great news for Indians : Now, savings accounts to get daily interest

wow...RBI has introduced a new rule and regulation.

Now, savings accounts to get daily interest.

enjoy!!!

 

Where did you got that news. Can you name the source.

 

Source : http://wealth.moneycontrol.com/feat...ore-interest-on-your-savings-account-/12842/0

 

This is a good news. Lastly we got some profit from Indian govt. However I dont think this increase will give relief to the ppl who are burning under the fire of inflation... A common man is hardly saving few bucks a month... I know things became cheaper like TV, AC, LAPTOPS AND MOBILE however the key product FOOD is on pricerise... A common indian can live without A/C, MOBILE, TV but what about FOOD???

 

Thanks for the source. It's really good news. The article explain pretty well.

 

not received any interest till now

 

wait for few days , it 'll take some few days for implementation..

 

LOL if one already has 2 or 3 lacs in savings account why not just FD it and earn 7% or so on that money.

 

No... absolutely not, but spare a thought for people like me who have to keep working capital in the account for immediate and ready access! It is a boon as earlier only the lowest balance between 10th and 30th used to derive interest... but now, we will get interest on every penny for each single day!

Regards,

RightMan

 

I have seen this news on India's leading news channel as well but not sure how truth it is!! It was 1st April, could be april fool

 

No man...its not April fool. it is true.

 

The interest will be credited 2 times in financial year. One in June last and other is December last. Not sure about private banks interest credit date.

 

Banks should ideally have a software which automatically calculates the interest for the amount... as soon as the balance in the account sees a change! Since saving's accounts anyway have lesser number of transactions, this method can be implemented!

Regards,

RightMan

 

Yeah all banks would only update our interest every 6 months , if they give it out daily then the chances of some error happening would increase greatly.

 

i too hear this news in TV

 

So is it like we are gonna get it daily or once in month ? and also the whats the rate of interest?

 

This is really a nice news. Hope I will get few extra bucks from my savings account.

 

I already got interest in YES BANK account on very 1st APRIL. 3.5% and it's my saving bank account. It's for the last quarter(January-February'10).

Daily rule will be applied from 1st APRIL but amount will get credited at the end of every 3rd month I think.

 

This is both good and bad for the customers.

Good because you get more money and the banks will have to become more efficient to recoup their loss.

Bad because the banks might try to loot the customers in some other way...or become inefficient as a consequence of trying to save money in other ways.