The interest rate on savings bank account is calculated on a daily basis since 1 April 2010.
The Reserve Bank of India (RBI) has asked banks to pay interest on their customers’ savings accounts on a quarterly basis or shorter duration, according to reports.
Report says that curretly the interest is credited in savings account on a half-yearly basis.
The interest rate on savings bank account is calculated on a daily basis since 1 April 2010.
“Interest on savings deposit shall be credited at quarterly or shorter intervals (on domestic savings deposits),” the RBI said in a circular issued on 3 March.
No comments:
Post a Comment