Notifications

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Interest Rates on Deposits – Capital
Gains Account Scheme – 1988

March 19, 2003

Ref No. DBOD. Dir. BC. 82/13. 03.00 /2002-03

All Public Sector Banks

Dear Sirs,

Interest Rates on Deposits – Capital
Gains Account Scheme – 1988

Please refer to our Notification DBOD No. Dir.BC.108/13.03.00/2000-01 dated April 19,2001 in terms of which the banks were advised of the rates of interest on deposits made under Capital Gains Accounts Scheme, 1988, introduced by Government of India. We have reviewed the rates and our Notification DBOD No. Dir.BC. 81/13.03.00/2002-03 dated 19 March 2003 advising the revised rates of interest, is enclosed. The revised rates will come into effect from March 01, 2003.

Yours faithfully,

(R.C. Agrawal)
General Manager

Encl: As above

Notification

Interest Rates on Deposits –
Capital Gains Accounts Scheme, 1988

March 19, 2003

Ref No. DBOD. Dir. BC. 81/13. 03.00 /2002-03

In exercise of the powers conferred by Section 35A of the Banking Regulation Act, 1949 and paragraph 8 of the Capital Gains Accounts Scheme, 1988 and in modification of its Notification DBOD No. Dir. BC. 108/13.03.00/2000-01 dated April 19, 2001, Reserve Bank of India, hereby specifies that the interest paid by the banks on deposits in Account 'A' and 'B' under the Capital Gains Accounts Scheme, 1988 shall be as hereunder, effective March 01, 2003.

Category of Account

Per cent per annum

i) Account 'A'

3.5

ii) Account 'B'

 
 

(a) Below Rs. 15 lakh,
15 days and above

Free

 

(b) Rs. 15 lakh and above
7 days and above

Free

(K.L. Khetarpaul)
Executive Director


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