RBI directs all banks to pay interest on saving account on daily basis

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RBI directs all banks to pay interest on saving account on daily basis
merisarkar news service New Delhi, February 21, 2010

Interest on savings accounts on daily basis: RBI

The Reserve Bank has asked all banks to start calculating interest on savings accounts on a daily basis from the first of April.

The notification issued by RBI in Mumbai said that the move will enable saving bank account holders to earn better interest on their savings.

At present banks calculate interest on these accounts on the lowest available balance, between the 11th and the last date of a month.

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