DBOD No. Dir BC. 08/13.03.00/2001-02

August 11, 2001
Shravana 20, 1923(Saka)

All Commercial Banks
(Including Regional Rural Banks and Local Area Banks)

Dear Sirs,

Please refer to our Directive DBOD No. Dir BC. 46/13.03.00/2000-2001 dated November 4, 2000, as amended from time to time. A revised Directive DBOD No. Dir. BC. 07/13.03.00/2001-02 dated August 11, 2001, incorporating all amendments/instructions issued so far and which are in force, is enclosed. Opportunity has also been taken to make certain amendments in paragraphs 2, 14(b) and 22(c) of the directive. This Directive replaces our Master Directive dated November 4, 2000 and consolidates amendments thereto till date (list of circulars/directives consolidated is given in Annexure VI).

2. The revised Directive comes into force with immediate effect.

3. Please acknowledge receipt.

Yours faithfully,

(K Seetharamu)
Chief General Manager

Encls. : As above

Master Directive on Interest Rates on Rupee Deposits held in Domestic, Ordinary Non-Resident (NRO), Non-Resident Special Rupee (NRSR) and Non-Resident (External) (NRE) Accounts

Interest Rates on Rupee Deposits held in Domestic, Ordinary Non-Resident (NRO), Non-Resident Special Rupee (NRSR) and Non-Resident (External) (NRE) Accounts

DBODNo.Dir.BC. 46/13.03.00/2000-2001

November 04, 2000
Kartika 13, 1922(S)

In exercise of the powers conferred by Sections 21 and 35A of the Banking Regulation Act, 1949 and in supersession of the directive DBOD No. Dir. BC. 151/C347-85 dated December 27, 1985, as amended from time to time, the Reserve Bank of India, being satisfied that it is necessary and expedient in the public interest so to do, hereby directs that no commercial bank shall pay interest on deposits of money accepted by it or renewed by it in Domestic, Ordinary Non-Resident (NRO), Non-Resident Special Rupee (NRSR) and Non-Resident (External) Accounts (NRE) except in accordance with the rates as specified in the Annexures I and II hereto, whichever is applicable, and on the terms and conditions specified in the paragraphs below:

1. Definitions

For the purpose of this directive,

(a) "Demand liabilities" and "Time liabilities" shall mean the liabilities as shown in the return submitted by the bank under sub-section (2) of Section 42 of the Reserve Bank of India Act, 1934;

(b) "Demand deposit" shall mean a deposit received by the bank which is withdrawable on demand;

(c) "Savings deposit" shall mean a form of demand deposit which is a deposit account whether designated as "Savings Account", "Savings Bank Account", "Savings Deposit Account" or other account by whatever name called which is subject to the restrictions as to the number of withdrawals as also the amounts of withdrawals permitted by the bank during any specified period;

(d) "Term deposit" shall mean a deposit received by the bank for a fixed period and which is withdrawable only after the expiry of the said fixed period and shall also include deposits such as Recurring/Cumulative/ Annuity/Reinvestment deposits, Cash Certificates, and so on;

(e) "Notice deposit" shall mean term deposit for specific period but withdrawable on giving at least one complete banking day’s notice;

(f) "Current Account" shall mean a form of demand deposit wherefrom withdrawals are allowed any number of times depending upon the balance in the account or upto a particular agreed amount and shall also be deemed to include other deposit accounts which are neither Savings Deposit nor Term Deposit;

(g) "Countervailing interest" shall mean any benefit of interest allowed on any account in the nature of current account maintained with the bank by its borrower;

(h) "Budgetary allocation" shall mean the allocation of funds by the Government made through the budget, wherein all the Government’s expenditure is reflected. Any institution, irrespective of the fact that it is a Government Department, Semi-Government or Quasi-Government Body, which receives grants, loans or subsidies from the Government is said to depend on budgetary allocation. Government grants to institutions are also in the nature of the budgetary allocation. Government’s subscription to the share capital of these institutions also forms part of the budgetary allocation. Local bodies like Municipal Corporations, Zilla Parishads, Taluka Panchayats and Gram Panchayats are given grants in the nature of ‘compensation and assignments’, which also form part of budgetary allocation, although taxes collected by these bodies are not covered under the definition and scope of budgetary allocation of Central and State Governments;

(i) "Public Sector Bank" means the State Bank of India constituted under the State Bank of India Act, 1955 or any subsidiary bank as defined in clause (k) of Section 2 of the State Bank of India (Subsidiary Banks) Act, 1959 or any corresponding new bank as defined in clause (b) of Section 2 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 or Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980.

Note: NRO/NRE/NRSR deposits shall be accepted by banks, which are authorised by Reserve Bank to accept such deposits.

2. Rates of interest payable on Savings deposits and on term deposits of not less than 15 days (6 months in the case of NRE deposits)

(i) Subject to the other provisions of this directive, interest shall be paid on savings deposits and term deposits at the rates specified in the Annexures I & II to this directive. On Domestic Term Deposits a bank may offer floating rate clearly linked to an anchor rate. A bank shall obtain prior approval of its Board/Asset Liability Management Committee (if powers are delegated by the Board) for fixing interest rates of various maturities.

(ii) Such interest shall be paid at quarterly or longer rests.

(iii) In the case of savings deposits, interest shall be calculated on the minimum balance to the credit of the deposit account during the period from the 10^th to the last day of each calendar month and credited to the account only when it is Re.1/- or more.

3. Additional interest to Army Group Insurance Directorate, Naval Group Insurance Fund and Air-Force Group Insurance Society

A Public Sector Bank shall pay additional interest of 1.28 per cent per annum over and above normal rate of interest permissible in terms of directives on interest rates on deposits issued by Reserve Bank of India, from time to time, on term deposits for 2 years and above of Army Group Insurance Directorate (AGID), Naval Group Insurance Fund (NGIF) and Air-Force Group Insurance Society (AFGIS) only, provided such deposits are not in any way linked with payment of insurance premia by the bank.

4. Discretion to Regional Rural Bank/Local Area Bank to pay additional interest

A Regional Rural Bank/Local Area Bank may, at its discretion, allow additional interest of half per cent per annum on savings deposits.

5. Discretion to pay additional interest not exceeding one per cent on deposits of bank’s staff and their exclusive associations

A bank may, at its discretion, allow additional interest at a rate not exceeding one per cent per annum over and above the rate of interest stipulated in the Annexures I & II to this directive;

(1) in respect of a savings or a term deposit account opened in the name of:

1. a member or a retired member of the bank’s staff, either singly or jointly with any member or members of his/her family; or
2. the spouse of a deceased member or a deceased retired member of the bank’s staff; and
3. an Association or a fund, members of which are the members of the bank’s staff;

Provided that the bank shall obtain a declaration from the depositor concerned, that the monies deposited or which may, from time to time, be deposited into such account, shall be monies belonging to the depositor as stated in clauses (a) to (c) above.

(2) For the purposes of sub-paragraph (1) -

(i) "a member of the bank’s staff" means a person employed on a regular basis, whether full-time or part-time and includes a person recruited on probation or employed on a contract of a specified duration or on deputation and an employee taken over in pursuance of any scheme of amalgamation, but does not include a person employed on casual basis;

Provided that in the case of employees taken on deputation from another bank, the bank from which they are deputed may allow additional interest in respect of the savings or term deposit account opened with it during the same period of deputation;

Provided further that in the case of persons taken on deputation for a fixed duration, or on a contract of a fixed duration, the benefit shall cease to accrue on the expiry of the term of deputation or contract, as the case may be;

(ii) "a retired member of the bank’s staff" means an employee retiring whether on superannuation or otherwise as provided in bank’s Service/Staff Regulations, but does not include an employee retired compulsorily or in consequence of disciplinary action;

(iii) "family" means and includes the spouse of the member/retired member of the bank’s staff and the children, parents, brothers and sisters of the member/retired member of the bank’s staff, who are dependent on such member/retired member, but shall not include legally separated spouse;

(3) Payment of additional interest shall be subject to the following conditions, namely:

(i) The additional interest shall be payable only so long as the person continues to be eligible for the same and in case of his ceasing to be so eligible, till the maturity of a term deposit account;

2. In the case of employees taken over pursuant to the scheme of amalgamation, the additional interest shall be allowed only if the interest at the contractual rate together with the additional interest does not exceed the rate which could have been allowed if such employees were originally employed by the bank.

(4) Bank Employees’ Federations in which bank employees are not direct members shall not be eligible for additional interest.

6. Discretion to pay additional interest not exceeding one per cent on deposits of Chairman and Managing Director and Executive Directors of the bank

A bank may, at its discretion, pay additional interest not exceeding one per cent per annum over and above the rate of interest stipulated in the Annexures I & II to this directive on deposits accepted/renewed from Chairman, Chairman & Managing Director, Executive Director or such other Executive appointed for a fixed tenure and are not eligible to get the similar benefit under paragraph 5 above, only during the period of their tenure.

7. Discretion to pay interest on current account maintained by Regional Rural Bank with sponsor bank

A bank may pay interest on current account of a Regional Rural Bank sponsored by it at such rates as may be mutually agreed to.

8. Discretion to pay interest on the minimum credit balance in the composite cash credit account of a farmer

A bank may, at its discretion, pay interest at a rate based on its perception and other relevant factors on the minimum credit balance in the composite cash credit account of a farmer during the period from the 10^th to the last day of each calendar month.

9. Premature withdrawal of term deposit

(i) A bank, on request from the depositor, shall allow withdrawal of a term deposit before completion of the period of the deposit agreed upon at the time of making the deposit. The bank shall have the freedom to determine its own penal interest rate for premature withdrawal of term deposits. The bank shall ensure that the depositors are made aware of the applicable penal rate along with the deposit rate.

2. In the case of premature withdrawal of NRE term deposit for conversion into Resident Foreign Currency (RFC) Account, the bank shall not levy any penalty for premature withdrawal. If such a deposit has not run for a minimum period of 6 months, the bank may, at its discretion, pay interest at a rate not exceeding the rate payable on savings deposits held in RFC accounts, provided request for such a conversion is made by NRE account holder immediately on return to India.

(iii) Conversion of NRE deposit into FCNR(B) deposit and vice versa before maturity shall be subject to the penal provision relating to premature withdrawal.

10. Conversion of a term deposit, a deposit in the form of daily deposit or a recurring deposit for reinvestment in term deposit

A bank, on a request from the depositor, shall allow conversion of a term deposit, a deposit in the form of daily deposit or recurring deposit, to enable the depositor to immediately reinvest the amount lying in the aforesaid deposits with the same bank in another term deposit. The bank shall pay interest in respect of such a term deposit in the manner indicated in paragraph 9 above without reducing the interest by way of penalty as stated in the said paragraph provided that the deposit remains with the bank after reinvestment for a period longer than the remaining period of the original contract.

11. Overdue deposits

(i) A bank may, at its discretion, allow interest on an overdue term deposit other than those accepted as Non-Resident (External) deposit or a portion of the said overdue term deposit from the date of maturity of the deposit provided that:

(a) the total amount of overdue deposit or the part thereof is renewed from the date of its maturity till some future date, and

(b) the interest allowed shall be at the appropriate rate operative on the date of the maturity of such overdue deposit which shall be payable only on the amount of the deposit so renewed.

(ii) Non-Resident (External) Rupee Accounts

A bank may, at its discretion, renew an overdue deposit or a portion thereof provided the overdue period from the date of maturity till the date of renewal (both days inclusive) does not exceed 14 days and the rate of interest payable on the amount of the deposit so renewed shall be the appropriate rate of interest for the period of renewal as prevailing on the date of maturity or on the date when the depositor seeks renewal, whichever is lower. In the case of overdue deposits where the overdue period exceeds 14 days and if the depositor places the entire amount of overdue deposit or a portion thereof as a fresh NRE term deposit, the bank may fix its own interest rates for the overdue period on the amount so placed as a fresh deposit. The bank is free to recover the interest so paid for the overdue period if the deposit is withdrawn before completion of minimum period prescribed under the scheme, after renewal.

12. Advance against term deposit - Manner of charging interest

(a) When an advance is granted against a term deposit and the deposit stands in the name of -

(i) the borrower, either singly or jointly;

(ii) one of the partners of a partnership firm and the advance is made to the said firm;

(iii) the proprietor of a proprietary concern and the advance is made to such a concern;

(iv) a ward whose guardian is competent to borrow on behalf of the ward and where the advance is made to the guardian of the ward in such a capacity;

the bank shall be free to charge interest rate without reference to its Prime Lending Rate (PLR) including on advances granted against NRE term deposits and repaid in Foreign Currency or Rupees.

Provided further that if the term deposit against which an advance was granted is withdrawn before completion of the prescribed minimum maturity period, such an advance shall not be treated as advance against the term deposit and interest shall be charged as prescribed in terms of the Reserve Bank of India’s Directive on Interest Rates on Advances issued from time to time.

(b) When an advance is granted against a term deposit which is not in the nature of those at items (i) to (iv) in sub-clause (a) above

i) the banks shall be free to charge interest rate without reference to the Prime Lending Rate, provided the advance is upto Rs.2 lakh, and

ii) if the advance exceeds Rs. 2 lakh, the interest chargeable shall be at the rate prescribed in terms of Reserve Bank of India’s directive relating to interest rates on advances issued from time to time.

Provided that the bank, at its discretion, may not apply the rate of interest as stipulated at (a) above in the case of advances upto Rs.3 lakh granted to a member/retired member of the bank’s staff or the spouse of a deceased member/retired member of the bank’s staff against their term deposits specified in paragraph 5 above.

Note: Regional Rural Banks/Local Area Banks will have freedom to charge interest rates on advances granted against term deposits which are in the nature of those at items (i) to (iv) in sub-clause (a) above as also on advances upto Rs. 2 lakh against third party deposits, without reference to the ceiling of their normal lending rate. Interest chargeable on advance above Rs. 2 lakh shall not be less than normal lending rate which the bank charges on its best borrowal accounts.

13. Margin on advance against term deposit

A bank shall maintain a reasonable margin on any financial accommodation allowed against the security of a term deposit. It may determine the margin on a case to case basis.

14. Interest payable on the deposit account of deceased depositor

(a) In the case of a term deposit standing in the name/s of

(1) a deceased individual depositor, or

2. two or more joint depositors, where one of the depositor has died, interest shall be paid in the manner indicated below:

(i) at the contracted rate on the maturity of the deposit;

(ii) in the event of payment of the deposit being claimed before the maturity date, the bank shall pay interest as provided in paragraph 9 above without charging the penalty indicated therein;

3. if the amount of the term deposit is claimed after the date of maturity, the bank shall pay interest at the contracted rate till the date of maturity. From the date of maturity till the date of payment, the bank shall pay interest at simple rate as permissible under the Directive on Interest Rates on Rupee Deposits operative on the date of maturity. The interest shall be payable on the above basis only if the depositor has died before the maturity of the deposit. If depositor has died after the maturity of deposit no interest will be payable beyond the date of maturity of the deposit.

(iv) if on request from claimant/s the bank agrees to split the amount of term deposit and issues two or more receipts individually in the names of the claimant/s, it shall not be construed as premature withdrawal of the term deposit for the purpose of paragraph 9 above, provided the period and aggregate amount of the deposit do not undergo any change.

(b) In the case of balances lying in current account standing in the name of a deceased individual depositor, interest shall be paid only from 1^st May 1983 or the date of death of the depositor, whichever is later, till the date of repayment to the claimant/s at the rate of interest applicable to savings deposit as on the date of payment.

Note: In the case of NRE deposit, when the claimants are residents, on maturity, the deposit shall be treated as domestic rupee deposit and interest will be paid for the subsequent period at a rate applicable to the domestic deposit of a similar maturity.

15. Addition or deletion of the name/s of joint account holders

A bank may at the request of all the joint account holders allow the addition or deletion of name/s of joint account holder/s if the circumstances so warrant or allow an individual depositor to add the name of another person as a joint account holder:

Provided that in no case shall the amount or duration of the original deposit undergo change in any manner in case the deposit is a term deposit.

A bank may, at its discretion and at the request of all the joint account holders of a deposit receipt, allow the splitting up of the joint deposit, in the name of each of the joint account holders only, provided that the period and the aggregate amount of the deposit do not undergo any change.

Note: NRE deposit shall be held jointly with a non-resident only.

16. Issue of stock-invest against term deposits

A bank may issue stock-invest against term deposit subject to guidelines issued by Reserve Bank of India from time to time.

17. Rounding off of transactions

All transactions including payment of interest on deposits/charging of interest on advances shall be rounded off to the nearest rupee; i.e., fraction of 50 paise and above shall be rounded off to the next higher rupee and fraction of less than 50 paise shall be ignored. Issue prices of cash certificates should also be rounded off in the same manner. Cheques issued by clients containing fraction of a rupee should not be rejected or dishonoured.

18. Issue of term deposit receipt

A bank shall issue term deposit receipt indicating therein full details, such as, date of issue, period of deposit, due date, applicable rate of interest, etc.

19. Payment of interest on term deposit maturing on Sunday/holiday/non-business working day

In respect of a term deposit maturing for payment on a Sunday or a holiday or a non-business working day, or Saturday in case of NRE deposits, bank shall pay interest at the originally contracted rate on the deposit amount for the Sunday/holiday/non-business working day and also Saturday in case of NRE deposits, intervening between the date of the expiry of the specified term of the deposit and the date of payment of the proceeds of the deposit on the succeeding working day.

20. Deposit Mobilisation Schemes

In future, banks need not obtain prior concurrence of the Indian Banks’ Association or prior approval of the RBI for introduction of their new domestic deposit mobilisation schemes. However, before launching new domestic deposit mobilisation schemes with the approval of their respective Boards, banks should ensure that the provisions of RBI directives on interest rates on deposits, premature withdrawal of term deposits, sanction of loans/advances against term deposits, etc., issued from time to time, are strictly adhered to. Any violation in this regard will be viewed seriously and may attract penalty under the Banking Regulation Act, 1949.

21. Exemptions

Nothing contained in the above paragraphs of the directive shall apply to

1. a deposit received by the bank:
1. from the institutions permitted to participate in the Call/Notice/Term Money Market both as lenders and borrowers (Annexure III);
2. for which it has issued a participation certificate;
3. for a period not exceeding 14 days representing money at call or short notice from the institutions permitted to participate in Call/Notice Money Market only as lenders (Annexure IV);
4. under Foreign Currency (Non-Resident) Accounts (Banks) Scheme, Non-Resident (Non-repatriable) Rupee Deposit Scheme, Resident Foreign Currency Account and Exchange Earners Foreign Currency Accounts;
5. under the Capital Gains Accounts Scheme, 1988, framed by the Government of India in pursuance of sub-section (2) of Section 54, sub-section (2) of Section 54B, sub-section (2) of Section 54D, sub-section (4) of Section 54F and sub-section (2) of Section 54G of the Income-Tax Act, 1961; and
6. under the Certificate of Deposit Scheme.

(ii) payment of interest on delayed collection of outstation instruments like cheques, drafts, bills, telegraphic/mail transfers, etc.

22. Prohibitions

No bank shall -

(a) pay interest on Current Account save as provided in paragraph 7 and 14(b) above;

(b) pay countervailing interest on any current accounts maintained with it by its borrowers;

(c) discriminate in the matter of rate of interest paid on deposits, between one deposit and another, accepted on the same date and for the same maturity, whether such deposits are accepted at the same office or at different offices of the bank, except in respect of single term deposits of Rs.15 lakh and above on which varying rates of interest may be permitted on the basis of size of deposits. The permission to offer varying rates of interest will be subject to the following conditions:

(i) The permission to offer varying rates of interest for deposits of the same maturity shall apply to single term deposits of Rs.15 lakh and above. Banks may, therefore, offer same rate of interest or differential rates of interest for deposits of Rs.15 lakh and above. For deposits below Rs.15 lakh of the same maturity the same rate will apply.

(ii) Banks should disclose in advance the schedule of interest rates payable on deposits including deposits on which differential interest will be paid. Interest rates paid by the bank should be as per the schedule and should not be subject to negotiation between the depositor and the bank.

(d) pay brokerage in the form of commission or gift or incentives on deposits in any manner or in any other form to any individual, firm, company, association, institution or any other person except -

(i) commission paid to agents employed to collect door-to-door deposits under a special scheme;

(ii) inexpensive gifts costing not more than Rs.250/-; and

3. incentives granted to staff members as approved by the Reserve Bank of India from time to time.

(e) employ/engage any individual, firm, company, association, institution or any other person for collection of deposit or for selling any other deposit linked products on payment of remuneration or fees or commission in any form or manner, except to the extent permitted in sub-clause (i) of clause (d) above.

(f) launch prize/lottery/free trips (in India and/or abroad), etc. oriented deposit mobilisation schemes.

(g) resort to unethical practices of raising of resources through agents/third parties to meet the credit needs of the existing/prospective borrowers or to grant loans to the intermediaries based on the consideration of deposit mobilisation.

(h) issue any advertisement/literature soliciting deposits from public highlighting only the compounded yield on term deposits without indicating the actual rate of simple interest offered by bank for the particular period. Simple rate of interest per annum for the period of deposit shall be indicated invariably.

(i) pay interest on margin money held in current account.

(j) pay interest on "deposit at call" receipts issued by it to the tenderers (contractors) for submission to Government Departments/Semi-Quasi Government bodies, local bodies, etc. against the money held in current account.

(k) accept interest-free deposit other than in current account or pay compensation indirectly.

(l) accept deposits from/at the instance of private financiers or unincorporated bodies under any arrangement which provides for either issue of deposit receipt/s favouring client/s of private financiers or giving of an authority by power of attorney, nomination or other-wise, for such clients receiving such deposits on maturity.

(m) grant advances against fixed deposit receipts or other term deposits of other banks.

(n) (i) open a savings deposit account in the name of Government departments/bodies depending upon budgetary allocations for performance of their functions/Municipal Corporations or Municipal Committees/ Panchayat Samitis/State Housing Boards/Water and Sewerage/Drainage Boards/State Text Book Publishing Corporations/Societies/Metropolitan Development Authority/State/ District Level Housing Co-operative Societies, etc. or any political party or any trading/business or professional concern, whether such concern is a proprietary or a partnership firm or a company or an association.

For the purposes of this clause, ‘political party’ means an association or body of individual citizens of India, which is, or is deemed to be registered with the Election Commission of India as a political party under the Election Symbols (Reservation and Allotment) Order, 1968 as in force for the time being.

(ii) The above prohibition will not apply in the case of the organisations/agencies listed in Annexure V.

[Per cent per annum]

[Per cent per annum]

1. All Scheduled Commercial Banks
2. Co-operative Banks other than Land Development Banks
3. Discount and Finance House of India Ltd;
4. Securities Trading Corporation of India Ltd.;
5. PNB Gilts Ltd.;
6. SBI Gilts Ltd.;
7. Gilt Securities Trading Corporation Ltd.,
8. ICICI Securities and Finance Company Ltd.,
9. ABN Amro Securities (India) Pvt. Ltd.,
10. Ceat Financial Services Ltd.,
11. J.P. Morgan Securities India Pvt. Ltd.,
12. Tata Finance Securities Ltd.,
13. Kotak Mahindra Capital Company (Unlimited);
14. DSP Merrill Lynch Ltd.,
15. Deutsche Securities (India) Pvt. Ltd;
16. IDBI Capital Market Services Ltd.
17. Corpbank Securities Ltd.

1. Life Insurance Corporation of India,
2. Unit Trust of India,
3. General Insurance Corporation of India and its subsidiaries,
4. Industrial Development Bank of India,
5. National Bank for Agriculture and Rural Development,
6. Industrial Credit and Investment Corporation of India Ltd.,
7. Industrial Investment Bank of India,
8. Export Credit and Guarantee Corporation of India Ltd.,
9. SBI Mutual Fund,
10. Canbank Mutual Fund,
11. Industrial Finance Corporation of India,
12. National Housing Bank,
13. Tourism Finance Corporation of India Ltd.,
14. Export-Import Bank of India,
15. LIC Mutual Fund,
16. Small Industries Development Bank of India,
17. BOI Mutual Fund,
18. Indian Bank Mutual Fund,
19. PNB Mutual Fund,
20. GIC Mutual Fund,
21. BOB Mutual Fund,
22. IDBI Mutual Fund,
23. Birla Mutual Fund,
24. Morgan Stanley Mutual Fund,
25. Apple Mutual Fund,
26. Shriram Mutual Fund,
27. J. M. Mutual Fund,
28. Kothari Pioneer Mutual Fund,
29. Prudential ICICI Mutual Fund,
30. Alliance Capital Mutual Fund,
31. Zurich India Mutual Fund,
32. Taurus Mutual Fund,
33. Tata Mutual Fund,
34. Reliance Capital Mutual Fund,
35. Jardine Fleming Mutual Fund,
36. H. B. Mutual Fund,
37. Templeton Mutual Fund,
38. Sun F&C Mutual Fund,
39. ITC Threadneedle Mutual Fund,
40. Escorts Mutual Fund,
41. Sundaram Mutual Fund,
42. DSP Merill Lynch Mutual Fund
43. Kotak Mahindra Mutual Fund
44. Infrastructure Leasing and Financial Services Ltd. Mutual Fund,
45. Dundee Mutual Fund
46. ING Savings Trust Mutual Fund
47. Cholamandalam Cazenove Mutual Fund
48. ANZ Grindlays Mutual Fund
49. HDFC Mutual Fund