December 2016 Current Affairs

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RBI said Banks to Pay interest on savings accounts every quarter

RBI said Banks to Pay interest on savings accounts every quarter
16 March 2016 Current Affairs: The Reserve Bank has asked banks to pay interest on savings banks account on quarterly basis or shorter duration, a move which will benefit crore of savings account holders.At present, the interest is credited in savings bank account on half-yearly basis. Interest rate on savings bank account is calculated on daily basis since April 1, 2010.“Interest on savings deposit shall be credited at quarterly or shorter intervals (on domestic savings deposits),” RBI said in a master circular issued on March 3.While public sector banks offer 4 per cent interest on savings deposit, private players offer as much as 6 per cent.In 2011, the central bank had decided to give freedom to commercial banks to fix savings bank deposit rates, the last bastion of the regulated interest-rate regime. While giving banks this freedom, RBI had said a uniform rate will have to be offered on deposits of upto Rs. 1 lakh.On higher amounts, banks are allowed to offer differential rates to depositors.As per estimates, the lower periodicity of interest payment may put a burden of Rs. 500 crore on banks.Earlier, banks used to give interest of 3.5 per cent on savings accounts on the basis of the least deposit in an account between the 10th and the last day of each month.


December 2016 Current affairs

November 2016 Current affairs
30 NOV
NEWS
29 NOV
NEWS
28 NOV
NEWS
26 NOV
NEWS
25 NOV
NEWS
24 NOV
NEWS




October 2016 Current affairs
31 OCT
NEWS
27 OCT
NEWS
26 OCT
NEWS
25 OCT
NEWS
24 OCT
NEWS
22 OCT
NEWS

September 2016 Current affairs
30 SEP
NEWS
29 SEP
NEWS
28 SEP
NEWS
27 SEP
NEWS
26 SEP
NEWS
24 SEP
NEWS

August 2016 Current affairs
31 AUG
NEWS
30 AUG
NEWS
29 AUG
NEWS
27 AUG
NEWS
26 AUG
NEWS
25 AUG
NEWS



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