New Interest Rates In Small Saving Scheme – RBI

SSCHello everyone, Trust all of you doing great in your life. As per recent notification dated 06.04.2017 issued by RBI, Interest Rates in Small Saving Schemes are revised. The revised rates are for first quarter (01.04.2017 to 30.06.2017) of financial year 2017-18. New rates are: –

  • Saving account deposit – 4% annually
  • One year time deposit – 6.9 % Quarterly
  • Two year time deposit – 7 % Quarterly
  • Three year time deposit – 7.2 % Quarterly
  • Five year time deposit – 7.7 % Quarterly
  • Five year recurring deposit – 7.2 % Quarterly
  • Five year senior citizen saving scheme – 8.4 % Quarterly
  • Five year monthly income account scheme – 7.6 % Monthly
  • Five year national saving certificate – 7.9 % Annually
  • PPF scheme – 7.9 % Annually
  • Kisan Vikas Patra – 7.6 % Annually
  • Sukanya Samridhi account scheme – 8.4 % Annually

Click here to view notification

List of valid e-wallets and pre-paid cards Banks

List of banks permitted to issue pre-paid cards in India as on March 03, 2017
S No. Name of the Banks
1 Airtel Payments Bank Ltd.
2 Allahabad Bank
3 American Express Banking Corporation
4 Andhra Bank
5 Au Small Finance Bank Limited
6 Axis Bank Limited
7 Bank of Baroda
8 Bank of India
9 Bank of Maharashtra
10 Barclays Bank PLC
11 Canara Bank
12 Central Bank of India
13 Citi Bank N.A.
14 City Union Bank Ltd.
15 Corporation Bank
16 DBS Bank Ltd.
17 Dena Bank
18 DCB Bank Ltd.
19 Equitas Small Finance Bank Limited
20 First Rand Bank
21 HDFC Bank Limited
22 ICICI Bank Limited
23 IDBI Bank Ltd.
24 Indian Bank
25 Indian Overseas Bank
26 IndusInd Bank Limited
27 Karnataka Bank Ltd.
28 Karur Vysya Bank Ltd.
29 Kotak Mahindra Bank Ltd.
30 Lakshmi Vilas Bank Ltd.
31 Oriental Bank of Commerce
32 Paytm Payments Bank Limited
33 Punjab National Bank
34 Punjab & Sind Bank
35 South Indian Bank Ltd.
36 Standard Chartered Bank
37 State Bank of Bikaner & Jaipur
38 State Bank of Hyderabad
39 State Bank of India
40 State Bank of Mysore
41 State Bank of Patiala
42 State Bank of Travancore
43 Syndicate Bank
44 Tamilnad Mercantile Bank Ltd.
45 The Dhanlaxmi Bank Limited
46 The Federal Bank Limited
47 The New India Co-operative Bank Ltd
48 The Ratnakar Bank Ltd.
49 UCO Bank
50 Union Bank of India
51 Vijaya Bank
52 Yes Bank Ltd.

NBFC cash loan against gold restricted to Rs 20,000

Image result for nbfc logoNon-Banking Finance Companies (NBFCs) cannot lend more than Rs 20,000 in cash against gold, the Reserve Bank said today. The earlier provision for NBFC was that high value loans against gold of Rs 1 lakh and above must only be disbursed by cheque. RBI reduced the amount to Rs 20,000 from the earlier Rs 1 lakh in line with the provisions of the Income Tax Act.

Image result for Income taxThe relevant threshold under the Income Tax Act, 1961 is Rupees Twenty thousand,” the central bank said, while amending the provisions for disbursal of loan amount in cash by NBFCs. This assumes significance in the backdrop of government’s focus on less cash economy and promoting digital payments.

Image result for RBIThe decision created severe cash crunch in the country in the last two months of 2016 as 86 per cent of the currency was declared invalid. RBI had placed several restrictions on cash withdrawals from the bank branches and ATMs.

However, with increasing pace of remonetisation, all the restrictions, except on savings bank account, have been lifted. The cash withdrawal limit on savings bank account too will be removed from March 13.

RBS (Royal Bank of Scotland) included in list of Scheduled Commercial Banks

Inclusion of “The Royal Bank of Scotland plc” in the Second Schedule to the Reserve Bank of India Act, 1934

RBI/2016-17/244                                                               DBR.No.Ret.BC.54/12.07.150/2016-17

March 09, 2017

All Scheduled Commercial Banks

Dear Sir,

Inclusion of “The Royal Bank of Scotland plc” in the Second Schedule to the Reserve Bank of India Act, 1934

We advise that the “The Royal Bank of Scotland plc” has been included in the Second Schedule to the Reserve Bank of India Act, 1934 vide Notification DBR.IBD.No.3878/23.13.020/2016-17 dated September 29, 2016, and published in the Gazette of India (Part III – Section 4) dated January 21- January 27, 2017

Yours faithfully

(M.G.Suprabhat)
Deputy General Manager

RBI Updates

  • The Reserve Bank of India has announced that the cash withdrawal limit on saving account will be removed from 13th March, 2017. Further, the limits on cash withdrawals from the Savings Bank Accounts will be enhanced to Rupees 50,000 per week from the current limit of Rupees 24,000 per week w.e.f. 20th February 2017.Image result for RBI
  • The Government of India had notified Pradhan Mantri Garib Kalyan Deposit Scheme 2016 (PMGKDS) vide Notification No. S.O. 4061 (E) dated 16 December, 2016. The Deposit under this scheme shall be made by any person who declared undisclosed income under Pradhan Mantri Garib Kalyan Yojana, 2016. The deposit sum, which shall not be less than twenty-five per cent of the declared undisclosed income, can be deposited at the authorized banks (as notified by Government of India) from 17th December, 2016 to 31st March, 2017. In this connection, Government of India has decided to allow declarants to make deposits on one or more occasions in the PMGKDS, 2016. Accordingly, norms of Para 4(4) of the said notification have been amended as under:

    “4. Subscription and Mode of investment in the Bonds Ledger Account — (4) The deposit to be made under sub-section (1) of section 199F under this Scheme shall be made, on one or more occasions. The deposits shall be made before filing declaration under sub-section (1) of section 199C.”

JOB In Reserve Bank Information Technology Private Limited

Image result for jobsReserve Bank Information Technology Private Limited (ReBIT), a wholly-owned subsidiary of the Reserve Bank of India (RBI), invites applications for various roles in Cyber Security, Systems Audit, Research and Innovation, Project Management and Administration. The last date for receipt of applications in the prescribed format is 07/02/2017. For seeing complete details of the roles to be filled and for submitting the online application, please visit (https://www.rebit.org.in).


Reserve Bank Information Technology Pvt Ltd (ReBIT) has been set up by the Reserve Bank of India (RBI), to take care of the IT requirements, including the cyber security needs of the Reserve Bank and its regulated entities.

Image result for rbiReBIT will focus on IT and cyber security (including related research) of the financial sector and assist in IT systems audit and assessment of the RBI regulated entities; advise, implement and manage internal or system-wide IT projects (both the existing & the new) of the Reserve Bank as mutually decided between the Reserve Bank and ReBIT.

ReBIT will have the following four verticals to support its mission.

  • Cyber Security: To enhance the trust and reliability of RBI’s infrastructure for assurance and resilience. Some of the roles in this vertical are Security engineering, Security operations center and Incident response
  • Research and Innovation: To empower Indian banking industry through creative technology solutions based on research, and by tapping the synergy among key stakeholders. Chief solution Architect, Cybercrime response, Research Analyst are some of key roles in this vertical
  • Systems Audit: To support validation and enforcement of regulatory guidance on cyber security for the banking sector, through excellence in audit, analytics and forensics. We are looking at Senior VP to lead this vertical along with other openings of Server Auditor and Database auditor
  • Project Management: To leverage lean and agile development capability for creating and operating reliable and empowering systems, and delivering delightful user experience. Few key roles in this vertical are Business Analyst, Enterprise Architect, IT PMO & IT Projects

ReBIT invites skilled and dedicated professionals to contribute to its mission. ReBIT offers the opportunity of working on exciting and important projects.

Visit https://www.rebit.org.in for more details

Enhancement of withdrawal limits from ATMs and Current Accounts

RBI/2016-17/213 DCM (Plg) No.2559/10.27.00/2016-17

January 16, 2017

The Chairman / Managing Director / Chief Executive Officer, Public Sector Banks / Private Sector Banks / Foreign Banks / Regional Rural Banks / Urban Co-operative Banks /
State Co-operative Banks /District Central Co-operative Banks

Dear Sir,

Enhancement of withdrawal limits from ATMs and Current Accounts

Please refer to our circulars DCM (Plg) No. 1274, 1317, 1437 and 2142/10.27.00/2016-17 dated November 14, 21 and 28 and December 30, 2016, respectively, on the above subject.

2. On a review of limits placed on withdrawals from ATMs and current accounts, it has been decided to enhance the same, with immediate effect as under:

(i) The limit on withdrawals from ATMs has been enhanced from the current limit of ₹ 4,500/- to ₹ 10,000/- per day per card (It will be operative within the existing overall weekly limit).

(ii) The limit on withdrawal from current accounts has been enhanced from the current limit of ₹ 50,000/- per week to ₹ 1,00,000/- per week and it extends to overdraft and cash credit accounts also.

3. There are no changes in the other conditions. The relaxations as provided in our circular dated November 28, 2016 will continue.

4. Please acknowledge receipt.

Yours faithfully,

(P Vijaya Kumar)
Chief General Manager