Interest on deposits in Saving A/c – Change in Rule – Benefit for A/c Holders

RBI’s Annual Policy Statement 2009-10 released yesterday (21st April) includes the following “(b) Payment of Interest on Savings Bank Account on a Daily Product Basis 88. At present, interest on savings bank accounts is calculated on the minimum balances held in the accounts during the period from the 10th day to the last day of ...