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Master Circular INTEREST RATES ON RUPEE DEPOSITS RESERVE BANK OF INDIA

Housing loans are considered to be relatively less risky due to their collateralised nature (Fitch Ratings (2006)). Moreover, the Philippine government extends housing loans to households under its National Shelter Program, which is aimed at addressing the country’s chronic housing shortage. While the BSP imposes a 20% overall limit on banks’ real estate lending, to prevent universal/commercial banks from concentrating too heavily on commercial lending, it excludes from this prudential safeguard housing loans to individual households as well as loans extended to real estate developers for the construction of socialised and low-cost residential properties under various government housing programs. These. | Master Circular INTEREST RATES ON RUPEE DEPOSITS RESERVE BANK OF INDIA Urban Banks Department Central Office Mumbai. RBI 2004 102 UBD.No.BPD.MC.No.9_ 13.01.00 2003-04 March16 2004 Chief Executive Officers of All Primary Urban Co-operative Banks Dear Sir Master Circular Interest Rates on Rupee Deposits The Reserve Bank of India has been issuing various instructions on the captioned subject from time to time. In order to enable the primary urban co-operative banks to have all the currently operative instructions on the subject at once place a Master Circular has been prepared which is enclosed. 2.Please acknowledge receipt of this Master Circular to the concerned Regional Office of this Department. Yours faithfully S. Karuppasamy Chief General Manager-in-Charge Encl As above. Master Directive Interest Rates on Rupee Deposits Contents 1. Introduction 1 2. Definitions 1 3. Rate of Interest Payable on Current Accounts.2 4. Rate of Interest Payable on Savings Deposits .2 5. Interest Rates on Term Deposits.3 6. Additional Interest Payable.2 6.1 To Non-Staff Depositors.3 6.2 To Bank s Staff and their Exclusive Associations.4 6.3 To Managing Director Chief Executive of the Bank.4 7. Payment of Interest on Term Deposit Maturing on Sunday Holiday Non-Business Working Day.4 8. Premature Withdrawal of Term Deposit.4 9. Conversion of a Term Deposit a Deposit in the form of Daily Deposit or Recurring Deposit for Reinvestment in Term Deposit.4 10. Overdue Deposits.5 10.1 Domestic Deposits .5 10.2 Non-Resident External Rupee Account.5 11. Interest Payable on a Deposit Account of Deceased Depositor. 5 12. Rounding-off of Transactions. 6 13. Margin on Advances against Term Deposits.6 14. Addition or Deletion of the Name s or Split into Joint Account Holders.6 15. Transfer Split up of the Deposit on the Death of an Account Holder. 6 16. Exemptions.6 17. Prohibitions.