Wednesday, March 31, 2010

Your Savings account will now earn 16 - 18% more

From Thursday 01-04-2010 every  rupee that you keep in your savings bank account will earn more money.  According to Reserve Bank Of India mandate, from April 1, banks will calculate interest paid on money kept in the savings bank account on a daily basis.   This is a departure from the earlier practice of calculating interest on the lowest balance after the 10th of every month.

The change in calculation of interest paid on money kept in one's savings bank account made possible by the use of technology in banking, will translate to about 16 - 18% higher earnings for the depositor, top bankers said.

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