"why":"The day RBI put this document out."},"effective":{"label":"Starts to apply","value":"","stated":false,"why":"Not stated separately in this document. Read the rule itself before you assume a start date."},"transition":{"label":"Time to get ready","value":"","stated":false,"why":"Cannot be worked out until the day it starts to apply is known."},"deadline":{"label":"Last date to act","value":"","stated":false,"why":"No date to act by was found in this document. Other dates may sit inside single paragraphs."},"sources":{"published":"doc_date in data/highlights/md13096.json","effective":"none held","transition":"none held","deadline":"none held"}},"rbi_source":{"url":"https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=13096","document_date":"Nov 28, 2025","read_by_bankpulse":"2026-08-21 16:17:02 UTC","text_sha256":"35c284482dfe046699fac5f4d470264e3f973c747acfe9a66fb4b6045d5865a6","word_count":2464,"standing_last_checked":"Standing checked on RBI’s Master Directions index, 15 September 2026, 5:58 am IST."},"counts":{"points_shown":33,"points_naming_an_rbi_paragraph":33,"points_stored":33,"actions":0,"amendments":1},"points":[{"n":1,"claim":"md13096-cfa6fbc6","page_group":"Chapter I. Preliminary","stored_section":"KEY DATES","heading":"Starts on the website date","plain_english":"The rules start on the day RBI puts them on its own website.","rbi_paragraph":"Para 2","rbi_char_offset":3126,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13096#p1","layer":"bankpulse"},{"n":2,"claim":"md13096-cf223bd5","page_group":"Chapter I. Preliminary","stored_section":"THE CORE IDEA","heading":"A framework, not a rate","plain_english":"RBI sets the frame. The bank still decides its own deposit rates inside it.","rbi_paragraph":"Para 3","rbi_char_offset":3260,"weight":"BACKGROUND","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13096#p2","layer":"bankpulse"},{"n":3,"claim":"md13096-4646bdbe","page_group":"Chapter I. Preliminary","stored_section":"WHO IT APPLIES TO","heading":"Who must follow this","plain_english":"These rules apply to every payments bank.","rbi_paragraph":"Para 4","rbi_char_offset":3409,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13096#p3","layer":"bankpulse"},{"n":4,"claim":"md13096-195d279a","page_group":"Chapter I. Preliminary","stored_section":"WHAT CHANGES","heading":"What a current account is","plain_english":"A current account is a demand deposit that pays no interest and allows withdrawals at will.","rbi_paragraph":"Para 5","rbi_char_offset":3687,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":["deposit-account"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13096#p4","layer":"bankpulse"},{"n":5,"claim":"md13096-95e07889","page_group":"Chapter I. Preliminary","stored_section":"WHAT CHANGES","heading":"Interest on the closing balance","plain_english":"Savings interest is worked out on the balance standing at the end of each day.","rbi_paragraph":"Para 5","rbi_char_offset":4001,"weight":"BACKGROUND","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13096#p5","layer":"bankpulse"},{"n":1,"claim":"md13096-7342abb7","page_group":"Chapter II. General Guidelines (Interest Rate Framework)","stored_section":"WHAT CHANGES","heading":"Same rate everywhere","plain_english":"The rate must be the same at every branch and for every customer on the same day.","rbi_paragraph":"Para 6","rbi_char_offset":6100,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13096#p6","layer":"bankpulse"},{"n":2,"claim":"md13096-7eca56a6","page_group":"Chapter II. General Guidelines (Interest Rate Framework)","stored_section":"WHAT CHANGES","heading":"Only the published schedule","plain_english":"Pay exactly what the published schedule says, and publish it in advance.","rbi_paragraph":"Para 6","rbi_char_offset":6392,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13096#p7","layer":"bankpulse"},{"n":3,"claim":"md13096-879b2841","page_group":"Chapter II. General Guidelines (Interest Rate Framework)","stored_section":"WHAT CHANGES","heading":"No bargaining over rates","plain_english":"A depositor cannot negotiate a better rate.","rbi_paragraph":"Para 6","rbi_char_offset":6505,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13096#p8","layer":"bankpulse"},{"n":4,"claim":"md13096-35ad735c","page_group":"Chapter II. General Guidelines (Interest Rate Framework)","stored_section":"WHAT CHANGES","heading":"Open to supervisory review","plain_english":"Rates must be reasonable, consistent and open to RBI's inspection when asked for.","rbi_paragraph":"Para 6","rbi_char_offset":6588,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13096#p9","layer":"bankpulse"},{"n":5,"claim":"md13096-1bf20793","page_group":"Chapter II. General Guidelines (Interest Rate Framework)","stored_section":"WHAT CHANGES","heading":"No interest on current accounts","plain_english":"A current account earns no interest.","rbi_paragraph":"Para 7","rbi_char_offset":6915,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":["deposit-account"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13096#p10","layer":"bankpulse"},{"n":6,"claim":"md13096-bdb447b7","page_group":"Chapter II. General Guidelines (Interest Rate Framework)","stored_section":"WHAT CHANGES","heading":"One exception, on death","plain_english":"A dead depositor's current account earns the savings rate from the date of death until it is paid out.","rbi_paragraph":"Para 7","rbi_char_offset":6993,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":["deposit-account"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13096#p11","layer":"bankpulse"},{"n":7,"claim":"md13096-f933d8f6","page_group":"Chapter II. General Guidelines (Interest Rate Framework)","stored_section":"WHAT CHANGES","heading":"Uniform rate to a lakh","plain_english":"Up to one lakh rupees every savings account gets the same rate.","rbi_paragraph":"Para 8(1)","rbi_char_offset":7574,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":["deposit-account"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13096#p12","layer":"bankpulse"},{"n":8,"claim":"md13096-3c1186d1","page_group":"Chapter II. General Guidelines (Interest Rate Framework)","stored_section":"WHAT CHANGES","heading":"Free to vary above that","plain_english":"On any end-of-day balance above one lakh the bank may set a different rate.","rbi_paragraph":"Para 8(1)","rbi_char_offset":7698,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":["deposit-account"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13096#p13","layer":"bankpulse"},{"n":9,"claim":"md13096-99cf2772","page_group":"Chapter II. General Guidelines (Interest Rate Framework)","stored_section":"WHAT CHANGES","heading":"One per cent for staff","plain_english":"The bank may pay its own staff one per cent above the card rate on savings deposits.","rbi_paragraph":"Para 9","rbi_char_offset":7903,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":["deposit-account"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13096#p14","layer":"bankpulse"},{"n":10,"claim":"md13096-eafe8e6f","page_group":"Chapter II. General Guidelines (Interest Rate Framework)","stored_section":"WHAT CHANGES","heading":"Only while they qualify","plain_english":"The staff rate runs only as long as the person stays eligible for it.","rbi_paragraph":"Para 9(1)","rbi_char_offset":8287,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13096#p15","layer":"bankpulse"},{"n":11,"claim":"md13096-df9ec8a1","page_group":"Chapter II. General Guidelines (Interest Rate Framework)","stored_section":"WHAT CHANGES","heading":"Nothing extra on a merger","plain_english":"Staff taken over in an amalgamation cannot end up better off than the bank's own staff would have been.","rbi_paragraph":"Para 9(2)","rbi_char_offset":8453,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13096#p16","layer":"bankpulse"},{"n":12,"claim":"md13096-1748c1cd","page_group":"Chapter II. General Guidelines (Interest Rate Framework)","stored_section":"THE CORE IDEA","heading":"One board policy","plain_english":"The board must approve the bank's policy on interest rate on deposits.","rbi_paragraph":"Para 6","rbi_char_offset":5926,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13096#p17","layer":"bankpulse"},{"n":13,"claim":"md13096-5d9490c5","page_group":"Chapter II. General Guidelines (Interest Rate Framework)","stored_section":"WHO SHOULD ACT","heading":"Round to the nearest rupee","plain_english":"Every interest payment on a deposit is rounded to the nearest rupee.","rbi_paragraph":"Para 6","rbi_char_offset":6731,"weight":"DO IT","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13096#p18","layer":"bankpulse"},{"n":14,"claim":"md13096-6157d372","page_group":"Chapter II. General Guidelines (Interest Rate Framework)","stored_section":"WHO SHOULD ACT","heading":"Credit savings interest quarterly","plain_english":"Savings interest must be credited every quarter or more often.","rbi_paragraph":"Para 10","rbi_char_offset":10322,"weight":"DO IT","role":"Compliance","team":null,"products_covered":["deposit-account"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13096#p19","layer":"bankpulse"},{"n":15,"claim":"md13096-8671efa7","page_group":"Chapter II. General Guidelines (Interest Rate Framework)","stored_section":"WHO SHOULD ACT","heading":"Frozen accounts still get credited","plain_english":"A savings account frozen by the authorities must still be credited on the usual cycle.","rbi_paragraph":"Para 11","rbi_char_offset":10417,"weight":"DO IT","role":"Compliance","team":null,"products_covered":["deposit-account"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13096#p20","layer":"bankpulse"},{"n":1,"claim":"md13096-35161bec","page_group":"Chapter IV. Prohibitions and Exemptions","stored_section":"WHAT CHANGES","heading":"No commission for deposits","plain_english":"The bank may pay no fee, commission or brokerage for bringing in deposits.","rbi_paragraph":"Para 12(1)","rbi_char_offset":10681,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13096#p21","layer":"bankpulse"},{"n":2,"claim":"md13096-83343260","page_group":"Chapter IV. Prohibitions and Exemptions","stored_section":"WHAT CHANGES","heading":"Three named exceptions","plain_english":"Door-to-door collection agents, selling agents under outsourcing, and business correspondents may be paid.","rbi_paragraph":"Para 12(1)","rbi_char_offset":10964,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13096#p22","layer":"bankpulse"},{"n":3,"claim":"md13096-f5af836b","page_group":"Chapter IV. Prohibitions and Exemptions","stored_section":"WHAT CHANGES","heading":"No prizes for deposits","plain_english":"No prize, lottery or free trip may be used to bring in deposits.","rbi_paragraph":"Para 12(2)","rbi_char_offset":11157,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13096#p23","layer":"bankpulse"},{"n":4,"claim":"md13096-d80e5a8b","page_group":"Chapter IV. Prohibitions and Exemptions","stored_section":"WHAT CHANGES","heading":"A small gift is allowed","plain_english":"An inexpensive gift may be given when a deposit is accepted, within the limit the bankers' association set.","rbi_paragraph":"Para 12(2)","rbi_char_offset":11300,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":"A payments bank opens a savings account and wants to hand the depositor something. An inexpensive gift is allowed so long as it costs not more than ₹250, which is the figure the bankers' association set. A lucky draw for a holiday is a different thing altogether: it turns on chance, so it is out whatever it costs.","anchor":"https://bankpulse.ai/rule/md13096#p24","layer":"bankpulse"},{"n":5,"claim":"md13096-11e0f312","page_group":"Chapter IV. Prohibitions and Exemptions","stored_section":"WHAT CHANGES","heading":"No unethical canvassing","plain_english":"The bank may not chase deposits through agents or third parties by unethical means.","rbi_paragraph":"Para 12(3)","rbi_char_offset":11580,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13096#p25","layer":"bankpulse"},{"n":6,"claim":"md13096-6949affa","page_group":"Chapter IV. Prohibitions and Exemptions","stored_section":"WHAT CHANGES","heading":"No free money, no side-payment","plain_english":"Outside a current account the bank may not take an interest-free deposit or compensate the depositor indirectly.","rbi_paragraph":"Para 12(4)","rbi_char_offset":11670,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":["deposit-account"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13096#p26","layer":"bankpulse"},{"n":7,"claim":"md13096-98b3a298","page_group":"Chapter IV. Prohibitions and Exemptions","stored_section":"WHAT CHANGES","heading":"Nothing through private financiers","plain_english":"The bank may not take deposits placed at the instance of private financiers or unincorporated bodies.","rbi_paragraph":"Para 12(5)","rbi_char_offset":11765,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13096#p27","layer":"bankpulse"},{"n":8,"claim":"md13096-d9c6b6e3","page_group":"Chapter IV. Prohibitions and Exemptions","stored_section":"WHAT CHANGES","heading":"No savings account for departments","plain_english":"Government departments funded by budget allocations may not be given a savings account.","rbi_paragraph":"Para 12(6)","rbi_char_offset":12099,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":["deposit-account"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13096#p28","layer":"bankpulse"},{"n":9,"claim":"md13096-8e0110ea","page_group":"Chapter IV. Prohibitions and Exemptions","stored_section":"WHAT CHANGES","heading":"Money market deposits are outside","plain_english":"Deposits from institutions allowed in the call, notice and term money market are outside these rules.","rbi_paragraph":"Para 13(1)","rbi_char_offset":13471,"weight":"BACKGROUND","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13096#p29","layer":"bankpulse"},{"n":10,"claim":"md13096-ec696276","page_group":"Chapter IV. Prohibitions and Exemptions","stored_section":"WHAT CHANGES","heading":"So is delayed collection interest","plain_english":"Interest paid because the bank was slow collecting an instrument is outside these rules.","rbi_paragraph":"Para 13(2)","rbi_char_offset":13647,"weight":"BACKGROUND","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13096#p30","layer":"bankpulse"},{"n":1,"claim":"md13096-6b275a6c","page_group":"Chapter V. Repeal and Other Provisions","stored_section":"KEY DATES","heading":"The old instructions are gone","plain_english":"Every earlier instruction to payments banks on deposit rates stands repealed.","rbi_paragraph":"Para 14","rbi_char_offset":15288,"weight":"BACKGROUND","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13096#p31","layer":"bankpulse"},{"n":2,"claim":"md13096-e752eb59","page_group":"Chapter V. Repeal and Other Provisions","stored_section":"WHAT CHANGES","heading":"Other laws still apply","plain_english":"These rules sit on top of every other law and do not replace any of them.","rbi_paragraph":"Para 16","rbi_char_offset":16710,"weight":"BACKGROUND","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13096#p32","layer":"bankpulse"},{"n":3,"claim":"md13096-1f001e30","page_group":"Chapter V. Repeal and Other Provisions","stored_section":"WHAT CHANGES","heading":"RBI has the last word","plain_english":"Where a provision is unclear, RBI may clarify it and its reading is final.","rbi_paragraph":"Para 17","rbi_char_offset":17218,"weight":"BACKGROUND","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13096#p33","layer":"bankpulse"}],"actions":[],"amendments":[{"id":"nt13659","title":"Reserve Bank of India (Payments Banks – Interest Rate on Deposits) Amendment Directions, 2026","date":"Jul 30, 2026","rbi_url":"https://rbi.org.in/Scripts/NotificationUser.aspx?Id=13659&Mode=0","order":1,"layer":"rbi_source"}],"layers":{"rbi_source":"Facts taken from RBI's own document.","bankpulse":"BankPulse's plain-English summary of RBI's document.","bankpulse_inference":"BankPulse's own inference, not stated by RBI."},"rbi_wording_not_included":"By design. BankPulse never republishes RBI's exact sentences. Use rbi_paragraph with rbi_source.url to read RBI's own words.","terms":"BankPulse's plain-English summaries are BankPulse's own work. The underlying regulation is the Reserve Bank of India's. Always check the RBI document named in rbi_source before acting."}