Savings a/c rates deregulated for RRBs too
By Neelima Shankar
Nov 25, 2011
Print    Email    RSS   

Banking and monetary regulator Reserve Bank of India has announced the deregulation of interest rates of savings bank accounts in regional rural banks (RRBs) too.

With these rates already been deregularized for commercial banks recently, the new move will now bring benefits for depositors with RRBs too.

However, while announcing the deregulation, the apex bank has undermined two conditions for RRBs while setting interest rates for their customers.

The first condition says, "each bank will have to offer a uniform interest rate on savings bank deposits up to Rs 1 lakh, irrespective of the amount in the account within this limit".

The second condition read that for deposits over Rs 1 lakh, banks are free to set differential interest rates.

However, on two similar accounts, no discrimination should be made in terms of interest rates, said the RBI.


(Comments Posted : 0) Post Your Comments
Show All Comments
 Select a product:

 Select a product:

Financial planning: a tool to retire...
How to Invest to Save?
Carnival of Indian Personal Finance Blogs #6
ICICI Bank’s recurring deposit scheme
Credit profile and its effect on loan...

MEXING: CaℒL Giℛℒ In Hoshiarpur 09855660911...
Sakeela.CaℒL Giℛℒs In Kharar 0985566O911...
NANGAL: CaℒL Giℛℒ In Una 09855660911 Escoℛt...

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