NEWS & ADVICE : FIXED DEPOSITS
Deregulation of savings a/c to intiate new product variants
By Neelima Shankar
Jun 7, 2011
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Banking and monetary regulator Reserve Bank of India has hinted on deregulation of savings bank account rates to finally come into practice at some point of time. Now that deregulation is on the cards, the customer would definitely like to look forward to the benefits deregulation would bring.

Apart from the competitive interest rates being offered to the customer, certain changes in the product itself is also expected following deregulation.

Two variants are expected in the savings account : high interest savings account and transaction account.

The high interest savings accounts would have the highest interest rates in the category. The interest rates might be market linked thereby being beneficial for people who have higher account balances.

Features like restricted withdrawals, minimum balance requirement would be there with the product too.

Transaction accounts would on the other hand offer greater access to the number of transactions allowed from the account in the form of unlimited withdrawals, phone banking, branch access and others.


 


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