The generalized $\mu$-$\tau$ interchange symmetry in the leptonic mixing matrix $U$ corresponds to the relations: $|U_{ \mu i}|=|U_{ \tau i}|$ with $i=1,2,3$. It predicts maximal atmospheric mixing and maximal Dirac CP violation given $\theta_{ 13} \neq 0$. We show that the generalized $\mu$-$\tau$ symmetry can arise if the charged lepton and neutrino mass matrices are invariant under specific residual symmetries contained in the finite discrete subgroups of $O(3)$. The groups $A_4$, $S_4$ and $A_5$ are the only such groups which can entirely fix $U$ at the leading order. The neutrinos can be (a) non-degenerate or (b) partially degenerate depending on the choice of their residual symmetries. One obtains either vanishing or very large $\theta_{ 13}$ in case of (a) while only $A_5$ can provide $\theta_{ 13}$ close to its experimental value in the case (b). We provide an explicit model based on $A_5$ and discuss a class of perturbations which can generate fully realistic neutrino masses and mixing maintaining the generalized $\mu$-$\tau$ symmetry in $U$. Our approach provides generalization of some of the ideas proposed earlier in order to obtain the predictions, $\theta_{ 23}=\pi/4$ and $\delta_{ \rm CP} = \pm \pi/2$.
Categories: hep-ph