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How has the rate of interest on Savings accounts changed in India from 2010?
Wiki User
∙ 14y ago
With effect from April 1st 2010, there is a small change in the way the interest accrued on our bank account is calculated.
Earlier Method: The minimum balance maintained in the account between the 10th and the last day of the month (say 30th or 31st) will be taken for the interest computation
New Method: The balance at the end of every day will be taken into account for interest computation.
Wiki User
∙ 14y ago
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What was average interest rate paid on savings accounts in 1986?
The average interest rate paid on savings accounts in India has been around the 3% mark for many years. However, recently it was hiked to be 4% in India which is the highest of any interest offered on savings accounts by banks in the world. So, my guess is that it should have been 3 or 3.5% in 1986.
What is the present interest rate on saving bank account by rbi?
RBI does not give savings accounts. It is the banker of banks or the central bank of india. Regular banks in india will offer you savings accounts and the interest rate offered currently is 4% per annum.
What is the rate of interest in savings account?
In India as of November 2011, the interest rates are 4% or above. banks can essentially set the rate of interest they choose to pay for money held in savings accounts to their customers
Can anybody open a saving account in RBI?
RBI does not give savings accounts. It is the banker of banks or the central bank of india. Regular banks in india will offer you savings accounts and the interest rate offered currently is 4% per annum.
What is the interest rate on savings accounts 2010?
In India the savings account interest rate is 3.5% calculated on the balance at the end of every day. Though 3.5% does not seem to be very high, it is significantly higher than most countries because based on my experience the interest offered on savings accounts in developed nations is less than 1%.
Which bank provides the best interest on bank accounts?
There are several banks that offer high interest savings accounts. ING Direct has a good reputation for offering a high interest rate with excellent customer service. Ally National Bank and American Express also provide high interest rates on their savings accounts.
What was average interest rate paid on savings accounts in 1986?
The average interest rate paid on savings accounts in India has been around the 3% mark for many years. However, recently it was hiked to be 4% in India which is the highest of any interest offered on savings accounts by banks in the world. So, my guess is that it should have been 3 or 3.5% in 1986.
What is the present interest rate on saving bank account by rbi?
RBI does not give savings accounts. It is the banker of banks or the central bank of india. Regular banks in india will offer you savings accounts and the interest rate offered currently is 4% per annum.
What is the rate of interest in savings account?
In India as of November 2011, the interest rates are 4% or above. banks can essentially set the rate of interest they choose to pay for money held in savings accounts to their customers
Can anybody open a saving account in RBI?
RBI does not give savings accounts. It is the banker of banks or the central bank of india. Regular banks in india will offer you savings accounts and the interest rate offered currently is 4% per annum.
What is the interest rate on savings accounts 2010?
In India the savings account interest rate is 3.5% calculated on the balance at the end of every day. Though 3.5% does not seem to be very high, it is significantly higher than most countries because based on my experience the interest offered on savings accounts in developed nations is less than 1%.
What is the current interest rate for a saving account?
Currently (2009), interest rates on savings accounts are very very low. Different banks have different interest rates. In India as of November 2011, the interest rates are 4% or above. banks can essentially set the rate of interest they choose to pay for money held in savings accounts to their customers
What is current interest rate on saving account issued by rbi?
In India as of November 2011, the interest rates are 4% or above. banks can essentially set the rate of interest they choose to pay for money held in savings accounts to their customers
What is the interest rate on saving accounts in all nationalization banks in India?
Currently it is at a minimum of 2.5 % p.a and banks offer upto 3.5% p.a on savings accounts. p.a - per annum or per year
What is current account in bank?
A current account is an account used predominantly by businessmen. There usually a higher number of transactions that are allowed in a current account when compared to savings account and it also earns much lesser interest than a savings account. Savings accounts are much more common in India than current accounts.
What does it mean to have a percentage rate on your savings accounts?
It means that the bank will pay you an interest that equals that rate on the money that you hold in your savings account. In India the rate is 4%. Also, it is calculated on a daily end of day balance method.
Do all banks have savings accounts?
A Savings Bank Account is the basic type of bank account where customers can park or save their surplus cash. The money in the account is extremely liquid and can be withdrawn by the customer anytime they want. As a result, the interest rate provided by the banks on such accounts is also very less. In india the savings account interest rate is 4%. Banks may also give you cheque books and ATM/Debit cards to operate your bank account. Yes - almost all banks have savings accounts.
