Periodicity of Interest on Domestic Savings Deposits
Reserve Bank has issued Master Direction on Interest Rate in Deposits vide its Direction " RBI/DBR/2015-16/19
Master Direction DBR. Dir. No.84/13.03.00/2015-16 " dated 3rd March 2016. The said directions spell uniform guidelines for payment of interest rates on various deposits as regards its rates. periodicity, premature withdrawals etc on domestic as well as NRE and FCNR(B) deposits. One of the important changes made is in respect of periodicity of Savings bank interest payment as under:
"11. Periodicity of payment of Interest on domestic savings deposits
(a) Interest on savings deposit shall be credited at quarterly or shorter intervals.
(b) Interest on savings bank accounts, including those frozen by the enforcement authorities, shall be credited on regular basis irrespective of the operational status of the account."
Share this:
- Click to share on Twitter (Opens in new window)
- Click to share on Facebook (Opens in new window)
- Click to share on LinkedIn (Opens in new window)
- Click to share on Telegram (Opens in new window)
- Click to share on WhatsApp (Opens in new window)
- Click to email a link to a friend (Opens in new window)
- Click to print (Opens in new window)
I am often to blogging and i really appreciate your content. The article has really peaks my interest. I am going to bookmark your site and keep checking for new information.
Thanks for sharing, this is a fantastic blog.Much thanks again. Cool.