Banks to provide interest rates at shorter interval: RBI
By Neelima Shankar
Dec 2, 2013
Print    Email    RSS   

Reserve bank of India instructed banks to provide the customers with the interest at a shorter period. Now the customers will het the interest rates on savings accounts, fixed deposits at a time less than 3 months.

As per the earlier guidelines banks were supposed to pay the interest at a time period of 3 months or greater than this. But now the customers can avail the interest rates on savings at term deposits on rupee deposits held in domestic, Ordinary Non-Resident (NRO), Non-Resident Special Rupee (NRSR) and Non-Resident (External) (NRE) at a shorter period of time.

Since the banks are now operational on core banking platform, so RBI decided to rethink, and asked banks to provide customers interest rates on savings and term deposits at a shorter interval. In addition to it RBI also allowed banks to provide interest rate on incremental NRE deposits with the time period of three and above before 31 January, 2013.

(Comments Posted : 0) Post Your Comments
Show All Comments
 Select a product:

 Select a product:

Fixed deposits in India: Benefits,...
Financial ratios as an aid to financial...
Complete guide to TDS on fixed deposits in...
Financial planning: a tool to retire...
Do you know what led banks to calibrate...

MEXING: CaℒL Giℛℒ In Hoshiarpur 09855660911...
Sakeela.CaℒL Giℛℒs In Kharar 0985566O911...
NANGAL: CaℒL Giℛℒ In Una 09855660911 Escoℛt...

Federal Bank launched V connect for its customers Feb 12, 2015
Andhra Bank on expansion mode Feb 11, 2015
Dena Bank earned a profit of 13%. Feb 9, 2015
Banks expected to cut down the rates Feb 5, 2015
RBI kept the rates unchanged Feb 4, 2015
News Archive