Overrate calculation for for different formats:
ODI: 50 overs should be completed in 210 minutes as per the rules and out of this 10 minutes is allotted for Drinks breaks. So the total time allotted for an over is 4 minutes (200/50). By considering this, the over rate per hour is 15 overs.
T20: 20 overs has to be completed in 75 mins (Drinks breaks are included in this).
Test: 90 overs has to be bowled in 6 hours and team can get an additional half an hour at the end of the day if requested. Again 15 overs should be bowled in an hour.
According to ICC's Standard ODI Playing Conditions, a fielding team has to adhere to "Minimum Over Rates."
If a team is short up to two overs in an ODI it is a "Minor Over Rate Offence," which is what India were found guilty of.
A "Serious Over Rate Offence" is if a team is more than two overs short in ODIs.
The rule for Twenty20 Internationals is same as ODI.
In Tests, up to five overs short is a "Minor Over Rate Offence." More than five is "Serious Over Rate Offence."
The minimum over rate to be achieved by a team is 14.28 overs per hour. The actual over rate will be calculated at the end of the match by the umpires.
However, umpires will consider the time lost during an innings for reasons that are beyond control of the fielding side. For example: treatment for an injured player, a player leaving the field for serious injury, third umpire consultations, time wasting by batting side etc.
Punishment for slow overrate:
As per ICC's rules, a captain will be fined 20% of his match fee per one over for the offence. Each player of the team is also fined 10% per over.
A captain of an international side will be suspended for one match if his side is guilty of two minor over rate offences in the same format over a 12-month period.