Interest in now calculated on daily basis in your Saving Bank Account with effect from April 1st, 2010
Change in Calculation of Interest for Saving Bank Accounts.
The RBI abolished the system of calculating interest due on savings accounts based on the minimum balance in the account between the 10th and 30th of the month. So with effect from April 1 2010, the method of calculation of interest for a saving bank account has changed to daily basis. The next logical step for the RBI would be to follow this up by freeing interest rate structures on savings accounts altogether. Interest rates on all other deposits are now set by market forces.
Earlier the interest was calculated on the lowest balance in the account from the 10th of the last day of the month.
So, If you have deposit money in your account after 10th of a month, it will give you interest every day of the balance till the day you withdraw money from your bank account, means interest in earned till date money is kept in bank account and not withdrawn.
Change in Calculation of Interest for Saving Bank Accounts.
The RBI abolished the system of calculating interest due on savings accounts based on the minimum balance in the account between the 10th and 30th of the month. So with effect from April 1 2010, the method of calculation of interest for a saving bank account has changed to daily basis. The next logical step for the RBI would be to follow this up by freeing interest rate structures on savings accounts altogether. Interest rates on all other deposits are now set by market forces.
Earlier the interest was calculated on the lowest balance in the account from the 10th of the last day of the month.
So, If you have deposit money in your account after 10th of a month, it will give you interest every day of the balance till the day you withdraw money from your bank account, means interest in earned till date money is kept in bank account and not withdrawn.
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