NEWS & ADVICE : SAVINGS ACCOUNTS
Depositor’s body urges banks to provide monthly interest
By Neelima Shankar
Oct 17, 2012
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The depositor's body wants banks to credit interest on depositor's account on monthly basis. It raised the issue of seeking equality in terms of interest, as bank receives interest on loan monthly. So, depositors should also get interest on their saving accounts and term deposits on monthly basis.

The depositors get relatively less interest on their deposits as the banks only credit the interest on quarterly or even longer intervals.

Mr. Ashok Ravat, Honorary Secretary, All-India Bank Depositors' association said, "We are pursuing with the central bank to get banks to credit interest on deposits uniformly at monthly rests. This will help depositors realistically compare deposits rates. Currently, depositors are not able to make an objective comparison of deposit rates as interest is credited at quarterly or longer intervals."

Mr. Ravat is emphasizing on RBI to balance the interests of Banks and depositors. According to him, depositors should be able compare returns on their deposits.


 


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