NEWS & ADVICE : FIXED DEPOSITS
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
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
Recurring Deposits or Systematic...
Things to know before retirement
Carnival of Indian Personal Finance Blogs #3
Calculate your tax
Plan your tax, don’t evade it


Reg deduction of TDS on interest income exceeding...
If a senior citizen invests 10 lacs in Annuity...
NANGAL: CaℒL Giℛℒ In Una 09855660911 Escoℛt...
Chandigarh@CaℒL Giℛℒ In Rajpura +O9855660911...
If I invest 100000 rupees deposit for 2 year , how...

NEWS THIS WEEK
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